Urgent advice Provident finance

Poppy1414

Hi Thank you for reading this and any advice would be great.
The issue that I have experienced was:
provident finance came out to my home to offer myself a loan, they offered myself a loan this was supposed to be based on my income but they offered myself a loan in my name taking into account my husbands income due to him having a bigger pension , my pension 70.90 only a week they told me they would have to use my husbands money as it was more each week by over 200 pounds they offered me numerous loans in (IMPORTANT) IN MY NAME ONLY but took my husbands money into account and took that down knowing that all the detail and letters and statements of my husbands pension were plenty to offer me a loan in MY NAME ONLY NOT MY HUSBANDS, EVEN THOUGH THEY TOOK HIS PENSION DETAIL without my knowledge or knowing the rules and regulations off you loan offers, I had 5 maybe 6 loans all paid off but I struggled to pay the loans.

My question is are they allowed to use my husbands income not mine and me sign the agreements and the book is in my name not my husbands so technically took my husbands income not mine for then to offer me a loan when I spoke the the financial os they women had never come this at all..



Many thanks

Ben8282

As you are a married couple living together it would not be inappropriate for your joint income to be taken into account.
Clearly you wanted the loan and accepted it on those terms. They would not have been able to obtain any information regarding your husband's income if you had not provided it so it can hardly have been obtained without your knowledge.
What do you now want? Compensation for being given the loan that you wanted and asked for and accepted or are you looking for a way out of repaying your debts?

jonesMUFCforever

If you think you are entitled to compo then I wish you well but you are not going to get very far.
Enjoy the fact that the loans have been paid off (as much as you enjoyed spending the money) but don't borrow any more from them.

[Deleted User]

It's fine for them to use household income if that's their model.

Well done on getting them paid off. Hopefully you won't need to borrow further, as Provident aren't a cheap lender.

DCFC79

Why did you go to Provident ?


Whats the purpose for the loan ?

Poppy1414

Hi thanks for your quick response I appreciate your honest replys.

It's not a joint income as my mum gets her own pension of 70 odd pound and my dad gets his own pension both are 79 and 80 years old I was just asking for advice as I thought that provident go on the person who is getting the loan in there income alone this is what it states on there website.

So all I am asking is that my mum got a loan but they know that 70 pounds a week would not allow them to give her a loan so they took my dad's income into account to get my mum a loan and all paperwork was signed in my mums name,,.
Yes all paid off and she is never going there again.
Why did she go to provident why do people have loans from doorstep lenders or by any off the companys ie payday UK etc etc.

Thank you for you replys I am trying to get misold companys misold also for my dad as he had a few from payday quid quid and a few others and himself a does not know about trying like other people have to get refunds..

But I will have a look and see off my dads one from a good few years ago I can put in a complaint though resolver

Simon

Clive_Woody

Poppy1414 wrote: »

My question is are they allowed to use my husbands income not mine and me sign the agreements and the book is in my name not my husbands so technically took my husbands income not mine for then to offer me a loan when I spoke the the financial os they women had never come this at all..

I don't think you will be prosecuted for fraud if that is what you are worried about. I appreciate you providing details of your husband's income to obtain a loan looks really bad, but you repaid them so I think they will not be reporting you for fraudulently obtaining loans.

Poppy1414

I didn't ask to provide his income they did as they would not offer a loan to my mum on her pension alone so they asked for my dad's income but put the loan in the in my mums name

Poppy1414

Yes, we consider all situations. We get to know your personal circumstances and carry out an affordability assessment. This means that even if you’re self-employed, unemployed or on benefits if you can provide proof of income and outgoings, and the member of our team going through this with you is satisfied that the loan is affordable and sustainable for you, you could still be accepted for a Provident loan. For more information on what is accepted proof of income click here.

sourcrates

Provident are a sub prime lender who will juggle the figures until they resemble something close to there lending criteria, then throw tons of cash at you, that you have no realistic proposition of ever repaying.

That is their business model, anyone who disagrees has never turned to them for a loan, well done for paying them off, unfortunately they cover their tracks better than tarmac, take the hit, learn from the mistake, and move on.

~Brock~

Cutting through any potentially loaded opinions on the matter, the direct answer to your question is contained within the FCA's own rulebook, specifically rule 5.2A.12(2)(b)

CONC 5.2A.12

The firm must consider the customer’s ability to make repayments under the agreement:

(1) as they fall due over the life of the agreement and, where the
agreement is an open-end agreement, within a reasonable period;
(2) out of, or using, one or more of the following:

(a) the customer’s income;
(b) income from savings or assets jointly held by the customer
with another person, income received by the customer jointly
with another person or income received by another person in
so far as it is reasonable to expect such income to be available
to the customer to make repayments under the agreement;
and/or
(c) savings or other assets where the customer has indicated
clearly an intention to repay (wholly or partly) using them;