Tuesday, March 4, 2008

Sharks and Repos come out to play

Cash-strapped borrowers rush to Provident

Peter Crook, Provident Financial's chief executive, said he expected customers of the firm's consumer credit division, which specialises in home visits, to increase by about 5 per cent over the coming year, in part as a consequence of the retrenchment by high street banks. - you gotta love the guy's name.

Posted by bystander @ 03:30 PM (683 views)
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6 thoughts on “Sharks and Repos come out to play

  • japanese uncle says:

    Crook, what a name!?

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  • The former Barclaycard executive said the annual percentage rate of interest (APR) charged by the consumer division would be “well north of 100 per cent”,

    More Tears then !!! Is this ‘Responsible Lending’?

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  • Provident are legalised scum, their lax lending checks are an identity thiefs paradise.

    Their use of the word ‘financial services’ is basically disgraceful.

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  • little professor says:

    These spectacular “profits” are based on the premise that their borrowers will eventually pay back the money that Provident have lent them. Given their heavy focus on sub-sub-prime, the chances are not great that this will actually happen.

    Expect to see them go bust in 12-24 months time.

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  • yorkshireman says:

    More profits based on Mickey Mouse money.

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  • You lot seem to have missed the point. The fact they are doing well shows that bad times are ahead. I know for a fact that Provident did VERY well out of the last recession.

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