Provident 'fresh start'

life_begins

I have just had somebody knock on my door regarding an old debt (which i do not dispute) offering a 'fresh start' from provident, he offered me a discount on the debt i owed if i agree to sign up to a repayment plan, when i queried provident being a loan company he replied thats right and in effect its an interest free loan to help you repay your debt, what i want to know is what's in it for them???

skylight

An old debt (how old?) can be sold for pennies in the £. So if they bought your old debt for say £20, but you owed £500 in the first place, even if they arranged a settlement with you for £250 they are quids in.

mcjordi

ive had them do that a couple of times with me.. mainly catalouge debts.
ask for paperwork namley cca if they dont have it they cant legally collect.
i wouldnt be signing nothing

life_begins

Thankyou, the debt is about 2 yrs old, i get it now. Thanks again x

ihateyes

life_begins wrote: »

Thankyou, the debt is about 2 yrs old, i get it now. Thanks again x

if its only 2yrs old, they can still enforce the debt

27col

Provident offering an interest free loan. How likely does that seem!

chanz4

they are either SB loans or bought for pennys

iolanthe07

ask for paperwork namley cca if they dont have it they cant legally collect

This is not correct if the debt is dated after 1 April 2007. In these cases they can 'reconstitute' the paperwork.