Provident Financial secrets revealed

in Loans
71 replies 62.2K views
123578

Replies

  • to be fair to the OP, Provident are loan sharks, rip off merchants that prey on the vulnerable, like i've said before, like prostitution, if people stop using the ahem 'services' it will hopefully stop the exploitation, which is morally abhorant
    She LEFT me, she LIED, and she made me foot the BILL ! :mad:
  • immoral_angelukimmoral_angeluk Forumite
    24.5K Posts
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    Provident aren't loan sharks, they just target a particularly vulnerable group of people, thos eon low incomes, who are likely to be more tempted to borrow more than they can realistically afford. There should be more onus on companies like provident to protect the customer but sadly companies are only interested in making money, within the regulations set through the OFT etc.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • ok we agree they exploit vulnerable people, the Government need to grow a pair and seriously clamp down on the financial institutions from the fat cats at the commercial banks to dodgy !!!!!!!s like Provident.
    She LEFT me, she LIED, and she made me foot the BILL ! :mad:
  • EnfieldianEnfieldian Forumite
    2.9K Posts
    Part of the Furniture Combo Breaker
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    I had a Provvy loan a while back, to cover an emergency when I was less credit worthy/solvent than now.

    It was fine. I was told how many repayments I had to make and how much they were.

    I really don't see the problem. It is just like any other loan but the interest rate, or in this case the total amount paid back, is higher because of the circumstances of the borrower.

    At that point in time, based on my credit history, I would not have lent me £500 without making it substantially worth my while.

    The agent who came to collect did hint at reloans a couple of times towards the end but I was paying monthly in advance so he soon stopped asking.

    So. If you know what you are getting in to, like any other loan, and can handle it, fine.
  • ~Brock~~Brock~ Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    ok we agree they exploit vulnerable people, the Government need to grow a pair and seriously clamp down on the financial institutions from the fat cats at the commercial banks to dodgy !!!!!!!s like Provident.

    But...hey, at least you're not bitter :beer:
  • Ames wrote: »
    I have a problem with Provident. Many of my neighbours are with them, and without being nasty I'm not sure they're all able to understand apr's and what they're getting themselves into. Not just Provident, I've been approached by other doorstep lenders, but I think cold calling in areas where they are more likely to meet 'customers' who don't understand what they're doing is just wrong, morally if not legally.

    I find that a little patronising. Sure, there are people who don't understand what they're getting into, but that's not the fault of the Provi. Although I dislike the Provi and their ilk, they make no secret about the fact that they charge exceptionally high interest.

    I've used the Provi in the past - unfortunately - and my mother had many a Provi loan when we were growing up. Both myself and my mum are educated, and completely understood what we'd "gotten into".

    What we also understood, though, is that in times of desperation, the banks won't lend amounts like £200, repayable on a weekly basis. When it's got to be done, it's got to be done...thankfully those days are long behind us.
    £1 / 50p 2011 holiday flight + hotel expenses = £98.50600


    HSBC 8% 12mth regular savings = £80 out of a maximum remaining allowance of £2500


    "3 months' salary" reserve = £00 / £3600 :eek:
  • pipps0316pipps0316 Forumite
    21 Posts
    I have used the provident for over 5 years now, (this was before they gave your account information to the credit file companies)

    When we take a loan or credit card from any company we all fully understand what we are doing and the repayments.

    I never allow the payments to drag out for the year or so they give you to pay them back. This is how they make their money, just like if you pay minimum payments on your credit cards every month.

    My last loan with the provident was for £200. I should have paid back £310 if i allowed the loan to be paid by minimum payments. I paid it off over two payments and only paid £16 interest on my £200, saving £94 on interest.

    Not everyone who takes a provident loan is able to pay such amounts back quickly and i understand that, but provident provide a service, which if only limited on choices, we still have the choice to go with them or not to.

    I thank provident for their friendly service and yes when i very first took a loan with them all those years back I went through 2 or 3 checks when the area manager even visited my house.
    DMP Started 18 July 2011 :T - Could be finished July 2012 :jTotal Owed £5688 :mad:
  • hullighthullight Forumite
    524 Posts
    Are the people saying the government should shut payday loan companies down the same people that complain about the nanny state when they are told by the government to stop smoking and stop drinking.
  • sarah1773sarah1773 Forumite
    54 Posts
    Part of the Furniture Combo Breaker
    does anyone know if you can make repayments to provident without an agent coming to your door? I have paid most of it via an agent but I have had to leave home temporarily for my own safety. Can you not ring up and pay via debit card or send a cheque???
    Thanks in advance
  • adeaadea Forumite
    448 Posts
    Part of the Furniture 100 Posts Name Dropper I've been Money Tipped!
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    sarah1773 wrote: »
    does anyone know if you can make repayments to provident without an agent coming to your door? I have paid most of it via an agent but I have had to leave home temporarily for my own safety. Can you not ring up and pay via debit card or send a cheque???
    Thanks in advance

    call 0800 916 6440 and you can pay with your card.
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