Provident Loan need help with

[walshy76]

Hi, I have had a provident loan for over a year now paying £60 per week, never missed a payment, 2 weeks ago I topped this loan up & agreed to repay £135 per week. I accepted as I knew I could afford the extra top up. Due to a sudden change in circumstances this weekend I no longer will be able to repay my weekly loan & dont know when the situation will improve. My agent comes out tomorrow morning & I am now really scared, I took the loan out in good faith honestly not knowing what was around the corner.

 

I am worried as only a few months ago the agent was telling me about her manager having to go around to someones house to try & get payment out of them & the situation is all messy.

 

Am i better not to answer the door but write, call & explain or get CAB to help? I dont know what is best to do & I have got so depressed this weekend I kniw I am not thinking straight for all the worries we now have not just this loan but the mortgage & priority debts we have to pay.

 

Any advice or suggestions will help

[cerberusalert]

Pay the mortgage and other priority debts first. When the agent comes just make a token payment of what you can comfortably afford even if that's only a couple of pounds. They may not like it but they'll have to accept, besides it shows that you are not trying to evade the debt. Tell him/her that is all you will be able to afford until you can sort things out.

 

They expect this and it's not at all unusual that is why they apply such extortionate interest on top of the loan.

[walshy76]

Having not experienced this with Provident before can they send the heavies around? Heard of loan shark heavies threatening people?

 

I can after paying priority bills only afford a maximum of £5 per week until situation improves is this enough on a £135 per week debt?

[cerberusalert]

Having not experienced this with Provident before can they send the heavies around?

No, not unless they want to lose their licence. The most they can do is send threatening letters for now, although long term they could apply for a CCJ but this is a long long way of just now. Even if they applied for one a judge would only order you to pay what he determined you could reasonably pay... this could be as little as £1 per month.

[Jamesx81x]

Hi

 

Wouldnt worry too much seems to be scaring you a bit.

 

When your agent was telling you about the manager she would have been referring to someone who hadnt paid for weeks with no good reason.

 

Give them a ring explain your situation and you will find they come to an agreement with you. Dont ignore them as it will just make your situation worse and they will think you are not paying on purpose.

 

As for the heavies they are a regulated company not loan sharks

[walshy76]

Many Thanks for your replies - sorry I didnt say so before I am so stressed & het up I am not thinking straight. Again thanks, I can go to bed a little less worried about tomorrow now.

[what_todo]

I topped this loan up & agreed to repay £135 per week.

 

how much did you take out as on the site is max payback £60 a week.

[walshy76]

how much did you take out as on the site is max payback £60 a week.

 

Including the interest we now owe £10,040 this is more than they usually lend they said but we had always been excellant customers. over 81 weeks

[Jamesx81x]

I wasnt aware Provident did loans that big??

 

Thought they were up to £500?

[walshy76]

For exisiting customers they go higher, unfortunately!

[walshy76]

I spoke to agent, they have said I can make reduced payments for a short time but if I can't get back up to correct rate their policy is too go to court for a ccj / charging order on the house.

[cerberusalert]

That's normal for them to say that. From now on whatever they send you paperwise make sure you keep it along with the envelopes. For the time being you can send a CCA request http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter send it recorded delivery enclosing a £1 postal order + post it recorded delivery.

 

Don't worry about the threat of a CCJ or CO, this can be dealt with as and when, but suffice to say even if they did manage to obtain a CCJ a judge would only order you to pay what he thought you could reasonably afford which could be as little as a £1 per month. Provident rarely take people to court if you can come to some arrangement, it doesn't look to good for them when a judge sees what extorionate charges they make.

 

As for the charging order, they would be unlikely to obtain that either unless you never kept to any CCJ payments.