Provident Loans

[john m]

The largest money lender in the State is to write off the debts of all of its borrowers in an unprecedented move.

Provident is shutting down here and has decided that all those who owe it money will have their debts wiped.

It is thought to be the first time there has been a wholesale writing-off of the debts of all its consumers by a financial institution in this market.

The lender will also ensure the balance has been cleared on the credit record of its customers.


IF YOU HAVE A STANDING ORDER TO REPAY THEM CANCEL IT >

[mercenary for hire]

Never heard of them.Must be bogey.

Found them on Google they seem to be only for the financially illiterate as their rates are criminal.

"Our moneylending agreements range from having an APR of 157.3% with a cost of credit of €56 per €100 borrowed, to an APR of 187.2% with a cost of credit of €30 per €100 borrowed"

If yer taking money off these you probably have brain damage so you'd be fukked anyway.Anywhooo.

[Shallowhal]

Lending money to people who can't afford to repay the debt......what could go wrong.

[Bob Shillin]

They're in Ireland for aslong as I can remember.

[john m]

Seems they made a Fuck up .Under Irish Law moneylenders without a banking licence cannot issue top up loans until the original loan is paid off .Somebody knew this and took them to Court and got a Judgement .Its not out of the kindness of their hearts its more to do with they have no legal standing .



https://www.providentfinancial.com/media/news/scheme-arrangement-update/

[Shallowhal]

I know a guy(electrician) who took a job with them during the recession...a bit of a shark when he was a sparks so the job suited him down to the ground!!

[mercenary for hire]

I'd say it's difficult for them to intimidate anyone at the doorstep with the Covid restrictions in place.