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Irresponsible Lending - Provident


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Hi guys, hoping you can help.

 

I've sent off my complaint to Provident about irresponsible lending, what i am wondering about is what would be refunded (if successful).

 

From what i have read up on, it would be interest + 8% of that interest.

 

So for example, one of my loans were £1600, over a period of 104 weeks with an interest rate of 181.4%.

 

Using an interest calculator online, it shows the interest on that loan would be £4,409.70 plus 8% of that which is £352.78, totalling £4,762.48.

 

I just want to make sure because that seems an awful lot, considering i had 10+ loans from them over the years and this is just one of those.

 

Apologies if the calculations are wrong, I'm terrible at maths, hopefully someone can shed some light on this.

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  • 4 weeks later...

wow and that was only one i had.

 

i can't believe what a fool i was.

 

i hadn't had any acknowledgement of my complaint so i called them today. after 46 minutes on hold to be answered they've sent a standard "we are investigating" to the wrong address.

 

they were adamant i moved from number 46 *current street* to number 48 *current street* i often wonder how people survive daily life.

 

fingers crossed they pay out

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