Provident loan help!!

[lizfiz]

Hi

 

I have a problem with a loan from Provident. I had 2 original loans with them for approximately £400 each which i struggled to pay and kept falling behind. The area manager then turned up on my door and suggested she had the solution to my problem, to put both agreements together on a new loan so that i could pay a lesser amount over a longer period of time, as i was desperate for a solution i agreed and signed on the dotted line. I have now since been struggling to pay this each week and have again fallen behind. I have been looking at the new agreement to see if there is any way of trying to find a way out of it. I had read somewhere on here (but i cant find it now) that the procedure is that someone from Provident would have to have discussed the new proposal 24 hours before getting me to sign for it, which they didnt. Also on the agreement (CCA) there is nothing wrote on the boxes 'Total charge for credit' or 'Rate of interest'. Just wondered if there is anything i can do about this? Any help or suggestion would be most welcome as i am stressed out about this and afraid to answer my phone as they keep ringing and the area manager has been round again although i was at work.

 

Liz

[alfwithhair]

If you could scan the agreement and post it on here (minus your identifying details and we can see if it has been correctly executed.

 

As for the arrears, all you can do is offer what you can afford, if they don't like it too bad, if they take you to court they will still only get what you can afford. Don't let them bully you in to paying amounts you haven't got.

[sam614]

found you:p

 

added your 2 account outstanding balances together.so you pay less each week because they have extended the repayment time.like from 50 to 80 or some equal crap.

 

they have also added their interest on the one large amount.again.at £60 for every £100 outstanding.

 

usual for provi is £160 payback on £100 at £3 per week for 50 wks.

 

both of your 2 original loans of £400(actuall £640)

started at £1280 and £24 a week.

 

let me know what the 2 outstanding balances were,for every £100 owed they have put another £60 on.they have helped their selves not you,you owe more than before:mad:

reduced payments should have been excepted untill your balance was clear.

 

am presuming that each seperate balance was BELOW £200

 

PM me again if you dont feel comfortable doing it on this thread.

 

SAM

[lizfiz]

HI sorry its taken a while to get back to you but like i said im new to this and had to wait for my son to help!I have scanned both forms the CCA looks like there is nothing wrote on it but my signature/date etc was very clear. Anyway have a look at it for me and let me know what you think, i really appreciate your help.

Many Thanks

Liz

 

P.S I hope this works

http://i30.tinypic.com/qx6gk4.jpg

[sam614]

link not working

SAM

[cerberusalert]

[cerberusalert]

The key information looks wrong

Edited August 6, 2009 by cerberusalert
crap maths ;)

[longroad]

What looks wrong about it. This isnt a normal Provident Credit agreement for a loan. Its what they call a Solve issue which is where they consolidate loans or generate a new agreement to cover the balance you owe on one loan. This isnt anything that will benefit you other than you will only be paying the reduced payment and they wont hassle you for more so long as you are paying. As a customer not paying the full amount you are costing them money with being 'bad' debt'. They get charged for this and it screws their figures up so this is their way or fiddling the figures to make it look like they have made a sale and they will now have reissued you from a bad customer to a good customer.

[lizfiz]

Hi,

can you see the link?

Does the agreement look ok even though there is no 'total charge for credit' or 'Rate of interest'?

Liz

[longroad]

There are charges for credit andinterest pre printed because a Solve issue carries no interest. There are zeros in the boxes. Provident agreements are now watertight. They were all recalled from agents a year or so ago as they were wrong. Something to do with examples of paying the loan off early but I cant remember exactly. They are very careful now.

[lozzzy]

they are very very careful with teh agreements and even a spelling mistake mean they will throw out the agreements. Even if you are on a "solve" agreement, as long as you keep paying something (even if its not close to the full amount) they wont set the dog on you.

[lizfiz]

Hi,

sorry not been on for a while ive been on a long stretch of nights.

 

Just wondering if then, from what 'longroad' has said, that the agreement is in order? Only i dont want to get into an agreement with them at the moment if it is wrong with them not putting the interest on the paperwork.

 

Also i have still for in my head what i read somewhere on here, about that they are supposed to discuss the agreement with you 24 hours before they get you to sign, which did not happen in my case. Like i said, the area manager turned up on my door some months ago when i was struggling to pay suggested putting the 2 loans together to make one. I just signed this is i was about to go to work and was in a hurry.

 

Any help or advice would be greatfully appreciated.

 

Liz

[lizfiz]

Still not resolved anything and desperate for help!!

 

I have found the 2 original loan schedules which state interestat 183.2%!!

 

I was on a night shift last night and just switched on my mobile and i have had 3 voice messages left from 2 different people from Provident and 1 text message.

 

Very stressed out and need some advice what to do next.

[lizfiz]

Oh, forgot to mention, they hae also been round today and put a card through asking me to call them.

 

Please help!

[sam614]

what were the balances outstanding on the two that the manager merged.into the new one.

 

have you been charged again on this total OR just the basic amount owed,and a extention of terms.

 

SAM

[lizfiz]

Hi Sam,

 

There were 2 amounts - 1 was 'credit amount' £800 'total payable' £1344 The other one was 'credit amount' £60 'total payable' £1008

 

The one the manager merged says 'amount of credit' £1892.02 'Total amount payable' £1892.02

 

Thanks for any help

[lizfiz]

Sorry the second amound should have said £600 ot £60

[sam614]

were the 2 loans of £400

payback £640 each

£12 each per wk

total £24 week.

 

the manager merged the 2 outstanding balances so they say to help you out and extended the terms.

 

into one new loan with total of £2352( 1134+1008)

 

the amount you owe now is £1892

 

please say yes:D

 

 

 

 

 

 

[lizfiz]

Yes Sam, thats right £1892.02 less what i have already paid which brings the balance outstanding down to £1676.00.

[sam614]

Yes Sam, thats right £1892.02 less what i have already paid which brings the balance outstanding down to £1676.00.

:mad::mad:

 

this"less what i already payed"£216.

was this £216 total payed from the original 2..when you payed missed fell behind on the original 2 before they merged.

£1892 and then they took off £216 to bring it to £1676

 

you have not payed since.

 

and balance as today is £1676.

 

do not call them just yet.

can you pm me when you are back on.

SAM

[lizfiz]

The 2 loans that they put together come to £1892 and they did that in December 08. The payments i have made since then has brought the balance down to £1676 and i have made no payments since beginning of June.

 

I will pm you when i see you on

 

Liz

[discod]

Ok getting fed up to the back teeth of Provident and need to offer them lower weekly payments as there is only one person earning at the moment and we have 3 children who are of course our top priority.

Thing is the agent will turn up moaning if I offer lower payments as she has done in the past and then the damn area manager will turn up for a moan also.

Is there anybody here who could offer me a template letter telling them I have to reduce my weekly payments and will not and do not appreciate agents turning up on my doorstep,I will send the letter to head office who can then deal with area manager/agent themselves.I currently pay them 40 quid a week which is 20 quid lower than I should but now can only offer them 20 a week and even that is a struggle. :mad:

Would appreciate any help xxx

 

Also my repayments are for three loans and my partners is for one,anyway i can suggest they put all mine together would that work?

[sam614]

Ok getting fed up to the back teeth of Provident and need to offer them lower weekly payments as there is only one person earning at the moment and we have 3 children who are of course our top priority.

Thing is the agent will turn up moaning if I offer lower payments as she has done in the past and then the damn area manager will turn up for a moan also.

Is there anybody here who could offer me a template letter telling them I have to reduce my weekly payments and will not and do not appreciate agents turning up on my doorstep,I will send the letter to head office who can then deal with area manager/agent themselves.I currently pay them 40 quid a week which is 20 quid lower than I should but now can only offer them 20 a week and even that is a struggle. :mad:

Would appreciate any help xxx as long as you pay £1 on each per week.they will not and can not do anything.you tell them what you can pay.

 

Also my repayments are for three loans and my partners is for one,anyway i can suggest they put all mine together would that work?

 

NO.NO. NO.and do not do it if they suggest or you will end up owing more.they merge and then charge another £60 for every £100 owed:shock:

 

have you another way of paying if the agent no longer calls?and deal direct.

 

 

or would you still be happy for them to call,once reduced payment was sorted.

 

SAM

[discod]

I drop my money off at her house every Monday and last time I was finding it hard I dropped her a letter which resulted in her boss turning up on the doorstep

[sam614]

The 2 loans that they put together come to £1892 and they did that in December 08. The payments i have made since then has brought the balance down to £1676 and i have made no payments since beginning of June.

 

I will pm you when i see you on

 

Liz

 

hi hun answered your pm

SAM