**BEWARE** Provident buying unenforceable debt!

[monkeymad1]

Cornwall CAB have recently discovered that the Provident have been buying unenforceable debts to promote their loans and have issued the following statement::" I have been aware for some time from internet forums that Provident have been buying unenforceable (usually statute barred) debt and using their local collectors to offer Provi loans to pay it off. Obviously the original debt may be unenforceable but the new one won't be. Hadn't seen it locally until todayI have attached an anonymised scan of their letter for those who have never seen Provident offer a 0% loan and a 10% discount before! (And we may be able to consider you for future credit.....).I am extremly concerned that a number of financially vulnerable people may get caught up in this and would welcome any comments from fellow caggers.Monkey Mad1

[sillygirl1]

Yes, they are offering 'fresh start' loans which draw people even deeper into debt. They can't darken my doorstep with this [problem].

 

Unenforceable should mean Uncollectable by any means - fair or foul.

 

The whole debt industry belongs to another century and needs to bring itself into the current century, Victorian and other era collection methods have been banned by law.

[padja]

I thought this sort of thing would happen when the recession and job cuts started to bite, and that many companies would buy up these debts as a way of making a quick buck, lets hope that with CAG forums and others that people are now starting to learn about Debt Industry (and as Mrs Rossendale said on ITV last night a big industry) that we can stop more people getting deeper in debt. How nice would it be to see any government to tackle Debt industry and bring it in line along with Bailiffs, it is up to us the public to press our politicians to do something