Provident credit

Money_Mad_3

Hi
Im helping a friend with her finances unfortunately she took a loan
when desperate with Provident Credit of £500 when looking at her paperwork they have charged £410 interest on top. The flat rate interest is 82.0% fixed and the APR is 272.2% which is extortionate.

Is there any where to complain regarding these ridiculous interest rate or is she stuck with them as she signed.

Thanks for any advice

Stevie_Palimo

Money_Mad wrote: »

Hi
Im helping a friend with her finances unfortunately she took a loan
when desperate with Provident Credit of £500 when looking at her paperwork they have charged £410 interest on top. The flat rate interest is 82.0% fixed and the APR is 272.2% which is extortionate.

Is there any where to complain regarding these ridiculous interest rate or is she stuck with them as she signed.

Thanks for any advice

Nope she has to pay it as she agreed to this amount when signing up for the actual loan, Yes it is high but that is the ethos of this Company.

owlet

matrinmax wrote: »

There is no other option rather to pay. It would pay by him as she signed up before the rules. As the company ruled nobody can break it.

Huh???? Two posts from matrinmax & neither make sense!

Gaz83

Money_Mad wrote: »

Hi
Im helping a friend with her finances unfortunately she took a loan
when desperate with Provident Credit of £500 when looking at her paperwork they have charged £410 interest on top. The flat rate interest is 82.0% fixed and the APR is 272.2% which is extortionate.

Is there any where to complain regarding these ridiculous interest rate or is she stuck with them as she signed.

Thanks for any advice

What is she wanting to complain about? She agreed to the APR when taking the loan and signing for it.

swampduck

If she pays the loan off early - she'll get back some of the interest!!

Swampy

dresdendave

owlet wrote: »

Huh???? Two posts from matrinmax & neither make sense!

Why doesn't it make sense? Clearly matrinmax is simply stating that the ruled company interest signed to rather paying the option rules making the break .

How much clearer could it be?

Puddylove

dresdendave wrote: »

Why doesn't it make sense? Clearly matrinmax is simply stating that the ruled company interest signed to rather paying the option rules making the break .

How much clearer could it be?

:rotfl:

Stop it, you fiend.
P x

poppasmurf_bewdley

Money_Mad wrote: »

Hi
Im helping a friend with her finances unfortunately she took a loan
when desperate with Provident Credit of £500 when looking at her paperwork they have charged £410 interest on top. The flat rate interest is 82.0% fixed and the APR is 272.2% which is extortionate.

Is there any where to complain regarding these ridiculous interest rate or is she stuck with them as she signed.

Thanks for any advice

Presumably, your 'friend' has a poor credit file and record, or otherwise she could have gone to a bank or loan company where charges and rates are more realistic.

Paying punitive charges like this are a result of not keeping your nose clean financially. If your friend doesn't want to pay these sky high charges, then she needs to get her finances in order.

owlet

dresdendave wrote: »

Why doesn't it make sense? Clearly matrinmax is simply stating that the ruled company interest signed to rather paying the option rules making the break .

How much clearer could it be?

:rotfl: That explains it nicely!