You are here: Home - Credit Cards & Loans -

Provident sets deadline for mis-selling claims

Written by: Emma Lunn
Borrowers with Provident, Satsuma, Glo and Greenwood can claim for mis-selling up until 28 February 2022.

Provident sold ‘doorstep’ loans where the cash was delivered to customers’ homes and payments also collected in cash. Loans had a typical APR of 535.3%. Satsuma sold short-term loans with the same typical APR.

But Provident faced a wave of mis-selling complaints by customers, partly driven by claims management companies. The deluge of compensation claims prompted it to stop lending in May last year. 

A legal process called a scheme of arrangement is currently in place for the purpose of assessing and paying compensation claims for unaffordable lending against PPC (which traded under the brand names Provident, Glo and Satsuma) and Greenwood Personal Credit Limited (“Greenwood”). 

If you received a loan from PPC or Greenwood, or guaranteed a loan from Glo, between 6 April 2007 and 17 December 2020, you can visit the scheme website where you will be able to view more information about the scheme and next steps if you think you may have a claim.  

Mis-selling claims include customers being sold unaffordable loans. Some borrowers couldn’t keep up with repayments while others borrowed money to pay them – and got into more debt.

Borrowers are advised to make claims directly to Provident. Making a claim via a third party, such as a claims management company, could potentially incur additional costs and result in you not receiving the full amount due.

Provident has now set a deadline of 28 February 2022 for claims under the scheme. 

Provident announced in December that it was closing its doors for good with borrowers’ debts written off from 31 December 2021.

Provident hasn’t disclosed the average balance that was wiped or the exact number of people who had their loans written off, but the move meant thousands of borrowers had their debts written off before the end of last year.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week