Brendan Burgess
Founder
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That's easy. They wanted to tell him that his girlfriend had a loan with them.
Brendan
Provident told a friend that her partner had missed a repayment on his loan
- Thread starter Worriedman
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That's easy. They wanted to tell him that his girlfriend had a loan with them.
Brendan
Presumably the Provident Agent will have a recording - which can be applied for under GDPR (I think) - of the phone call.
Once that recording has been obtained, worriedman's "pal" can sit back and start dreaming about the massive compensation to which he is "entitled".
Looking like they will be sacked anyway as provident are not lending any further in IrelandGood question - after all, who really cares if someone gets sacked so long as they can make a killing.
I see they are writing off all of their debts and stopped collecting payments from the 28 of June 2021,
Any remaining balance you have will be updated to show balance as cleared,
They will update your credit record to show it as paid off,
I saw that! Isn’t that lucky for the debtors. Usually when a lender closes operations they would “write down” the debt leading to the debtors thinking they’re in the clear only to discover later on that the debt, whilst written down, has been sold at at discount to the likes of Cabot who will then chase the debt.
I think so many of the residuals were in the low hundreds of euro, that chasing them up was going to cost more that the value of the loan.
Seems a lot of the collection agents have moved on to other jobs as their earnings were probably based on writing loans - and the clever wans who took the loans decided, "no knock, no pay".
At the end of the day, they provided loans to people who had difficulties and they charged handsomely for the loans. So a nice surprise to those who have balances and sometimes its just nice to have a little luck on your side if things are difficult in general.
Indeed. And a bonus for the debtors to have a clear record to boot. Provident could have left and left the default records as they were, thereby leading to the debtors retaining their bad credit rating status. (But as against that, I suppose if they didn’t decide to clear the records, they would have had to retain a debt servicing division to record repayments and amend the credit register accordingly). Yip. They’ve probably made their money and have just decided to clear the decks. Less hassle.
NoRegretsCoyote
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I suspect it was a very carefully-weighed business decision.
They obviously couldn't find a buyer for the loan book at any price to make it worth it.
Another sign of how difficult it is to make borrowers pay up in Ireland.
I think the collection model would have put off any prospective collector. Their system was door to door collection. Many of their customers would not have bank accounts or would keep putting off payments until the next visit of a collector and most would not be too concerned about credit ratings - that the prime reason they went with provident.
They had outstanding loans of €21m in Ireland at end of Dec, so total write off was probably €12m-€15m