Just been REFUSED a Provident £500 loan!!!!

TheAnalyst

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Something is very very wrong here!

I used to have a bad credit history, really was not good at all

CREDIT FILE 18 MONTHS AGO

• CCJ Viking Direct - £400 outstanding
• Defaulted RBOS current account £2350 outstanding
• Defaulted Welcome Loan £2500 outstanding
• Defaulted Littlewoods account £250 outstanding
• Defaulted O2 mobile £260 outstanding

I have been clearing up my file and have managed to get 4 default's and a CCJ removed (not marked as satisfied but actually removed) from my file so now my files look like this:

CURRENT EQUIFAX CREDIT FILE

No CCJ's
Electoral register at home for 1 year

• Current Natwest NEW current account showing
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_light_0.gif[/IMG][B
• Current Natwest STEP account showing
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_light_0.gif[/IMG][B
• Current Vanquis Credit Card showing
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_light_0.gif[/IMG][B
• Current Littlewoods account showing
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_light_0.gif[/IMG][B
• Current 02 Mobile contract showing
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_light_0.gif[/IMG][B
• 02 Mobile contract showing SETTLED on 11/07 with
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_satisfy.gif[/IMG][B
• Welcome loan showing SETTLED on 06/03 with no history, just
  /B][IMG]https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/icon_green_satisfy.gif[/IMG][B

CURRENT EXPERIAN CREDIT FILE

No CCJ's
Electoral register at home for 1 year

• Current Littlewoods account showing
  [ ]
• Current Natwest STEP account showing
  [ ]
• Current Vanquis Credit Card showing
  [ ]
• Current Natwest NEW current account showing
  [ ]
• Welcome loan showing SETTLED on 06/03 showing
  [ ]
• Welcome loan showing SETTLED on 01/08 with
  [ ]

Ok, so not GREAT but not THAT bad either!

The thing is .... I cannot get ANY credit anywhere at all, I have tried a loan/overdraft/credit card at my bank, umpteen credit cards including the sub-primes. I have tried Black Horse for a £1k loan and was refused too.

Now purely out of interest I applied for a Provident £500 loan... I do not actually want it but I'm concerned now that something more sinister is happening, like I have been blacklisted on some unknown database or something so I applied out of interest ..... PROVIDENT REFUSED ME!!! :mad:

As I understood it Provident will lend to anyone????? I earn £30k, I only have £1500 credit at the moment with about £800 outstanding.

I really do feel like scum of the earth right now, if they will not touch me then I don't know what the hell is happening?
What's going on???!!!???

maytaurus

do you know the APR ?
Example Loan Amount £300

56 Weekly payments of £9

Total amount payable £504

Typical 183.2% APR
:eek: :eek: :eek: :eek: :eek: :eek:

http://www.purposeloan.co.uk/provident-cash-loans.html

TheAnalyst

maytaurus wrote: »

do you know the APR ?
Example Loan Amount £300

56 Weekly payments of £9

Total amount payable £504

Typical 183.2% APR
:eek: :eek: :eek: :eek: :eek: :eek:

http://www.purposeloan.co.uk/provident-cash-loans.html

I realise that, as I said I don't really want that loan, I would never have signed anything but just applied as given that they are the lowest of the low ripoff loan merchant's and they apparently lend to anyone then surely I would have been accepted by them but apparently not!

They even lend to unemployed people!! Why not me?

The only real bad thing on my credit files are a few missed payment's which are now caught up yet even credit card's such as Aqua and Capital one who actively advertise for "bad credit" customers refused me ... Black horse finance, again bad credit loans = refused .... now Provident also refused!!??

beanielou

You have maybe applied for too many loans in a short space of time.

RichyRich

I concur with beanylou; you will have too many applications showing on your records - but the lender's won't know whether or not you've been accepted! So it may look as if you potentially have £1,000s of available credit.

Leave off 6 months, then reapply. You should have more luck then.

RichyRich

maytaurus wrote: »

do you know the APR ?
Example Loan Amount £300

56 Weekly payments of £9

Total amount payable £504

Typical 183.2% APR
:eek: :eek: :eek: :eek: :eek: :eek:

http://www.purposeloan.co.uk/provident-cash-loans.html

It gets worse than that

Loan Amount £500
Weekly Repayment £25
Total Repayment over 31 weeks £775

APR £365.1%

MABLE

maytaurus wrote: »

do you know the APR ?
Example Loan Amount £300

56 Weekly payments of £9

Total amount payable £504

Typical 183.2% APR
:eek: :eek: :eek: :eek: :eek: :eek:

http://www.purposeloan.co.uk/provident-cash-loans.html

Whether the OP knows the rate or not they are not willing to loan him a few pounds. In his case if the apr was 2000% woulnt matter and they obviously do not trust the op.

Also why would the OP need to borrow when it has already been stated the poster earns £30,000 and a very small debt.

TheAnalyst

MABLE wrote: »

Whether the OP knows the rate or not they are not willing to loan him a few pounds. In his case if the apr was 2000% woulnt matter and they obviously do not trust the op.

Also why would the OP need to borrow when it has already been stated the poster earns £30,000 and a very small debt.

Because the OP has spent the last year paying off existing debt and neglected current utility commitments so is paying a load of backdated council tax, gas, electric and landline bill (which fortunately are not reported to the CRA's)

I also am paying off half a £5k loan that my ex took out last year, payments on this are high as we want to get it cleared ASAP.

To clarify, I'm actually paid weekly, I'm due to go on holiday at the end of July so originally applied for £1500 from my bank to clear up the outstanding utility payments & ongoing utilitys & rent for a couple of months leaving me with my weekly wages to pay for the holiday and spending.

When I was refused I tried for a credit card instead but refused again, then tried some sub-prime cards & a loan again with no joy which really confused me.

The icing on the cake was the Provident loan refusal.... again i'll say that I never had any intention of going through with this loan I just applied out of curiosity


I read somewhere that previous searches only account for around 10% of your whole "credit score"? To be honest though I probably have near 20 searches in the last year so that's probably not doing me any favours.... do you think there's a limit where some lenders will say "applicant has X credit searches in the last 6 months so we will automatically decline them" ?

matam2k

Provident dont do credit checks as far as i know, they will usually only give a £200 loan to first time customers and if that is paid ok they will lend more .

MABLE

TheAnalyst wrote: »

Because the OP has spent the last year paying off existing debt and neglected current utility commitments so is paying a load of backdated council tax, gas, electric and landline bill (which fortunately are not reported to the CRA's)

I also am paying off half a £5k loan that my ex took out last year, payments on this are high as we want to get it cleared ASAP.

To clarify, I'm actually paid weekly, I'm due to go on holiday at the end of July so originally applied for £1500 from my bank to clear up the outstanding utility payments & ongoing utilitys & rent for a couple of months leaving me with my weekly wages to pay for the holiday and spending.

When I was refused I tried for a credit card instead but refused again, then tried some sub-prime cards & a loan again with no joy which really confused me.

The icing on the cake was the Provident loan refusal.... again i'll say that I never had any intention of going through with this loan I just applied out of curiosity


I read somewhere that previous searches only account for around 10% of your whole "credit score"? To be honest though I probably have near 20 searches in the last year so that's probably not doing me any favours.... do you think there's a limit where some lenders will say "applicant has X credit searches in the last 6 months so we will automatically decline them" ?

Based on the additional information the main problem would be the amount of credit searches. Definately no more than 3 in a six month period.

Because of the amount of searches your credit score will be very, very low.

I am certain this would be the main reason for the refusals.

passatrider

matam2k wrote: »

Provident dont do credit checks as far as i know, they will usually only give a £200 loan to first time customers and if that is paid ok they will lend more .

I have used Provident many times in the past to get me out of difficult situations. You are right they do not perform credit checks. If you are a new customer they will lend to you but only about 200 to start. When they can see that you are a good payer they will up your limit next time.

I wouldn't bother to be honest as they are rip off merchants!:eek: :eek: :eek: