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.
Loans
- Thread starter Mick
- Start date
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.
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.
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.
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.
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.
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.
Things is where the difference is why these 'sharks' come into it tho is that a loan is given with out the save bit, some people cant do that initially then once a loan is needed/taken then the money is found at a rob peter to pay paul balance per week - seriously!
You need a washer say cost £159, you have no washer atm & washing in the bath [yes done that a fair few times] you cant really save for 13weeks [3 mnths] then to get the loan, but with the sharks that knock on the door [usually at these timed moments too] who are they going to go with realistically ???? get now not later sort of thing! Even harder to break the mould once u have a regular credit shark - all intentions of not renewing a loan once paid up [bloody something else goes/needs replacing] & hey presto the sales are soon quick to make an offer so tempting - even more on a need basis - thats where they have u by the short & curlies!!
Dont get me wrong Jen the credit union is a good idea, wish that was plugged more as many dont know it exists, but will take up that once i can get my payments down on this lot, one loan finished & yeh i didnt renew & praying nowt i need comes up but mind u have funded myself a bit easier this time.
You need a washer say cost £159, you have no washer atm & washing in the bath [yes done that a fair few times] you cant really save for 13weeks [3 mnths] then to get the loan, but with the sharks that knock on the door [usually at these timed moments too] who are they going to go with realistically ???? get now not later sort of thing! Even harder to break the mould once u have a regular credit shark - all intentions of not renewing a loan once paid up [bloody something else goes/needs replacing] & hey presto the sales are soon quick to make an offer so tempting - even more on a need basis - thats where they have u by the short & curlies!!
Dont get me wrong Jen the credit union is a good idea, wish that was plugged more as many dont know it exists, but will take up that once i can get my payments down on this lot, one loan finished & yeh i didnt renew & praying nowt i need comes up but mind u have funded myself a bit easier this time.
I've borrowed this of lancashire county council website:
News : Expansion for credit union
Monday, 7th August 2006
(PR06/0296)
SAVERS and borrowers now have a third Hyndburn venue for their financial transactions.
Credit Union members in the area could formerly save and borrow only at collection points in Clayton le Moors (Willow Close Community Centre; 6.00 - 7.00pm each Friday and the Neighbourhood Management Office in Arthur Street; 10.00-11.00am each Saturday).
A new collection point has now been opened at the Citizens’ Advice Bureau at the New Era Centre on Paradise Street, Accrington. It will operate each Friday from 11.00am to 1.00pm.
Membership of the HHH Credit Union which is based in Haslingden and draws membership from people who either live or work in Hyndburn or Haslingden. It gives access to low-interest loans and the chance to start a regular saving habit.
Lancashire County Developments Ltd, Lancashire County Council’s economic development company, works closely with credit unions across the county as a means of helping people to financial independence.
County Councillor Wendy Dwyer, herself a member of the credit union, said: “Some credit union members are people who are unable to get ordinary bank accounts while others are just those who want to save money and budget their spending in a planned way.
“They can only start borrowing money once they have opened their account, show they have the ability to repay and want to save regularly. There are no hidden charges and the loan interest is based on 1% of the reducing balance at the end of each month. I firmly believe the work of credit unions is keeping people out of the clutch of the door-step lenders.”
The new collection point has facilities for processing deposits, withdrawals and low-cost loans. Payments may be made in cash, cheque, benefit transfers or standing orders.
Bill Greenwood, HHHCU director, added: “The amount that members save does not matter – it is the regularity of saving that counts. From the surplus income generated each year the member receives a dividend which is based on their average savings. Between the existing collection points in Haslingden and Clayton le Moors we have 650 members with a current total shareholding of £172,000. HHH Credit Union is a not-for-profit community cooperative owned and managed by its members.”
“Extending into Accrington will mean more people than ever will now be able to access low-cost loans and an opportunity to help themselves.”
If you would like more information, call in at one of the collection points or ring 01706 215082 for an information pack.
News : Expansion for credit union
Monday, 7th August 2006
(PR06/0296)
SAVERS and borrowers now have a third Hyndburn venue for their financial transactions.
Credit Union members in the area could formerly save and borrow only at collection points in Clayton le Moors (Willow Close Community Centre; 6.00 - 7.00pm each Friday and the Neighbourhood Management Office in Arthur Street; 10.00-11.00am each Saturday).
A new collection point has now been opened at the Citizens’ Advice Bureau at the New Era Centre on Paradise Street, Accrington. It will operate each Friday from 11.00am to 1.00pm.
Membership of the HHH Credit Union which is based in Haslingden and draws membership from people who either live or work in Hyndburn or Haslingden. It gives access to low-interest loans and the chance to start a regular saving habit.
Lancashire County Developments Ltd, Lancashire County Council’s economic development company, works closely with credit unions across the county as a means of helping people to financial independence.
County Councillor Wendy Dwyer, herself a member of the credit union, said: “Some credit union members are people who are unable to get ordinary bank accounts while others are just those who want to save money and budget their spending in a planned way.
“They can only start borrowing money once they have opened their account, show they have the ability to repay and want to save regularly. There are no hidden charges and the loan interest is based on 1% of the reducing balance at the end of each month. I firmly believe the work of credit unions is keeping people out of the clutch of the door-step lenders.”
The new collection point has facilities for processing deposits, withdrawals and low-cost loans. Payments may be made in cash, cheque, benefit transfers or standing orders.
Bill Greenwood, HHHCU director, added: “The amount that members save does not matter – it is the regularity of saving that counts. From the surplus income generated each year the member receives a dividend which is based on their average savings. Between the existing collection points in Haslingden and Clayton le Moors we have 650 members with a current total shareholding of £172,000. HHH Credit Union is a not-for-profit community cooperative owned and managed by its members.”
“Extending into Accrington will mean more people than ever will now be able to access low-cost loans and an opportunity to help themselves.”
If you would like more information, call in at one of the collection points or ring 01706 215082 for an information pack.
My agent has always been brilliant with me. I have my book and I do keep an eye in the amounts. There has been a couple of times that I wanted to pay a bit extra, thats been no problem, i've got a fixed amount that I have to pay back, and shes always just taken it off that.
Yeh thats how it goes with all of them, my agent is good almost a family friend now i've known him that long lol altho mines not provi
Thank you all for the karma.
Ive talked about credit unions before on here and i didnt know that not many people knew about them.
Sorry for witholding information from you all.
Ive talked about credit unions before on here and i didnt know that not many people knew about them.
Sorry for witholding information from you all.
I think Blackpool do have a credit union. I'll find out for you cherokee
google brought this up cherokee if this is any use, not quite blackpool but seems the closest.
http://www.google.co.uk/maps?hl=en&...6461874955146286043&ei=3hypRfyOFIiW2wL915iBCg
http://www.google.co.uk/maps?hl=en&...6461874955146286043&ei=3hypRfyOFIiW2wL915iBCg
Credit Unions are an excellent idea to compete against loan sharks. Even if you only save a small amount it's worth starting if you've never saved before. The TSB used to be there for the small saver at one time (and the Yorkshire Penny Bank) but once they started to compete with the big banks and floated on the stock market that was the end of what they originally stood for.