Brendan Burgess
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That's easy. They wanted to tell him that his girlfriend had a loan with them.
Brendan
How were they going to explain their friend ringing the doorbell looking for the other person?
I may have overlooked this but is there actual proof of a data breach?
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,Looking like they will be sacked anyway as provident are not lending any further in Ireland
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 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 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.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.
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.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.
I suspect it was a very carefully-weighed business decision.Yip. They’ve probably made their money and have just decided to clear the decks. Less hassle.
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.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.
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