Provident, loans to repay loans.

Rail_Staff

In 2009 my partner took out three loans with Provident Personal Credit totalling £1710. By mid 2010 she had fallen behind on the payments and the debts were later put in the hands of their solicitors/collection agency.

The next part is my partner's version of events. In June 2011 she had a chance encounter with her former Provident agent who arranged (via her manager) to have the debts bought back and to take out a new loan to pay back what was already owing. Earlier this year we married and have since moved house when I got a new job in a different area, so the new loans are at a new address and also in a new name, thus there is no paper trail from the previous loans to the new new ones. In addition I found a statement dated August 2011 which showed that the old loans were still with the collection agency and a total of £1028 was outstanding (as it has been for over a year now).

The new loans total £778 which is less than the remaining monies owed on the previous loans but that is because the manager evidently said it was better to get the majority of the money back rather than all of it (doesn't make much sense but that is what my wife said).

It seems incredulous to me that Provident would operate in such a way, that they would offer several hundred pounds of money to someone with a history of being unable to keep to the payment schedules. There is also no explaining why the new loans have different account numbers, a different name and a different address to the old ones, and more concerning is the fact that there is no paperwork to prove that the old loans were paid off.

Of course it would be easy to suggest that this is all just a figment of my wife's imagination and that she is covering up the fact that she got a couple of loans for herself without wanting me to know about it-and that would be fine if she had the means to pay them off, but she is already behind the payments on the new loans and ultimately I'll be the one that pays them off. Nevertheless, it could be the case that she is telling the truth and that is the reason I am posting here, to ensure I have explored all possible avenues before I cause trouble by accusing her of something she may not have done.

I'm not familiar with Provident, I have never had dealings with them but I am concerned that the good credit rating I have worked hard to achieve is on the point of being ruined by somebody who has never been any good with money. Does the above story sound at all plausible?

chanz4

sounds about right for them to be honest, they dont play by the book.

Apples2

All sounds entirely plausible, when you moved, did you do so with a joint mortgage?

If so, your credit rating has already been hit due to the financial association

~Beanie~

Rail_Staff wrote: »

There is also no explaining why the new loans have different account numbers, a different name and a different address to the old ones.

They are NEW loans and as such will obviously have new account numbers. The different name and address will surely be because your wife got married (and changed her name) and moved house?

Rail_Staff

We are renting and neither do we have a joint bank account, at present we are not financially linked.