Provident Loan

avenger70

Hi everyone,
New to the forum so please be gentle.
I recently found out that my wife has been borrowing through a Provident agent without my knowledge and am totally mortified!
We had no need for this money and no I don't keep her short so its not a case of her having to put food on the table while I'm down the pub or anything like that. She has been treated for depression and it seems she was introduced to this agent through some idiot friend and did it simply because she could.
My issue is should they have lent her this money? They say on their website that they assess all clients for suitability for these loans. How on earth can someone with no income at all except the housekeeping money I give her be considered suitable?
It's the usual story of her borrowing a little to start with and then trying to borrow herself out of debt at a ridiculous interest rate. Surely this is irresponsible lending?
Do I have a legitimate complaint against these people? Don't get me wrong I am happy to pay all the money back but if I could get a reduction in the interest or commisions based on malpractice it would help. Surely lending someone more money to clear arrears plus some more can't be right can it?
Regardless of the money I would still like to take them to task if I have a case. What do people think?

FrillyTilly

I don't think you stand a cat in hells chance. Your wife signed and agreement and therefore should have read the small print. The high interest on the likes of Provident is aimed at people with little or no income, and Provident don't care if who they lend to pay it back or not.


Trust me been there when I was depressed, and was so easy to get into debt, my mother bailed me out twice!

Monkeyballs

Hi Avenger,

Personal question but what explanation has she given you as to why she took out the loan and what she has done with the money?

I only ask because my Mum started to take out small loans with Shoppacheck and take out top up loans every six months and did this from the age of maybe 50-60.

She didn't like anyone knowing but it eventually got out when a new agent started and didn't know she didn't want anyone to know and blurted out who he was and why he was there

Obviously Dad wasn't happy and they argued over it but it eventually came out that she wanted a bit of independence, something that was hers to deal with and she was fed up with giving him her wages and then he gave her housekeeping (or pocket money as she called it) as it made her feel more like one of the kids holding out her hand on Saturday morning

After that it was a lot better as Mum kept her own wage and Dad just contributed towards food and the like and Mum was generally happier

I know it's possibly not the same scenario for you but what I'm trying to say is if she's just told you that she doesn't know why she was borrowing the money then maybe she just doesn't want to give you the real reason for fear of rocking the apple cart and hurting your feelings?

MB

[Deleted User]

avenger70 wrote: »

Don't get me wrong I am happy to pay all the money back but if I could get a reduction in the interest or commissions based on malpractice it would help.

I think you will struggle to get a reduction in the interest, on those grounds.

However, if you pay off the loans early, they will knock off some interest, depending on how early it is paid off.

antrobus

avenger70 wrote: »

....I recently found out that my wife has been borrowing through a Provident agent without my knowledge and am totally mortified!...

It's been like that ever since Parliament passed the Married Women's Property Act back in 1882 and coverture was abolished.

avenger70 wrote: »

.....Do I have a legitimate complaint against these people?...

No. You have no legal basis for making a complaint. Your wife might, of course. But that would be up to her.

DevCoder

Agree with Antrobus, your wife would also need to show that the agent had sufficient knowledge of your wife depression (and that it was medically certified at the time) and even after having knowledge of this continued to advise to take out the loan.

avenger70

Monkeyballs wrote: »

Hi Avenger,

Personal question but what explanation has she given you as to why she took out the loan and what she has done with the money?

I only ask because my Mum started to take out small loans with Shoppacheck and take out top up loans every six months and did this from the age of maybe 50-60.

She didn't like anyone knowing but it eventually got out when a new agent started and didn't know she didn't want anyone to know and blurted out who he was and why he was there

Obviously Dad wasn't happy and they argued over it but it eventually came out that she wanted a bit of independence, something that was hers to deal with and she was fed up with giving him her wages and then he gave her housekeeping (or pocket money as she called it) as it made her feel more like one of the kids holding out her hand on Saturday morning

After that it was a lot better as Mum kept her own wage and Dad just contributed towards food and the like and Mum was generally happier

I know it's possibly not the same scenario for you but what I'm trying to say is if she's just told you that she doesn't know why she was borrowing the money then maybe she just doesn't want to give you the real reason for fear of rocking the apple cart and hurting your feelings?

MB

Possibly a similar scenario MB, money spent on "bits & bobs" and the rest to pay off the previous loans.
Have to say that I wouldn't expect my wife to hand over her wages and then give her housekeeping though! She decided she didn't want to return to work when the kids grew up so through choice became dependent on my earnings and I give her as much as I can afford which is probably more than some people bring home after working a 40 hour week.
She wanted the chance to sort out the mess herself by applying for a bank loan which they refused as any responsible lender would and this is what annoys me with these lenders who let people try to borrow their way out of debt causing more misery.
I take on board what the others are saying too so am biting the bullet and paying it off and as the last loan has only just been taken out it's not as bad as I thought with the early settlement reduction. Thanks for all the replies, hopefully lessons learned!

PeacefulWaters

How will you ensure she doesn't build up new debts once these loans are repaid?

What's the underlying cause of the depression? What treatment is she getting? What treatment does she want? Would you be prepared to go to joint counselling with her?

Monkeyballs

avenger70 wrote: »

Have to say that I wouldn't expect my wife to hand over her wages and then give her housekeeping though!

My Dad had very "particular" views in this regard which he picked up from his Dad... That said, I have older parents (my Mum was 41 when she had me and I'm 38 now) so this was back in the early Eighties...

Now I feel old LOL

MB

soozy1984

I went to Welfare Rights about a year ago regarding my debts, they wrote to Provident on my behalf and made them an offer.... I heard nothing for around 6 weeks then an agent turned up on my doorstep offering me a reduced payment rate. This worked well until the agent !!!!!!ed off and a new one started and they now deny all knowledge of this "reduced rate".
Ive literally just stood on my doorstep and argued with her for 10 mins and all she cared about was her not getting her commission. Im putting my foot down though and sticking to what I was told I could pay.
I think the "agents " make up their own rules tbh and suit themselves.