Have heard from a horse's mouth that Provident are now buying up old debts.

I also know the 'white data' from these said debts isn't very good and they

are purchasing said debts from people like Cabot and Moorcroft. This leads me

to come to one conclusion...These debts will be either Statute Barred or VERY close to it.

Considering the interest provident charge on their loans, God only knows what

they will try and do with these debts they are purchasing.

Are they Licenced for Debt Collection then?

Are they Licenced for Debt Collection then?

I don't know to be honest...I'll have to find out who Provident are owned by - unless someone on here already knows?

Yes there has been some discussions about this already.

some background here;

UPDATE 1-Provident Fin to buy back sub bond, issue senior | Deals | IPOs | Reuters

some background here;

 

UPDATE 1-Provident Fin to buy back sub bond, issue senior | Deals | IPOs | Reuters

Cheers for that Martin

All,

Now I'm not sure if this is the right place to post this, or indeed I've

mention all this before...but

Provident are (and have been) buying up old debts, sometimes statute barred ones, and then getting the alleged debtor to take out a Provident loan to repay said old debt. Remembering these old debts aren't necessarily loans taken out with Provident themselves.

Also it's worth mentioning the ridiculous interest rates Provident charge. I find it hard to believe they are getting away with this but it is happening and happening a lot.

If a Provident rep comes calling, telling you they (Provident) have bought an old debt of yours and they are willing to accept a small amount each week for payment, they will set you up with a new Provident loan and charge you an interest rate that will make your eyes water...

oooh, I think I saw it mentioned somewhere else on CAG a while back... Still, no harm in reminding folks about it.

oooh, I think I saw it mentioned somewhere else on CAG a while back... Still, no harm in reminding folks about it.

Yeah I'm sure I, myself, have mentioned this but I want to remind any newbies about it.

I'd still like to know how they are getting away with it though. This information isn't guesswork either, it's 100% kosher.

They get away with it because their victims are people who typically will be on the breadline, on the lowest levels of education and financial knowledge, and won't know any better.

I'd invite them in and spend a very uncomfortable (for them) hour or so trying to convert them to some obscure religious cult

lol, funny you should say that, I'm reading a book where the lady cab driver puts off all chit-chat asking: "can I ask you if you've found place for our lord Jesus-Christ in your heart yet?"

All,

 

Now I'm not sure if this is the right place to post this, or indeed I've

mention all this before...but

 

Provident are (and have been) buying up old debts, sometimes statute barred ones, and then getting the alleged debtor to take out a Provident loan to repay said old debt. Remembering these old debts aren't necessarily loans taken out with Provident themselves.

 

Also it's worth mentioning the ridiculous interest rates Provident charge. I find it hard to believe they are getting away with this but it is happening and happening a lot.

 

If a Provident rep comes calling, telling you they (Provident) have bought an old debt of yours and they are willing to accept a small amount each week for payment, they will set you up with a new Provident loan and charge you an interest rate that will make your eyes water...

So they'll buy a debt of like £200 @ let's say 10p in the £ so it's = £20

They'll give yo a loan of £200 plus their lovely interest makes it a £400 loan for their outlay of £20??

Like we know statute barred debts are just that - shouldn't be collected!!

Nice work if you can get it? How low can a company stoop? No wonder their profits rise ???

I'd invite them in and spend a very uncomfortable (for them) hour or so trying to convert them to some obscure religious cult

They need converting to something pulling tricks like this - they need reporting for antics like this!!

Let the authorities deal with them - the fines are huge - high time companies were stopped for antics like this.

Smells;)

lol, funny you should say that, I'm reading a book where the lady cab driver puts off all chit-chat asking: "can I ask you if you've found place for our lord Jesus-Christ in your heart yet?"

Bookie - my mum used to try to convert the Jehovah's Witnesses to Catholicism. They stopped calling round

I was talking to a friend last night, putting the world to rights as normal, and she told me that she has taken out a loan @ 280% because she has to get some things sorted.

I wish I was in the position to help her but her divorce fiasco lingers on, ex is a twonk of the first order .

lol, funny you should say that, I'm reading a book where the lady cab driver puts off all chit-chat asking: "can I ask you if you've found place for our lord Jesus-Christ in your heart yet?"

Can you imagine asking their collectors that LOL

I know we all need to earn a living BUT......

While on this subject, anyone can shed light on my question?

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/267937-provident-default-notices.html