Loans - Page 2

Ianto.W. · 13-01-2007, 13:11

Do not misunderstand me accymel or garinda, due to ill health all my money has now gone, the only thing of value my wife and I have left is our house, and we can't spend that. We have prepayment meters for gas and electricity which costs 12% more than if you pay by direct debit, the only banking facility I now have is my 'pension' money current only a/c with a 'hole in the wall card', this has just been upgraded to a debit card for shopping purposes and the banks convenience not mine. If you are over 60 you can do a deal through age concern and pay one bill per month for both utilities, I am at present just setting this up so I do not know how much a month it will cost yet, yes life is tough at the bottom. It currently cost on average £45 per wk for gas and electricity, for two of us, My incapacity is £92 per wk, the economics of Mr Micawber.

garinda · 13-01-2007, 13:31

I don't misunderstand you at all, I agree with your point.

If you have money, things are cheaper. Loans, utilities bills, etc.

***Mr D*** · 13-01-2007, 14:11

Quote:

Originally Posted by Ianto.W.

It's not against the law not to pay them back either, you should have took the £100 and then let them whistle Dixie for their money, as mentioned Greenwoods or any of the other dear money merchants work on the theory that 30% wont pay anyway, hence the high interest rates.

It is not against the law as such, but it would still affect your future credit rating if you didnt repay the debt. and possibly a CCJ.

These loan companies know that people on benefits cannot get credit and offering them £100 cash now at only £5 per week for 30 weeks + sounds good when its a scandalous rate of interest.

I would hate to be a collector, the amount of people that 'arnt in' when you call must be high.

SPUGGIE J · 13-01-2007, 15:29

Well just to show how bad it is here is a taster from a spam mail as far as i am concerned;

http://www.providentpersonalcredit.c...aw&affid=66819

Lolly · 13-01-2007, 15:34

I have a Provident Loan, I know it is a huge APR but at the time I really needed some money. I pay it back at £6 a week, I dont even notice this anymore, and it does go down quickly because I dont think about it.

***Mr D*** · 13-01-2007, 15:41

Quote:

Originally Posted by Lolly

I have a Provident Loan, I know it is a huge APR but at the time I really needed some money. I pay it back at £6 a week, I dont even notice this anymore, and it does go down quickly because I dont think about it.

Keep a good eye on your book, make sure the maths add up and keep the green slip (IIRC) that shows the amount of agreed interest.

Provident have tried to rip both my sister £100. and my misses £65.00.

SPUGGIE J · 13-01-2007, 15:41

Thats fair enough Lolly but can you pay extra if you had it to bring it down quicker?

***Mr D*** · 13-01-2007, 15:44

Quote:

Originally Posted by SPUGGIE J

Thats fair enough Lolly but can you pay extra if you had it to bring it down quicker?

Funnly I have had this discussion with a rep, I offered to pay my sisters outstanding debt there and then in full if she could provide a settlement figure.

She said the amount on the book to which I replied that included interest upto the end of the load will it not be Pro Rata down or at least reduced.

The answer was NO. although I didnt take it further.

SPUGGIE J · 13-01-2007, 15:50

Quote:

Originally Posted by ***Mr D***

Funnly I have had this discussion with a rep, I offered to pay my sisters outstanding debt there and then in full if she could provide a settlement figure.

She said the amount on the book to which I replied that included interest upto the end of the load will it not be Pro Rata down or at least reduced.

The answer was NO. although I didnt take it further.

Thats what bugs me. Lets say for arguments sake that I joind the state handout brigade in November but had to borrow £300 to get over Crimbo and the New Year at the quoted 177%. Then I get a new Job at the start of January and wanted to pay it off in full to eas the outgoings. To me you shouldnt be punnished for trying to pay it off quicker if you have the money. Its a cheek and an insult.

shillelagh · 13-01-2007, 15:56

I've said this before about Credit Unions.

If you become a member you can get cheap loans, 1% APR a month on the falling amount. Hyndburn has now got a credit union. You can become a member of the credit union if you live or work within the boundary. The one i am a volunteer of is HHH Credit Union - Haslingden, Helmshore and now Hyndburn. To get a loan all you have to do is save regularly for 13 weeks and then you are able to get a loan. A few years ago Provident pushed a leaflet through one of our volunteers door offering £80 in vouchers and by the time you paid it back you would have paid £126. We worked it out if you borrowed £80 from the credit union you would pay back £84. Plus that would set you up in good stead for your next loan because when you pay back your loan you save at the same time.

I'll put the telephone number of the credit union on here if thats ok and you can ring them anytime Mon - Friday and they will answer any questions you have. 01706 215082.

accymel · 13-01-2007, 15:58

What do u mean save regularly for 13 weeks for Jen

SPUGGIE J · 13-01-2007, 15:59

They sound like a good idea Jen and would suit the people who are stuggling.

shillelagh · 13-01-2007, 16:04

Save for 13 weeks - say put £2 a week into your account. This is for you to build some savings and also to show you will be a regular saver. Then you can get a loan of £52. You can have up to a year to pay it back. When you pay it back you agree to save £1 a week as well. So when you've paid back your loan of £52 say over 26 weeks - then you've paid another £26 into your account and if you've paid it back regularly and on time etc. The next loan can be up to £130. because you have £52 in your account and because you've paid your other loan back regularly you can have 2 1/2 times whats in your account.

***Mr D*** · 13-01-2007, 16:05

Quote:

Originally Posted by shillelagh

I've said this before about Credit Unions.

If you become a member you can get cheap loans, 1% APR a month on the falling amount. Hyndburn has now got a credit union. You can become a member of the credit union if you live or work within the boundary. The one i am a volunteer of is HHH Credit Union - Haslingden, Helmshore and now Hyndburn. To get a loan all you have to do is save regularly for 13 weeks and then you are able to get a loan. A few years ago Provident pushed a leaflet through one of our volunteers door offering £80 in vouchers and by the time you paid it back you would have paid £126. We worked it out if you borrowed £80 from the credit union you would pay back £84. Plus that would set you up in good stead for your next loan because when you pay back your loan you save at the same time.

I'll put the telephone number of the credit union on here if thats ok and you can ring them anytime Mon - Friday and they will answer any questions you have. 01706 215082.

That is some usefull information, a lot of people probably dont know this type of thing exists (I didnt).

Any more info on this please. without having to ring.

cherokee · 13-01-2007, 16:08

Thats very useful info jen and prob more benificial to people on low incomes ....blackpool could do with something like that..