189.2% APR

#1
In my junk mail just delivered by snailmail got a nice letter from PROVIDENT Personal Credit offering a Christmas loan at a staggering 189.2 % APR

they got to be joking
 
#3
jmj said:
Oh, there's better.. I spied an advert for logbook loans with an typical APR of 437.4%. Bargain!
This can't be legal, can it, no wonder shavs are in the shite
 
#4
tropper66 said:
In my junk mail just delivered by snailmail got a nice letter from PROVIDENT Personal Credit offering a Christmas loan at a staggering 189.2 % APR

they got to be joking
I wouldn't touch them with a barge-pole. From here;

https://www.providentpersonalcredit.com/apply/?ref=GO_AT&st=provident,personal,credit

I read this.

Step 1 Step 2 Step 3
Safe and Secure
Example: Loan amount: £300
57 weekly repayments of £9
Total amount payable £513
Typical 189.2% APR
Sod that.
 
#5
No doubt there'll be plenty of people who take it up this Christmas. Overhearing those shouted conversations in shop queues is always pretty enlightening of the attitudes of a certain part of our population - the ones who "have to" get wee Jimmy the latest toy/bike/football strip/games console regardless of the fact they can't afford it.

Just as well we have fine upstanding companies like these to provide such an altruistic service. :roll:
 
#6
Caveat emptor.
If anyone is dopey enough to take out a loan at that rate, they deserve to be ripped off.
 
#8
Several years ago Provident Financial set up in Budapest. I was on the British Chamber of Commerce Board and tried desperately to have their application turned down.

Sadly I was defeated in the vote, and Provident boasted that they were members of the Chamber and that they had support from the Embassy blah blah blah.

Provident are scum. They seem to be proud that people will always "pay their five pounds to them when the man comes around" rather than feed their own kids. Utter scum and the only differences between them and loan sharks are that Provident tend to have better offices and be better dressed. The level of coercion is about the same.
 
#9
smartascarrots said:
No doubt there'll be plenty of people who take it up this Christmas. Overhearing those shouted conversations in shop queues is always pretty enlightening of the attitudes of a certain part of our population - the ones who "have to" get wee Jimmy the latest toy/bike/football strip/games console regardless of the fact they can't afford it.

Just as well we have fine upstanding companies like these to provide such an altruistic service. :roll:
They don't need to worry though because if it all goes tits up Cyclops (and therefore you and me) will bail them out.
 
#10
Its part of the doorstep credit culture that they target new tenants. Within the first week of moving into your first flat the provi agent arrives on the door offering you a loan of £500 - they don't say how long it will take to pay it off but say you can repay at £10 a week, you think ok 50 weeks but its only after that bit of paper is signed that they tell you the apr is 200% IF you make every repayment. Unfortunately it is all legal - as long as a creditor is regulated by the FSA they can charge whatever APR they want, its the ignorance of the people taking the loans thats the problem which is why our project had an education remit to go into schools & explain about APR & how it works - guess what - the funding got cut & we can't do this anymore.

As for Provi & Greenwoods its when they start hassling the people with downs syndrome who live in the community that really gets annoying. I've seen five cases of these folk being threatened with court cause they didn't understand that the nice man at the door now wanted his money back, he wasn't just being friendly. Eventually the debt gets written off cause the people who signed for the loan are judged as not mentally competent but not before they have been threatened with the sheriff officers. personal opinion - the doorstep sellers are scum. I had to threaten one with the FSA & Trading Standard just to get him away from my door
 
#11
All too popular where i grew up im afriad. Most households have nobody in work so a high interest loan is the only way to get a wad of cash short notice as card's and normal loans are out of the question. Most chav housewives see perpetual debt as a fact of life the same as paying rent if you like
 
#12
tropper66 said:
In my junk mail just delivered by snailmail got a nice letter from PROVIDENT Personal Credit offering a Christmas loan at a staggering 189.2 % APR

they got to be joking
You amateurs
I've consolidated all my debt's for one easy payment with enough left over for a holiday....and I found the scootah.
 
#13
I live on a housing estate were they think Shameless is a documentary not fiction, I have Provident knock on my door maybe one a month and about 2-3 times a month on the run up to Chirstmas
 
#14
Some of those cash loan scum add on substantial fees as well and the suckers end up being stuffed for an astonishingly high APR: one "payday loan" worked out at 1835% and that was not the worst.


Beware The Recession Vultures!

http://www.fool.co.uk/news/your-mon...2008/11/28/beware-the-recession-vultures.aspx

If you think it is bad here, consider the position in the US:


"Some 10 million American households borrow money through payday loans each year, and payday lenders now have more storefronts than McDonald's and Starbucks combined"


http://www.consumeraffairs.com/news04/2008/12/payday_bankruptcy.htm

Going into these short term loans with huge interest rates and short payback periods seems to trigger a financial death spiral.
 
#15
wompingwillow said:
I live on a housing estate were they think Shameless is a documentary not fiction, I have Provident knock on my door maybe one a month and about 2-3 times a month on the run up to Chirstmas
do they get their money though...??
 
#16
wompingwillow said:
I live on a housing estate were they think Shameless is a documentary not fiction, I have Provident knock on my door maybe one a month and about 2-3 times a month on the run up to Chirstmas
You have my sympathy, WW. They tend not to knock at my door as the barbed wire and mines, courtesy of a friendly QM, put them off.

It is horrifying that such interest rates can be provided by so-called "regulated" companies. What levels are charged by the real sharks on the housing estates of Britain?

Litotes
 
#17
You're best bet by far is to try for a loan from the local Credit Union. Just because you've no work doesn't automatically mean that you'll be turned down.

The APR is minimal and is, additionally, paid on the descending principle; and not on the whole sum for the duration of the loan period, as the banks do it.

MsG
 
#20
Curve15 said:
Its part of the doorstep credit culture that they target new tenants. Within the first week of moving into your first flat the provi agent arrives on the door offering you a loan of £500 - they don't say how long it will take to pay it off but say you can repay at £10 a week, you think ok 50 weeks but its only after that bit of paper is signed that they tell you the apr is 200% IF you make every repayment. Unfortunately it is all legal - as long as a creditor is regulated by the FSA they can charge whatever APR they want, its the ignorance of the people taking the loans thats the problem which is why our project had an education remit to go into schools & explain about APR & how it works - guess what - the funding got cut & we can't do this anymore.

As for Provi & Greenwoods its when they start hassling the people with downs syndrome who live in the community that really gets annoying. I've seen five cases of these folk being threatened with court cause they didn't understand that the nice man at the door now wanted his money back, he wasn't just being friendly. Eventually the debt gets written off cause the people who signed for the loan are judged as not mentally competent but not before they have been threatened with the sheriff officers. personal opinion - the doorstep sellers are scum. I had to threaten one with the FSA & Trading Standard just to get him away from my door
All true. My sister is disabled and Provi targeted her. She might be disabled, but she's not stupid. She told them to feck off.

There are a group of companies that operate from the same Sunbridge Rd, Bradford address, some of them offering credit, others car insurance.

They use credit agencies to target the vulnerable and low paid and then send them mail shots.

All repayments for credit are collected in person.

Note the addresses of these companies - Sunbridge Road, Bradford - and have nothing more to do with any of them, imho.
 

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