Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

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ByScrooge
#163177 Provident offer loans at an APR of 177%. EG; Borrow £3000 over 12 months, you pay back £4950 ! :twisted:

Interest of £1950 in 12 months !! :twisted:

Surely the Government should ban such blatant extortion ??? :shock:
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ByTalbotWoods
#163179 Though I agree with you, they did look at this two years ago.

At the time they changed the law UK wide, to make it illegal to charge extortionate rates, if the rate were hidden.

They decided to allow those that made it very clear upfront what the rate were to remain, and as these rates are clear and upfront, then it is up to the consumer to choose them or not.

But more worrying to me is the fact the rate has recently risen from 149% to 177%!!!!

And yes I know these loans are aimed at the highest risk market, and provident loose hell of a lot each year in bad debts. Though I have no sympathy for such high rates, I can understand it with their losses, which are also astronomically high!!

Tim
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