Door step lending - provident

operaaida

Hi all, just looking for general queries from those who've had a response from provident.... Those who've complained to provident for irresponsible lending. Was the response fair? How long did it take them to respond? For those who've escalated their complaints to ombudsman... How long did it take ombudsman to come back with a feedback please?

Dobbibill

There aren't many posters with stories of irresponsible lending as when the story unfolds it tends to be irresponsible borrowing.

Provident has a complaints process on their website explaining their outside timescale of 8 weeks (standard practice)
https://www.providentpersonalcredit.com/contact-us/how-to-make-a-complaint/

Following their final response you have up to 6 months to take it to FOS.

If you would like to provide additional details we can tailor our response to the likelihood of your complaint being upheld. There is no pressure and you can keep your details to yourself if you prefer.

System

Brighthouse and now Provident? Thought you would've learned the lesson you did with Brighthouse given you posted 2 years ago how stupid you'd been when you worked out what you repaid.

We seem to be at that time of year again where those who have paid for Xmas with doorstep and payday loans have finally sat down, done the maths they should have done before they accepted and now realise how much they're going to be paying and are looking for a way out.

chrislee999

In all fairness provident and companies a like do have there uses as do Aqua, Vanquis etc... They can be used as a credit building tool and do a great job as just that. I went bankrupt in 2007 and Provident was one of the first lines of credit I used. Would I use them today? Probably not, only downside been the interest rate, however should it be that of a high street bank which it never will I probably would prefer this option. There is nothing more simpler than a simple cash payment option with a book letting you know where you are with your payments, extremely simple but yet highly effective.

takman

chrislee999 wrote: »

In all fairness provident and companies a like do have there uses as do Aqua, Vanquis etc... They can be used as a credit building tool and do a great job as just that. I went bankrupt in 2007 and Provident was one of the first lines of credit I used. Would I use them today? Probably not, only downside been the interest rate, however should it be that of a high street bank which it never will I probably would prefer this option. There is nothing more simpler than a simple cash payment option with a book letting you know where you are with your payments, extremely simple but yet highly effective.

Provident is NOT a good way to improve your credit history. Provident loans go into the Short Term Borrowing section of your credit report. This means that they are viewed the same way as a payday loan and a lot of lenders take this as a negative because it shows your struggling with money if you need to take out high interest short term loans.

[Deleted User]

operaaida wrote: »

Hi all, just looking for general queries from those who've had a response from provident.... Those who've complained to provident for irresponsible lending. Was the response fair? How long did it take them to respond? For those who've escalated their complaints to ombudsman... How long did it take ombudsman to come back with a feedback please?

http://www.ombudsman-decisions.org.uk/

Just pop the name in this link above for looking at past cases handled by FOS, don't know that you'll get any specific stats as pretty much everything in this world is treated on a case by case basis.

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

[Deleted User]

Tarambor wrote: »

We seem to be at that time of year again where those who have paid for Xmas with doorstep and payday loans have finally sat down, done the maths they should have done before they accepted and now realise how much they're going to be paying and are looking for a way out.

Nah not here, just needed to do just over 3 weeks work in a Warehouse environment, being sworn at which could sometimes be a surprisingly alright experience, when people come for their pressies AKA whoops parcels and got the hump.

It paid for Christmas twice over really. No need to take out credit.

sourcrates

takman wrote: »

Provident is NOT a good way to improve your credit history. Provident loans go into the Short Term Borrowing section of your credit report. This means that they are viewed the same way as a payday loan and a lot of lenders take this as a negative because it shows your struggling with money if you need to take out high interest short term loans.

Tarambor wrote: »

Brighthouse and now Provident? Thought you would've learned the lesson you did with Brighthouse given you posted 2 years ago how stupid you'd been when you worked out what you repaid.

We seem to be at that time of year again where those who have paid for Xmas with doorstep and payday loans have finally sat down, done the maths they should have done before they accepted and now realise how much they're going to be paying and are looking for a way out.

Many people who live well below the breadline, and who for various reasons, do not have access to mainstream credit facilities, have to use companies like Brighthouse, Provident, and the like.

They may exploit this market, but for a lot of people, it is a lifeline, yes the interest is extortionate, but usually the people who use the sub prime lending market, and need credit, have very few other options if they want to borrow.

BorisThomson

sourcrates wrote: »

Many people who live well below the breadline, and who for various reasons, do not have access to mainstream credit facilities, have to use companies like Brighthouse, Provident, and the like.

They may exploit this market, but for a lot of people, it is a lifeline, yes the interest is extortionate, but usually the people who use the sub prime lending market, and need credit, have very few other options if they want to borrow.

Telling them they are stupid is an insult, something i doubt you would say to them face to face, yet you feel its acceptable from the anonymity of your computer.

It was the OP that called themselves stupid, no one else.

You should be more careful and check your facts before posting defamatory statements.

sourcrates

BorisThomson wrote: »

It was the OP that called themselves stupid, no one else.

You should be more careful and check your facts before posting defamatory statements.

How right you are Boris.

Hey.......thanks for setting the record straight.

Its an honor to be corrected by such a fine understanding and dare i say it, compassionate soul, such as yourself, and for whose wit, enthusiasm, and general jolliness, we should all feel grateful.

Just goes to show, anyone can make a mistake, but i really appreciate the time you took to put me right.

I bet that keyboard was on fire !!!

Happy debt free new year to you and your fellow huntsman......

PixelPound

sourcrates wrote: »

Many people who live well below the breadline, and who for various reasons, do not have access to mainstream credit facilities, have to use companies like Brighthouse, Provident, and the like.

They may exploit this market, but for a lot of people, it is a lifeline, yes the interest is extortionate, but usually the people who use the sub prime lending market, and need credit, have very few other options if they want to borrow.

True there are a lot of people to whom brighthouse et al are their only choices - we have seen credit unions and similar trying to redress this. The interest rate is high, but that's their business model as it factors in the higher likelihood of debtors defaulting. To try and go down the "irresponsible lending" route by the OP seems to make me wonder why, a genuine belief or hoping to get it written off. The idea is they will lend when others won't, if you try and make the lending checks so robust that you don't lend to those who can't afford it, you make it worse for those with no other alternative. That said I have dealt with people who get several provident loans getting further into debt without a way out. It is a balancing act of allowing people to get credit and interfering with their choices.