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Attention all Provident Customers
YOUR CREDIT RATING COULD BE IN FREE FALL.
YOU MAY BE ENTITLED IN HAVING YOUR LOAN WRITTEN OFF.
You may or may not be aware of the recent changes that Provident have made to your agents commission. These circumstances may well result in an adverse credit rating for you.
Lots of agents are leaving due to the unfair manner in which they are being treated. This has/can result in you not having anybody call to collect your weekly payments.
For every week that you do not have an agent call so you can make your payment, Provident in their contemptuous wisdom share this information with credit rating agencies such as Experian.
Each month they present data to these agencies, not based on a single monthly payment, but on 4 weekly payments. So if you do not have an agent call for 3 weeks, you will get 3 red marks on your credit score.
These marks on Experian can seriously affect your credit worthiness.
There are a lot of customers, who have mortgages & loans elsewhere etc. You may well not be able to remortgage, get a loan from other lenders or even be unable to insure your car by instalments due to Provident not adhering to the contract in which you have entered into with them.
On there website it is just 4 simple steps.
1. Apply online
Apply online by filling in the form and you could get a decision in principle in minutes.
2. Meet your agent
One of our friendly agents will come to your home to discuss your loan application.
3. Get your loan
Your agent will deliver your cash direct to your door within a few days.
4. Repay your loan
Your agent will call weekly to collect your repayments.
If you are not having an agent call, Provident are in breach of contract.
If you call them to say you have not had anyone collect, they will say that you can pay over the phone, send it etc.
This in itself is a breach of contract. You all get a payment book, when you take out the loan. Every payment that you make should be entered into your book & signed by the agent. This is the only proof that you have that a payment has been by you. On the left of every page there are numbers, these relate to how many weeks you have had the loan. They also relate to the number of weeks the loan has been running in your agents clip.
Provident as part of there defense of the extortionate interest rates say ‘they have to pay for agents to collect weekly’. Does this mean that you get a reduction for non collection?
The simple answer is no. What it will do is eat into your early settlement balance.
In short, when no agent calls, you are:
Paying for a service that you do not get.
Being charged unnecessary interest, if you wished to settle early.
Receiving an adverse credit rating because Provident are breaching the contract.
I know of a Divisional Operations Manager (ie, South East England) who will tell customers to put their weekly payments in an envelope & save it for when!! ‘An agent calls’.
Never make payments, without having your book signed. I know that payments have been entered on the wrong accounts, Loans issued in wrong names etc. These sorts of things & many others are breaches in compliance.
Managers will alter agreements after you have been given the top & bottom copy, so they meet their targets on compliance.
If you are unhappy with the service you get from Provident, check your credit rating on Experian. It should be free for 30 days.
If you have been unfairly marked as a non-payer, through no fault of your own. Make a complaint to the FSA (Financial Services Authority), State breach of contract & wanting to have the agreement checked for compliance.
If found in your favor, you could well end up with your loan being written off.
Try it, you have nothing to loose.
YOU MAY BE ENTITLED IN HAVING YOUR LOAN WRITTEN OFF.
You may or may not be aware of the recent changes that Provident have made to your agents commission. These circumstances may well result in an adverse credit rating for you.
Lots of agents are leaving due to the unfair manner in which they are being treated. This has/can result in you not having anybody call to collect your weekly payments.
For every week that you do not have an agent call so you can make your payment, Provident in their contemptuous wisdom share this information with credit rating agencies such as Experian.
Each month they present data to these agencies, not based on a single monthly payment, but on 4 weekly payments. So if you do not have an agent call for 3 weeks, you will get 3 red marks on your credit score.
These marks on Experian can seriously affect your credit worthiness.
There are a lot of customers, who have mortgages & loans elsewhere etc. You may well not be able to remortgage, get a loan from other lenders or even be unable to insure your car by instalments due to Provident not adhering to the contract in which you have entered into with them.
On there website it is just 4 simple steps.
1. Apply online
Apply online by filling in the form and you could get a decision in principle in minutes.
2. Meet your agent
One of our friendly agents will come to your home to discuss your loan application.
3. Get your loan
Your agent will deliver your cash direct to your door within a few days.
4. Repay your loan
Your agent will call weekly to collect your repayments.
If you are not having an agent call, Provident are in breach of contract.
If you call them to say you have not had anyone collect, they will say that you can pay over the phone, send it etc.
This in itself is a breach of contract. You all get a payment book, when you take out the loan. Every payment that you make should be entered into your book & signed by the agent. This is the only proof that you have that a payment has been by you. On the left of every page there are numbers, these relate to how many weeks you have had the loan. They also relate to the number of weeks the loan has been running in your agents clip.
Provident as part of there defense of the extortionate interest rates say ‘they have to pay for agents to collect weekly’. Does this mean that you get a reduction for non collection?
The simple answer is no. What it will do is eat into your early settlement balance.
In short, when no agent calls, you are:
Paying for a service that you do not get.
Being charged unnecessary interest, if you wished to settle early.
Receiving an adverse credit rating because Provident are breaching the contract.
I know of a Divisional Operations Manager (ie, South East England) who will tell customers to put their weekly payments in an envelope & save it for when!! ‘An agent calls’.
Never make payments, without having your book signed. I know that payments have been entered on the wrong accounts, Loans issued in wrong names etc. These sorts of things & many others are breaches in compliance.
Managers will alter agreements after you have been given the top & bottom copy, so they meet their targets on compliance.
If you are unhappy with the service you get from Provident, check your credit rating on Experian. It should be free for 30 days.
If you have been unfairly marked as a non-payer, through no fault of your own. Make a complaint to the FSA (Financial Services Authority), State breach of contract & wanting to have the agreement checked for compliance.
If found in your favor, you could well end up with your loan being written off.
Try it, you have nothing to loose.
0
Comments
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Provident agents work from a Wednesday to Monday. So if your agent has not been to you when you are due then phone your local office at 4pm on the Monday and pay over the phone. You can then get your agent to update your payment book next time they call. You have proof from your bank statement of any payment you make over the phone.0
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My provident agent is fine, I missed 3 payments last month (was on holiday) then paid when I was back. Plus theres nothing on my credit file regarding the loan. And I've had it since march.Debt in June 2011: Debt amount £1248
Credit score: 406:mad:
Debt in Jan:Debt amount £0
Credit score: 715:T
Got my first credit card in December 2011
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Shouldn't the loan be paid in advance anyway? So people should not be behind by accident?29th June -Beginning Credit Score 422
£2575
12th July - Credit score 471
22nd August - Credit Score 550 Still very poor just but only just!
Remaining to pay off: £1370.950 -
Out of interest would you know if this is the same with Greenwood Finance who are part of provident now?0
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OP you are reading too much into nothing !0
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