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One4All

SVP concerned over moneylender issuing vouchers instead of cash

Provident Personal Credit, Ireland’s largest regulated moneylender, has started issuing One4all gift vouchers to some borrowers.

THE SOCIETY OF St Vincent de Paul (SVP) is concerned that a moneylending company has now started offering people vouchers instead of cash.

Provident Personal Credit (PPC), Ireland’s largest regulated moneylender, has added One4all gift vouchers “as an alternative to cash”, however, similar high-interest rates apply.

The SVP say the vouchers limit choice to the customer as they cannot be used in all shops and have described the “selling tactic as unsavoury”.

A spokesperson for PPC told TheJournal.ie that the One4all gift vouchers are offered as “an additional choice” to the customer and that the interest on vouchers is less than cash:

The all-in cost of the vouchers for a 50-week loan period is €50 for every €100 borrowed, 143.1 per cent APR. While, the all-in cost for a cash loan over 52 weeks is €56 for every €100 borrowed, 157.3 per cent APR.

“As austerity deepens, the use of licenced moneylenders is growing,” said said John-Mark McCafferty SVP, head of social justice and policy. “The poorest pay more for these loans than those of us who can access Credit Union loans or similar. The interest rates associated with moneylenders are high and what appears as easy money up front turns into a significant financial burden in the longer term.”

“One4all gift vouchers is an arm of An Post. At a time of real financial pressure for many, we do not believe An Post should be involved in such an unsavoury arrangement with a moneylender,” McCafferty added.

The SVP have also warned about a potential money lending crisis in Ireland and called on the Central Bank to publish baseline data “to take money lending out of the shadows”.

PPC on Panorama

PPC in the UK came under criticism last year after a BBC Panorama investigation found that it had loaned thousands of pounds to a women with a mental illness.

Provident said in a statement at the time it makes every effort to ensure borrowers are capable of making informed decisions.

However, the Citizens Advice Bureau in the UK accused the firm of lacking social responsibility.

Related: St Vincent de Paul warns of ‘potential money lending crisis’>
Explainer: What are the rules that govern legal moneylenders?>

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    Mute Rebekah Corbett
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    Aug 14th 2013, 6:39 PM

    Suffering from that bug since early this morning and only now feel like I’m really not going to die. Feel very sorry for anyone already feeling poorly in hospital who gets it

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    Mute Warren Collier
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    Aug 14th 2013, 7:01 PM

    Get well soon. Nothing as worse!

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    Mute P O Leary
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    Aug 14th 2013, 7:09 PM

    I had it before once and wouldn’t wish it on anybody.
    I didnt know if I had to sit on the toilet or kneel at it.lost allmost a stone in a week. Couldnt even keep grapes down.
    Get well soon.

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    Mute Rkmr
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    Aug 14th 2013, 7:45 PM

    I got it while 7 months pregnant, not nice at all. Wonder why it’s causing such problems this time of year

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    Mute Right Wing Steve ©
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    Aug 14th 2013, 5:36 PM

    That’s just good advice for anything run by the HSE.

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    Mute Michele N. Moreira
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    Aug 14th 2013, 5:56 PM

    my friend’s mother makes $83/hour on the computer. She has been without a job for 5 months but last month her check was $21383 just working on the computer for a few hours. Read more on this web site… w­w­w.C­a­n9­9.c­o­m

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    Mute Michael Gorman
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    Aug 14th 2013, 6:09 PM

    Well Kenny might walk in???

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    Mute Cuddle Flips
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    Aug 14th 2013, 8:24 PM

    As a rule, I never complain about people red thumbing comments, but if everyone who red thumbed comments like Michele’s clicked ‘Report this comment’ instead, spam would be a lot less prevalent on The Journal comment threads.

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    Mute Fagan fagan
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    Aug 14th 2013, 5:58 PM

    What about hospital staff
    Are they somehow immune ?

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    Mute Morticia
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    Aug 14th 2013, 5:34 PM

    First it was Egypt now Mayo, thats the weekend messed up.

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    Mute Mary Kavanagh
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    Aug 14th 2013, 6:03 PM

    They’ll have to call it the all-year-round vomiting bug now.
    That said I feel sorry for people who have it and those people who can’t make hopital visits or those who can’t receive them.

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    Mute Monkey Boy
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    Aug 14th 2013, 7:47 PM

    Stay away from mayo full stop !!

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    Mute Dublinjonny
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    Aug 14th 2013, 7:03 PM

    First warned away from Egypt now Mayo …… damit holiday plans ruined

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    Mute Luca Costa
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    Aug 14th 2013, 5:19 PM

    In summer? Global warming huh?

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    Mute Niall Donnelly
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    Aug 14th 2013, 9:34 PM

    The general should be stay away from Mayo. You might catch something off Enda and end up talking through your ar$e!!! It’s called FG syndrome!!!

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    Mute richardmccarthy
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    Aug 15th 2013, 12:37 AM

    Why is it just hospitals that get the winter vomiting bug,i have never ever met anyone that caught this bug at home,and im nearly70.

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    Mute Joe Harbison
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    Aug 15th 2013, 7:11 AM

    Schools, hospitals, hostels, aircraft. Anywhere that groups of people spend time together.
    About 2 days to incubate, 2 days symptomatic, 2 days to clear the virus. Unfortunately people feel so wretched with it thy attend hospital, particularly if they vomit a little blood. The bug is spread by hand mouth and by aerosol and is horribly infectious. Hospital outbreaks make the news, but schools etc are fairly regularly closed by it.

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    Mute Barry McSweeney
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    Aug 14th 2013, 9:35 PM

    Someone should tell the HSE!

    “A Contingency Management group are now requesting that self-referral patients in the border areas of West Sligo and East Mayo – who would normally attend the Emergency Department Sligo -could consider attending Mayo General Hospital.”

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