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Provident sold loans to fresh start vanquis

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  • #1

    Provident sold loans to fresh start vanquis

    Hi all, I'm looking for some advice if anyone can help..

    So I have had provident loans for about 10 years now (shocking I know) but it was a viscous cycle of borrowing more to pay off existing loans. Well about a year ago I just got to a point where I just couldn't pay, my collector sent the manager out who nearly knocked his way through my door, I got the fright of my life. I was home alone and didn't answer. I arranged a time and date with my collector for when the manager could visit and he never turned up (this happened 3 times) my collector stopped working and I stopped paying. I have heard nothing from provident in since this. In total I have 5 loans outstanding with them.
    I have just received a letter from Fresh Start Vanquis Bank saying they have purchased 4 of my outstanding loans totaling £2102.50 (I'm so embarrassed at how I let this get so bad) and I now need to get in touch to make arrangements to pay. So I've never received a default from provident and my credit file stayed at 6, but since being taken over by Fresh Start there is no record of these loans belonging to provident and they have gave me a green status under the name Vanquis Bank LTD.
    I can't find much online regarding these debt collectors so I'm just wondering if they are legit. If I start paying them will they leave my green status and my credit rating will improve?

    TIA
    Tags: None
  • #2
    Re: Provident sold loans to fresh start vanquis

    I'll ask [MENTION=6]Amethyst[/MENTION] and [MENTION=48934]Debt Camel[/MENTION] to take a look.
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    • #3
      Re: Provident sold loans to fresh start vanquis

      I think the sale is an internal exercise. Vanquish is part of the same group which owns Provident.
      Provident have had some troutlets and made massive losses causing their chief executivery to resign.
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      • #4
        Re: Provident sold loans to fresh start vanquis

        Any chance you could do a scan/photo of the letter ( edit out your personal details ) ? Anything from Provident as well or just Vanquis ? Wondering if this is the notice of assignment.
        Is the FCA authorisation ref on the header/footer of the letter ' 221156 ' ?

        So your credit file goes from 6 6 6 6 to green and the name has changed to Vanquis / Fresh Start ? I don't know if they will carry on with the green markers - it doesn't sound like they have defaulted you so you should be able to pick up payments if you could/wanted to. I don't understand how you had 5 loans to start with. Wouldn't it be one loan paying off the other ? Or did they let you just take out completely new loans while having the original loan still running ? Do you have any copies of the original agreements ?
        How much, if you recall, was each of the loans originally ?
        Were there actually any arrangements for you to pay if your collector didn't visit? ( sounds like a bit of coincidence the manager visit, then not having a collector anymore or any mor contact)
        Do you have any statements from Provident showing the payments?

        Sorry this is just questions at the moment, just making sure we've got the situation right. Debt Camel will probably be more help as I don't think I really understand how Provident loans worked.

        I think it's likely you will want to send CCA requests for the loans and a subject access request to Provident to find out what went on with these loans so you can work out a sensible offer of payment arrangement with Vanquis Fresh Start.
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps
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        • #5
          Re: Provident sold loans to fresh start vanquis

          Hello Confused 12,

          I don't want to raise your hopes but it is my understanding that if the Provident offered you another loan to pay off an earlier loan you had taken out with them, then that is illegal. You might want to check it out with Citizens Advice or a similar organisation.

          All the best, Billy The Kid.
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          • #6
            Re: Provident sold loans to fresh start vanquis

            Hi,
            Thanks for the replies. I was offered another loan as I was struggling to pay off the existing loan, the reason there were so many loans was because they give you 2 or 3 smaller loans so it is easier to refinance. so for example instead of me refinancing a £1000 loan they would give me 2 £500 loans. This was apparently better for me?

            In regards to the letter, there is a notice of assignment from Provident saying they have sold my debts on to Vanquis however there is no header/footer with the FCA authorisation ref number 221156. The footer ref is FS17_0032m.
            I have looked everywhere for the agreements but can't find them. I'm not sure how much the original loans were for, I tried looking on my credit file to find out but its just saying the original balance is what I owe now.
            There were no arrangements to pay if my collector didn't come. I wasn't even told she wouldn't return, I just happened to bump into her on a school run.
            I don't have scanner to upload the letter, I could take a photo on my phone and upload that way if you could explain how I post them to the thread? Sorry I'm not great with computers.
            • 2 likes

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            • #7
              Re: Provident sold loans to fresh start vanquis

              Originally posted by Confused12 View Post
              I could take a photo on my phone and upload that way if you could explain how I post them to the thread? Sorry I'm not great with computers.
              ypu could email the pic to me and I'll upload it for you?? kati@legalbeagles.info
              Debt is like any other trap, easy enough to get into, but hard enough to get out of.

              It doesn't matter where your journey begins, so long as you begin it...

              recte agens confido

              ~~~~~

              Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

              I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
              But please include a link to your thread so I know who you are.

              Specialist advice can be sought via our sister site JustBeagle
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              • #8
                Re: Provident sold loans to fresh start vanquis

                Hi Kati, I have emailed you. Thanks
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                • #9
                  Re: Provident sold loans to fresh start vanquis

                  Got them [MENTION=106461]Confused12[/MENTION]

                  tagging [MENTION=6]Amethyst[/MENTION] [MENTION=48934]Debt Camel[/MENTION] xx
                  Attached Files
                  Debt is like any other trap, easy enough to get into, but hard enough to get out of.

                  It doesn't matter where your journey begins, so long as you begin it...

                  recte agens confido

                  ~~~~~

                  Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

                  I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
                  But please include a link to your thread so I know who you are.

                  Specialist advice can be sought via our sister site JustBeagle
                  • 2 likes

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                  • #10
                    Re: Provident sold loans to fresh start vanquis

                    just an internal paper transfer same company same style, pretending to extend to outsource.
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                    • #11
                      Re: Provident sold loans to fresh start vanquis

                      Originally posted by Billy The KId View Post
                      I don't want to raise your hopes but it is my understanding that if the Provident offered you another loan to pay off an earlier loan you had taken out with them, then that is illegal. You might want to check it out with Citizens Advice or a similar organisation.
                      It certainly isn't illegal!

                      But borrowing for that long - and ending up owing so much - suggests some of the later loans have probably been "unaffordable". You can ask for a refund of the interest you have paid ... full details here https://debtcamel.co.uk/refund-doorstep-loans/. At the bottom of that article you will see people commenting about how these complaints have been going - quite a few people have been getting a refund for later loans.

                      You should complain to Provident and inform VFS that you have sent a complaint about irresponsible lending to Provident and ask them to hold off on any enforcement action until the complaint is resolved.
                      • 4 likes

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                      • #12
                        Re: Provident sold loans to fresh start vanquis

                        Thanks for your reply Debt Camel.

                        I will take a look at this now.

                        Comment

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