The NEW Provident Visa Card

Tirian

rog2 wrote: »

Why so abusive, Tirian? I am PERFECTLY aware what a pre-paid credit card is, as I use one myself. Vanquis is a 'Credit Card' issued by Provident and Provident have seen an opportunity to make even more money through this 'new' card.
And, please, do not tell me that I did not look to see what the product was - the first thing that I did was to click on the link.

Oh dear. If you found that 'abusive' then I think you may be a little oversensitive. (or is it also 'abusive' for me to suggest that?!)

You stated that there was nothing 'new' about this card, whereas in fact there is - it is new for Provident to be offering a prepaid card.

You stated that they seemed to have 'combined' the Vanquis product with their loan business to create this card - whereas it is a completely separate product.

Also, if you will look at what I actually wrote, I did not say you didn't look at the card - I said it seemed that you had not. Based on what you posted, certainly did seem that you had not looked at it, and I will stand by that assessment. If you find any of this abusive, by all means report me! :rolleyes:

clio

If you default on your CC by missing a payment it go,s against you.
would it also apply if you missed your Provident loan repayment as it is
still credit isnt it????

rog2

sydtoon wrote: »

Spam arrived this morning

The NEW Provident RIP OFF Visa Card ONE HUNDERD AND EIGHTY THREE POINT TWO PERCENT :eek:

Link http://www.providentpersonalcredit.com/

It is, INDEED, a total 'rip off' - as is the whole 'ethos' of Provident as a Company.
I had not wanted to get into this argument, but thanks to a certain poster, this has now started to annoy me.
PROVIDENT try to claim a certain degree of 'respectability' in that they service the sub-prime marketplace and purport to offer financial 'help' to those for whom the 'mainstream' lines of credit are not available.
This section of society is, unfortunately, often the most vulnerable and it is quite understandable that they will accept what appears to be a genuine offer of 'help', whether that 'help' comes in the form of a 'doorstep' loan, shopping 'vouchers', high interest credit card (Vanquis) or the temptation of a 'pre-paid' credit card such as the 'new' variation of their existing 'Vanquis' card.
Many of these people are, indeed, desperate and the access to cash, or line of credit, is viewed as a lifeline and is often taken without regard to the long term cost, through crippling interest rates and charges.
Whilst there are, undoubtedly, many genuine 'Provvy' agents (often themselves customers of Provident and acting as agents to service their own debt) there are, equally, many horror stories (frequently reported on the DFW board) where debtors can not afford to pay their weekly payments and are offered 'top-up' loans to enable them to keep up payments on the original loan. Before long the 'customer' can find himself in a rapid 'debt spiral' from which it is very difficult to escape.
The exorbitant interest rates, that Provident charges for ALL of their products, are NOT justified by the fact that they 'provide a service' - they are simply an example of a predatory financial institution that is preying on the most vulnerable section of society.
There ARE alternatives - Credit Unions will assist those people who can not, otherwise, get loans and will NOT charge unrealistic interest rates for so doing.
Pre-paid credit cards are available from many other sources, with options tailored to suit the user - whether a monthly charge of around £5.00,for the frequent user, or a charge of around £1.00 per transaction, for those who do not plan to use them very much. Admittedly, these cards do not come with an 'up-front loan', but at an apr of 183.2% I'm glad they dont.

dazman36

The Provident Visa card is a loan on a card.
You borrow £300 on a card you pay back £9.50 per week for 56 weeks yes you pay back £536 if you let it run 56 weeks + but you get early settlement reduction and guess what you miss your payments over half term, christmas or easter of any other holiday period because you cannot afford to pay those weeks guess what no "non Payment FEE" or additional interest or admin fee or guess what not debt collectors knocking on your doof after more than two weeks of arrears and additional costs for their services.
Myself i have no need for a Provident loan but if i was to put £300 pound on my credit card with a balance of £1000 or more i bet the interest is a lot more by the time it is started to be paid as the card companies do not touch that £300 until the £1000 + is paid inc interest i bet apr is not far off or even more.

Credit card companies have up their rates as charges now have to be justified but are still applied guess what Provident make no additional charges

dazman36

rog2 wrote: »

It is, INDEED, a total 'rip off' - as is the whole 'ethos' of Provident as a Company.
I had not wanted to get into this argument, but thanks to a certain poster, this has now started to annoy me.
PROVIDENT try to claim a certain degree of 'respectability' in that they service the sub-prime marketplace and purport to offer financial 'help' to those for whom the 'mainstream' lines of credit are not available.
This section of society is, unfortunately, often the most vulnerable and it is quite understandable that they will accept what appears to be a genuine offer of 'help', whether that 'help' comes in the form of a 'doorstep' loan, shopping 'vouchers', high interest credit card (Vanquis) or the temptation of a 'pre-paid' credit card such as the 'new' variation of their existing 'Vanquis' card.
Many of these people are, indeed, desperate and the access to cash, or line of credit, is viewed as a lifeline and is often taken without regard to the long term cost, through crippling interest rates and charges.
Whilst there are, undoubtedly, many genuine 'Provvy' agents (often themselves customers of Provident and acting as agents to service their own debt) there are, equally, many horror stories (frequently reported on the DFW board) where debtors can not afford to pay their weekly payments and are offered 'top-up' loans to enable them to keep up payments on the original loan. Before long the 'customer' can find himself in a rapid 'debt spiral' from which it is very difficult to escape.
The exorbitant interest rates, that Provident charges for ALL of their products, are NOT justified by the fact that they 'provide a service' - they are simply an example of a predatory financial institution that is preying on the most vulnerable section of society.
There ARE alternatives - Credit Unions will assist those people who can not, otherwise, get loans and will NOT charge unrealistic interest rates for so doing.
Pre-paid credit cards are available from many other sources, with options tailored to suit the user - whether a monthly charge of around £5.00,for the frequent user, or a charge of around £1.00 per transaction, for those who do not plan to use them very much. Admittedly, these cards do not come with an 'up-front loan', but at an apr of 183.2% I'm glad they dont.

What a pile of crock lets name a few more scammers

Lord Black (millionaire in own right) still ripped company off
the list is endless these are only prominent as they are very few Provi has 12,000 agents in the uk they reference check, CCJ check and CRB check all agents you be having routine polygraph tests next.

Any one will you, me and all the users of this site all you need is 3 ingredients 1.) access 2.)need and 3.) oppurtunity

everyone in the industry has access the need might be just because i want a new watch others because i need the money to give my dying son an operation to save his life, oppurtunity well could be any time.

So get off your high horse and think yourself lucky that 99.99% off us do not fall into the catergory.

rog2

dazman36 wrote: »

What a pile of crock lets name a few more scammers

Lord Black (millionaire in own right) still ripped company off
the list is endless these are only prominent as they are very few Provi has 12,000 agents in the uk they reference check, CCJ check and CRB check all agents you be having routine polygraph tests next.

Any one will you, me and all the users of this site all you need is 3 ingredients 1.) access 2.)need and 3.) oppurtunity

everyone in the industry has access the need might be just because i want a new watch others because i need the money to give my dying son an operation to save his life, oppurtunity well could be any time.

So get off your high horse and think yourself lucky that 99.99% off us do not fall into the catergory.

dazman - it's difficult to reply to your post as I'm not sure what point you are trying to make.
Are you suggesting that I am being unfair to Provident in my post?

BubbleFrogette

I'm torn on this issue. However, I do disagree with someone's earlier comment about people being destitute on the streets. This is the UK, not the developing world. We have social systems in place and they work most of the time - that's why we don't have hordes of homeless, hungry people. In 2006 & 2007 I had the opportunity to live and work out in Asia where people REALLY are struggling. It certainly changed my outlook on life when I could see how people live out there. Most of their income pays for a staple foodstuff, often rice. If they don't earn that week, they don't eat...there are no benefits. If they get sick, they die. In Oct 2006 there was a serious typhoon in the Phils and several field workers at the place I worked had their homes washed away...two lost small children in the floods. These people just pick thenselevs up and carry on. The world of widescreen TVs and playstations at Brighthouse are things they could only dream of.

Sorry if it sounds like I'm preaching but the comment I read just caught a nerve. Nuff said.