Most Expensive Loan Ever?

Me_Myself_2

Made me smile astons mum.

Have a good day.

MM

astonsmummy

likewise, nice to meet ya

rog2

WSO wrote: »

I'm fuming - I've just been sent an unwanted letter from Provident (I've been on Mailing Prefence Service since we moved in here and this is my first "junk mail" sent addressed to me for years) so am wondering how they got my details or why they think I need a cash loan of £50 to £500... but while I was looking for some way of venting my frustration and tracing down exactly where they got my details from (to give them a piece of my mind) I noticed the illustration and the typical APR...

177%! :eek:

I think that you have done this board a service by highlighting the 'tactics' that PROVIDENT use, in order to ensnare often very vulnerable people into a spiral of debt.
PROVIDENT, and their Credit Card Company VANQUIS, target the sub-prime, or 'doorstep' market, and 'offer' this 'service' to people who would, in most cases, find it impossible to get credit through the normal 'high street' outlets.
They would argue that, because of this, they provide a 'service' where no other service is offered. In fairness, they do enjoy a certain amount of respectability - just look at how many shops display the 'Provident Cheques Welcome' signs. Equally, some will argue that the interest rate on a 'short-term cash loan is not really relevant, as the 'loans' are often paid off in a matter of months.
But this, in no way, can excuse a company so hell bent on profiting from the misfortunes of others that it openly 'boasts' interest rates of 177% apr.
It is doubly important that these 'vultures' are exposed at this time. As the 'Festive?' Season approaches, more and more people will allow themselves to be 'tempted' by the 'cash loans' of Provident, and others, without thinking of whether they will even be able to afford the payments.
But, no problem, Provident already have the solution - they will 'lend' the borrowers the money to meet their minimum payments - meaning that the 'debtor' is borrowing money from the 'creditor' purely to service debt to that creditor.
For Provident it is simply a 'Licence to Print Money'.
For the 'debtor' it can often be the gateway to a lifetime of debt.
For me it is IRRESPONSIBLE LENDING.

POSSETTE

DONT throw it away or shred it...have SOME fun from it...do what i do..i recently applied for a 0% card from cap1,it got turned down,(first time ever!),:eek: but i went on to get better deal with Mint 0%..few days later i got an offer of a Cap1 card at 35%,i thought THAT was high!. .so i wrote on letter the following..
"do you think it says muppet across my forehead?"
i have had a better deal from another 0% supplier so you lost out on a BT fee too, you must think i am stupid or desperate to apply for a card at that pathetic rate you offer?!"

Then post it back to them in the prepaid envelope they provide,(so they pay return journey!)..seems to work for me...do it with any junk mail you get, just keep using the prepaid envelopes and they get bit fed up of you after while...:beer: