Provident Loans

[meg&mog]

Hi Guys

 

I have not got a problem as such but i do need a bit of advice i have a couple of doorstep loans with Provident and i am going to be in a position to pay them off fully next week

 

My query is i have read a couple of threads where people have had trouble with settlement figures especially when it comes to interest charges and such what should i expect? will i get any kind of discount for paying early? what should i do if they do try and get me to pay all that owing interest as well?

 

any advice would be much appreciated i was,nt really worried at first but i emailed them twice asking for a settlement figure and got no reply there is no one at the local office and the customer service centre said i should hear in 5 working days i thought they would be glad i am clearing it

 

anyway please let me know what you think

 

Thanks

 

Meg&Mog

[sillygirl1]

MAKE SURE YOU GET IN WRITING THAT THE DEBT IS PAID (sorry for the Caps but I can't stress that point enough).

 

This lot are dreadful at paperwork and some of the agents are suspect - they will try anything to keep you on their books. Please try not to deal with them again, their interest rates are extortionate.

[meg&mog]

Hi Sillygirl

 

Thanks for that i will certainly make sure i get that done should i let them take the book? thats what they normally do they have to "take it back to the office" to get it signed off

 

Should i write a little reciept of my own and get them sign it?

 

And also does anyone have any more ideas about the interest and that?

 

Don,t worry sillygirl i will NEVER have them darken my doorstep again

Thanks

 

Meg&Mog

[sillygirl1]

Hello Meg&Mog

 

What I would do is photocopy each page of the book and ask the agent to sign the pages before they take the book away. They might not want to sign the pages but it is worth asking them to 'verify the copy' for your records.

 

By all means write a receipt of your own and get them to sign it too.

 

I don't know what they will do about the interest, it seemed to vary from agent to head office back to agent.

 

Congratulations though for being able to pay this lot off. If you think about it logically it works out as "Borrow £150 from us and pay us back £250". If they wrote it out like that instead of APR (which can be calculated in 16 different ways) it might make people stop and think.

[meg&mog]

Hi Sillygirl

 

i will certainly follow your advice and get them to sign what i can the very least they should do is sign a reciept for me because they will take the money and the book i will have no proof i even gave them anything do you think i should pay by cheque? i don,t have a cheque book but my sister does she would write one for me

 

Also thanks for the congrats My hubby and i had a car crash thankfully not a too bad one but we both did suffer injuries which we have been compensated for so this is why i can finally wave bye bye to these money grabbers

 

And you are right about the apr and that i don,t really understand it but on thier websie it says 183.2% which even to a numpty like me seems a hell of a lot

 

Thanks again

 

Meg&Mog

[Meldrew2]

Don't make the settlement arrangements with the agent - ask to talk to the "Section Manager".

 

(That was my job, years ago......)

[meg&mog]

Hi Guys

 

Had some great advice so far which i will be following i am just a little unsure still wondered if anyone could help

 

What should i do if they only knock off a tiny amount for paying early? Is it a case of i knew the interest rate when i signed up so i am stuffed? or can i deduct the interest myself and say take me court?

 

I suppose i don,t mind mind paying it all which would be about £1300 but obviously no one likes to be ripped off it might be easier if i explain it this way

 

ok loan 1 loan amount was 600.00 with charge for credit 390.00 making 990.00(55 wks @ 18.00) to pay back the balance on that is 452.50 any idea what i should expect as a settlement figure?

 

Loan 2 600.00 charge for credit 408.00 making 1008.00(56 wks @ 18.00) to pay back the balance is 862.50 again any ideas what settlement should or could be offered?

 

I,m sorry to go on but i have to ring these tomorrow and i have no idea what to say my husband wants to deduct the interest himself and tell them to go court but i don,t want to invite dca,s to my letter box any thoughts people?

 

thanks

 

Meg&Mog

[sillygirl1]

Ask them to confirm everything in writing - without that you will only maintain your weekly payments to them. They will probably offer a low rate first but try mentioning that you feel that as you are paying early you need a decent settlement figure. If they say 'We should let the court decide that" say "No problem, see you there..." They wont appoint a DCA to chase you they'll just go straight for judgement on you for NOT PAYING when you want to settle early. They will use Northampton Bulk Court for that and it is easy to challenge and have changed to a local court. The Judge won't like that method at all (hopefully).

 

Try and record the call as well (let them know you are doing it too) as then you could use that if it came to a court case.

 

Good luck and let us know what happens when you call them.

[Meldrew2]

You should expect a substantial deduction for paying early - after all the reason Provident interest rates are so high is because of the cost of sending a collector round to your house every week.

 

Unless they have changed dramatically in the last few years, they won't use court except as a very last resort - it's part of the Section Manager's job to visit customers where there are payment problems to see what can be worked out.

 

The SM won't want to escalate the case - as it proves he's failed at his job.

 

As a rule of thumb (and don't quote me) add up all the remaining payments. about 1/3 of that is interest & collection - so ask for 1/4 off, and maybe settle for 1/5 off.

[meg&mog]

Hi Sillygirl and Meldrew

 

Thanks for your replies it is really helpful to get this kind of info otherwise i would just assume they would want to help me out

 

So tomorrow i will call and ask to speak to section manager i will ask him for a settlement figure and see what he says in the meantime i will ask my hubby to work out what meldrew said (maths is not my strong point ) if he says a figure higher than what i come up with should i say "i will pay you £x and call it quits"? or could he refuse my payment if i do that?

 

Thanks so much for your help both of you

 

Meg&Mog

[shywazz]

Correct me if i come across as being wrong, but isnt the intrest added when you take the loans out, so that you know the full amount repayable, so to calulate the intrest due, go by when you took the loans out, if the loan is say £200 plus £100 intrest, total £300 at £5 per week and you repay at week 25 total repaid would be £125 paid, £75 from the loan inself and £50 from the intrest, so you would expect to pay for full settlement the remaining £125 to settle the loan, and no further intrest. so amount repayable from £300 would be £250 as no more intrest payable... estimated figure but might give you a guide....take the intrest from when you took the loan to when you are paying in full, devide by how many weeks being paying take away times how many weeks left to pay if not paying in full...it will make sense once put on paper...

[meg&mog]

Hi guys

 

Just called provident they said we had to ask our agent for a settlement figure

 

I telephoned him and he is a postie by day he is calling back at 1.30 to tell me the figure he claims they put them on the books now how much it would be to settle

 

What do you think?

 

Thanks

Meg&Mog