rambler Posted April 24, 2012 Share Posted April 24, 2012 has anyone got any feedback re the company,,, is it ok to deal wth Link to comment Share on other sites More sharing options...
sue765 Posted April 24, 2012 Share Posted April 24, 2012 they are ok to deal with but the interest rate is high, if you don`t need to get a loan from a doorstep lender then i would say don`t Link to comment Share on other sites More sharing options...
muckymurphy Posted April 24, 2012 Share Posted April 24, 2012 has anyone got any feedback re the company,,, is it ok to deal wth i knew someone who had about seven seperate loan arrangements running with them. only trouble was some of them were for 3, 4, and 500 quid and the interest on each was almost as much as the loan. the interest on 500 quid was around 400 so they were paying back almost double. other than that they are a doorstep loan company and will be at your door every week for their money. another thing to note is that if you die, they will pursue your other half for the money even if they are not on the loan agreement. this was a recent change in company policy. Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted April 24, 2012 Share Posted April 24, 2012 Go to Sheffield Credit Union if you need a loan. Ask them first. http://sheffieldcreditunion.com/ another thing to note is that if you die, they will pursue your other half for the money even if they are not on the loan agreement. They can't. It's illegal. Link to comment Share on other sites More sharing options...
sue765 Posted April 24, 2012 Share Posted April 24, 2012 i knew someone who had about seven seperate loan arrangements running with them. only trouble was some of them were for 3, 4, and 500 quid and the interest on each was almost as much as the loan. the interest on 500 quid was around 400 so they were paying back almost double. other than that they are a doorstep loan company and will be at your door every week for their money. another thing to note is that if you die, they will pursue your other half for the money even if they are not on the loan agreement. this was a recent change in company policy. if the company are given a copy of the death certificate then the loan dies with the borrower and the other half cannot be pursued Link to comment Share on other sites More sharing options...
PeteMorris Posted April 24, 2012 Share Posted April 24, 2012 I dealt with them many years ago, and found them back then to be ok. The problem as someone else said, that interest is quite high, but usually they're quite up front about it, and tell you exactly how much you are loaning and how much you will be paying back and over what period. So it's not like you are not aware of how much it will cost you. The other problem is that they will 'try' to keep you as a customer. I mean towards the end of the loan they will try to get you to have another, even to the extent of paying off some of the existing loan with the new loan, especially if you're struggling with the existing loan. The ruse is: They say they're helping you out in paying off the existing loan and extending the time period of the next loan, so it's not so much of a struggle (hence less to pay each week). That's how they keep you locked in. So it's ok, providing you are aware of these pitfalls. Link to comment Share on other sites More sharing options...
muckymurphy Posted April 24, 2012 Share Posted April 24, 2012 I dealt with them many years ago, and found them back then to be ok. The problem as someone else said, that interest is quite high, but usually they're quite up front about it, and tell you exactly how much you are loaning and how much you will be paying back and over what period. So it's not like you are not aware of how much it will cost you. The other problem is that they will 'try' to keep you as a customer. I mean towards the end of the loan they will try to get you to have another, even to the extent of paying off some of the existing loan with the new loan, especially if you're struggling with the existing loan. The ruse is: They say they're helping you out in paying off the existing loan and extending the time period of the next loan, so it's not so much of a struggle (hence less to pay each week). That's how they keep you locked in. So it's ok, providing you are aware of these pitfalls. paying off a loan with another loan is how people get in deeper debt. paying interest on the interest. everything you have said is spot on. Link to comment Share on other sites More sharing options...
amy 20 Posted April 24, 2012 Share Posted April 24, 2012 I dealt with them many years ago, and found them back then to be ok. The problem as someone else said, that interest is quite high, but usually they're quite up front about it, and tell you exactly how much you are loaning and how much you will be paying back and over what period. So it's not like you are not aware of how much it will cost you. The other problem is that they will 'try' to keep you as a customer. I mean towards the end of the loan they will try to get you to have another, even to the extent of paying off some of the existing loan with the new loan, especially if you're struggling with the existing loan. The ruse is: They say they're helping you out in paying off the existing loan and extending the time period of the next loan, so it's not so much of a struggle (hence less to pay each week). That's how they keep you locked in. So it's ok, providing you are aware of these pitfalls. I have used provident 4 or 5 times over the years and they never botherd me like that. Ive had about 3 letters off them in 4 years. I found the agents and the staff on the phone very polite. They turn up at the time they say they will and if you pay your loan off early then you do get a bit back. Interest is high yes but so are all the others and dont think banks lend anything less than £1000. If your a first time customer then you can only get around £200 from them. Link to comment Share on other sites More sharing options...
muckymurphy Posted April 24, 2012 Share Posted April 24, 2012 if the company are given a copy of the death certificate then the loan dies with the borrower and the other half cannot be pursued at the time i dealt with provident i was sorting out a deceased person's affairs on behalf of the surviving partner. the provident rep said at the time (a year ago) that a company meeting was imminent to discuss recovering debts from surviving partners and that she was "rushing through" the death cert to head office before these changes came into effect. i would be interested to find out if the company implemented this policy? and if any bereaved person has been conned or coerced into paying off their dead partner's debt? i have seen letters from debt collection agencies where the deceased person's debt has been re-addressed in the survivor's name. Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted April 24, 2012 Share Posted April 24, 2012 i have seen letters from debt collection agencies where the deceased person's debt has been re-addressed in the survivor's name. If the debt isn't in their name, it isn't theirs. It's that simple. Putting a new name on a letter doesn't change the original debtor. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.