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Oh my god i,d completeley forgotten the provvy man existed. i had a knock on my door today from a man selling small loans for stupid amounts of interest, for ages he rattled on about buying that special xmas pressie etc, a loan for an unforgettable night out and so on. to be honest i nearly wet mysen laughing at his shoyte chat lines but i didnt know these outfits were allowed to go door to door anymore … are they ? never mind are people still so hrd up that they use these bandits ? i must live a sheltered life nowadays. :roll:
There interest rates are extortionate, but they lend to high risk borrowers and very rarely run credit checks. The loans are given in cash too.
My friends husbands is a provvy bloke… earns an absolute fortune on other peoples misery :lol: Sorry but I think that if you are stupid enough to use one then you deserve everything you get.
I disagree Sian,..ok the sellers/reps etc have to make a living ,,but i detest the way they target the poorer families.especially at this time o year with xmas approaching and panic setting in.
some folks cant manage to fill in a form and NO i dont mean the so called ” underclasses” so someone at their door offering them a so-called easy option seems like manna from heaven.They cant mentally work out the interest of such charlatans.!Child poverty action groups etc are Full of folks who get in a rut..as are old folks assuming that ” nice” young salesperson would NOT rip them off..
im NOT blaming the reps/leads im blaming the debt thats accrued with a so called easy option..its a never-ending cycle of debt for the poor.
Maybe they should simply pop down to see their local Bank manager and organise themselves an unsecured loan at a reasonable commercial rate.
Oh sorry I forgot …. those loans are only given to people who can repay and intend to repay.
All the others who borrow without the ability or intention to repay must use the doorstep salesman at much higher interest rates.
Funny you saying that but there payback rates are pretty good, despite the high interest.
The people who tend to borrow from them are not in nearly as much debt as others who use banks.
And even when taken to court they are the ones who settle there judgements, as it is more likely to be the only debt they have.
Look at the higher borrowers and irresponsible lending banks before you frown on the doorstep borrowers and start accusing them of hiking up interest rates or anything else :wink:
Most provvy borrowers borrow for xmas, pay that off and then get another one out for other purchases. You cant borrow more than £1000 (I think) without wage and credit checks.
Banks could probably take a leaf out of their books, they might get a more honest opinion of who they are lending to then, rather than relying on a computer generated yes or no.
@sharongooner wrote:
Funny you saying that but there payback rates are pretty good, despite the high interest.
The people who tend to borrow from them are not in nearly as much debt as others who use banks.
And even when taken to court they are the ones who settle there judgements, as it is more likely to be the only debt they have.
Look at the higher borrowers and irresponsible lending banks before you frown on the doorstep borrowers and start accusing them of hiking up interest rates or anything else :wink:
Most provvy borrowers borrow for xmas, pay that off and then get another one out for other purchases. You cant borrow more than £1000 (I think) without wage and credit checks.
Banks could probably take a leaf out of their books, they might get a more honest opinion of who they are lending to then, rather than relying on a computer generated yes or no.
I spoke to my friends husband Geoff about this… I used to be quite repulsed by his job, I came to the conclusion that not having these agents around may make “poor” people go elsewhere for the money. I would never take a loan off these people and thankfully never needed too.
nah its NOT …and no way a life that ..extended !
I work myself, not very hard, admittedly, my partner is well paid enough to work for all of us, it hasn’t been that way forever, I used to claim on the social after my marriage went tits up.. no matter how hard things were at the time there was not a chance on this earth I was going to make those people richER :twisted:
I’ve never had to use their services, but I dont think you can knock people who do. Unless you’ve been in a situation where thats the only place you can get money, you cant say you would never borrow from them. Extortionate rates or not, a lot of people who use these type of companies have ccj’s and defaults as long as your arm, they cant get credit elsewhere.
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