Provident petsonal credit

Jpg1221

Hi All
Just an update on my battle with the above mentioned.
Back in september 2020, i decided to contact provident and ask for a copy of all the loans i had between 2009 & 2016. After about 4 weeks or so they sent me an email with details to log in to a complaints portal, very easy to do, so after downloading all 18 loand i had between the dates mentiined, i decided to ask for a refund of all interest plus a standard 8%, as i beleive the koans were mis-sold to me and some were unaffordable. The reason for this is that i think the agent who came to pick up payments always dangled a carrot for renewing loans etc .......
After waiting a week or so,  i had a response from provident saying they will uphold loan number 18 for the interest and gave me a cheque for just over £600.
I decided if they can do this for 1 of 18 then they can do it for the other 17 ??
So ..... i made a complaint vua the financial ombudsman, they asked for all info, which i gladly sent them. They did their bit and assigned an adjudicatir whi was faultless.
To cut an already long story short, the FO did all the hard work in contacting provident and after a few shirt months, provident decided to uphold 13 of the 18 loans in total, and paid a cheque for all interest plus standard 8% interest on the 13 loans. Total refund is just over £7300 ....... so, for anyone who is not sure what to do about this, please keep the faith and do not give up. 

[Deleted User]

Perhaps a perfect example of why loans like provident have such high interest rates, but anyhow well done you.

2021BJ

venison said:

Perhaps a perfect example of why loans like provident have such high interest rates, but anyhow well done you.

That pretty much sums it up.

Jpg1221

Just hang on venison .......... i think your comment is a little harsh !! 
The reason why i started to get the loans is because like millions of other people, i was struggling, balancing 3 jobs trying to keep everything together. So yes i eventually asked provident for help. The way they sucker people is by dangling a carrot in front of you to get deeper into debt,  people do struggle, people do get into financial hardship........... your comment is very uneasy and not wanted. Think of all the times provident have duped people into sky high interest loans, .. let that sink in ...... have a look at how long they have been operating, they have ammassed a fortune, so i am pretty sure they are quite comfortable to pay people vack for their wrong goings !!!!!!

[Deleted User]

Comfortable for now @Jpg1221.  If more people do as you have done, as was your right, then Provident will end up like Wonga.  For anyone thinking about doing the same get your skates on before Provident goes bust.

2021BJ

Jpg1221 said:

Just hang on venison .......... i think your comment is a little harsh !! 
The reason why i started to get the loans is because like millions of other people, i was struggling, balancing 3 jobs trying to keep everything together. So yes i eventually asked provident for help. The way they sucker people is by dangling a carrot in front of you to get deeper into debt,  people do struggle, people do get into financial hardship........... your comment is very uneasy and not wanted. Think of all the times provident have duped people into sky high interest loans, .. let that sink in ...... have a look at how long they have been operating, they have ammassed a fortune, so i am pretty sure they are quite comfortable to pay people vack for their wrong goings !!!!!!

Were you "duped" into taking a high interest loan?  How, exactly?

It also strikes me as hard to believe that even by loan 18 you still handn't twigged that these loans were unaffordable.  In fact, it took another 4 years for you to finally cotton onto that?  Perhaps because they were not all that unaffordable, but you heard about the reclaiming bandwagon and jumped on it with both feet?

sourcrates

Hindsight is a wonderful thing, it can be a very lonely place when your in significant debt and the money just isn`t coming in.
Common sense tends to go out of the window, and you do get caught in that cycle of borrowing, its a bit like the gambler, just one more bet, and it`ll be ok, just one more loan, and it`ll be ok, but it never is.

Those who have not experienced it, will never know, yes reading about it now, it`s like, why would you do that ?

I won`t comment on what others have written, suffice to say there is a reason why Provident`s profits were 162.6 million pounds in 2019, they tend to pray on the vulnerable and the low paid, its very easy to say yes when your desperate.