Contents
Quick overview
Provident’s Scheme of Arrangement is now in operation.
The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident.
The FCA, Provident’s regulator, said it did not approve of the Scheme. But as Provident has stopped providing doorstep loans, the FCA did not object to the Scheme in court.
It started officially on 5 August 2021 after it was approved in court.
The deadline of claims was the end of February 2022.
Provident is now assessing the claims and has started contacting customers. See below for what you should do if your has been rejected or they have only upheld some loans apparently at random.
Which loans are covered by the Scheme?
More than 4 million people were given a loan by Provident that comes under the Scheme.
These loans were given between 6 April 2007 and 17 December 2020.
The loans came from four different brands:
- Provident – often called “doorstep loans” or “home credit”;
- Satsuma payday loans;
- Greenwood – another doorstep loan brand that hasn’t been used since 2014;
- Glo – a very small guarantor loan brand.
In this article, I talk about “Provident loans” for short – but it also applies to loans from the other brands.
Provident also owns the Vanquis and Moneybarn brands – these are NOT included in the Scheme. If you have an affordability complaint about them, you can still make a normal affordability complaint and get a full refund.
The definition of “unaffordable”
A loan is only “affordable” if you could repay it on time and still be able to pay your other debts, bills and living expenses.
You may have paid the loan on time, but it may still have been unaffordable.
If paying Provident left you so short of money you had to borrow more or you got behind with bills then it was “unaffordable”.
If you had several loans without a break between them, then Provident should have realised you were trapped in a cycle of borrowing and that these expensive loans were not affordable. Even a single loan can be unaffordable if it is large.
You can no longer make a Claim to the Scheme
The deadline to make claims was the end of February – it is now too late.
How refunds are calculated
Is your complaint upheld?
The first stage in getting a refund is for Provident to decide whether to uphold your complaint. The steps in doing this are
- Provident will decide which loans are “unaffordable”. They will use the details of your loans and other information they have in their records, plus any evidence you have sent in. The more loans you had, the more likely it is that some loans will be unaffordable.
Often Provident will decide that the later loans were unaffordable as they should not have continued to lend to you. So if you had 7 loans, a decision may be that loans 4-7 were unaffordable.
If the first loans were very large, or you had recent CCJs, all the loans may be decided to be unaffordable. - Provident will calculate the interest paid on the unaffordable loans. The interest you paid is the difference between what you borrowed and what you paid, so if you paid £420 on a £250 loan, that is £170 in interest.
- Provident will add 8% simple interest to the total interest on the unaffordable loans to give the total redress. This is 8% per year since the interest was paid. So if your loans were in 2011, you will have about 10 years of 8% interest added. If your loans were in 2019, you will only have 2 years of 8% interest added.
- You will be told which loans were unaffordable and what the total redress is. If you think more loans were unaffordable, you can appeal this.
Keep an eye on your claim
- When you have made a claim, you may not hear anything for months. You should be sent an email when they have decided your claim saying you can log in to the portal and see the result.
- But it is a good idea to check back every month or so though. They may have sent you an email that you missed as it went into spam.
- It’s important that you know as soon as your claim has been decided as there will be a time limit that you have to put in an appeal.
- You can log into the portal. Or look at the comments on this page and see if other people have heard anything.
Should you appeal a rejection or a poor offer?
You can only appeal because you think you had more loans or more of the loans listed should be upheld.
You cannot appeal because you think it is a disgrace or a mistake that the percentage payout will be so pathetically low. I am afraid this is what people agreed to when they voted for the Scheme.
So the first thing you should do is check that Provident actually had a complete list of your loans.
If you moved, or changed agents, or had a Satsuma account as well, or changed your name or email address… you may have more than one Provident account and they all need to be put together and assessed as one account.
If Provident has not sent you a list of your loans with the decision on your claim, you should ask them for it.
You want to know:
- how large the loans were and how much interest you paid
- the date the loans were taken out and the dates repaid.
Email Informationrequests@provident.co.uk and explain that you need to know the dates of your Provident loans and the details before you can decide whether to appeal the decision.
When you have the list, does it look reasonable? You may not have a full list yourself, but you should be able to tell if they have missed off all your loans from before 2017 when you moved house… Tell Provident about this and give them enough information so they can track down your other account and look again at whether your claim should be upheld.
You are more likely to get a refund the more loans you had, so getting some more added may make a big difference.
If the list looks complete, have a think about whether the loans were unaffordable. If you only had a couple of small ones, you won’t win an appeal. But if there were several loans, or they were large, then it’s worth making an appeal.
How much will you be paid and when?
The next stage is for Provident to divide up the £50 million in the Scheme between the people who have had their complaints upheld.
You will be paid a percentage of your total redress number, not all of it.
This percentage calculation can only be made after all the claims and appeals have been decided.
When the Scheme was voted on, many people thought they were being told that the payout would be 10%, or 10p in the £.
Provident is now saying:
Based on the claims that we have received to date, we estimate that the pence in the pound rate of compensation to be paid to each customer will be between 4-6p.
This means on a claim for £100 in compensation, the customer will receive between £4 – £6.
Payments may be made in Summer 2022. The date depends a lot on how many claims are initially rejected and how many of them are then appealed.
Credit records will be cleaned
In other schemes and Administrations, some people say getting rid of a default was the most important result for them. Not the small cash refund!
For upheld loans, any defaults or missed payments will be removed from your credit record.
This clean up will be done at the end, when they can do everyone’s together. This is very annoying if you want to make a mortgage application, but there is nothing you can do to speed it up.
Current loans
Loans that were sold to a debt collector
If your loan was sold to a debt collector, Provident will try to buy back the loan and settle it within the Scheme.
In the recent Money Shop Scheme, this was possible in most cases. There was only one difficult debt collector and I don’t think Provident used them.
Loans that hadn’t been sold were written off in December 2021
In December Provident announced that it was no longer collecting any payments for existing loans.
Your credit record is being changed to show that the loan is partially settled or partially satisfied.
If you are a Provident or Satsuma customer, you should have been told about this by email or letter.
This does NOT apply if your loan was sold to Lowell or another debt collector. Only the loans still owed to Provident have been written off.
You can still get a cash refund for other loans:
- if the refund on all your loans together came to £1500 and £480 has been written off, the refund calculated will be reduced to £1020 as you have already had part of the refund with the wite off.
- if the refund only came to £300 and you have had £480 written off, this will cancel out your refund and you won’t get any cash. But this won’t change the write off that has already happened.
Is a credit card limit too high?
Unaffordable car finance – your options
Can you really offer just £1 to a debt?
Lyn says
Anyone else received a email saying they have relooked at your claim and said your now allowed an higher amount, my original redress was between 218 and 338 and now its 256 and 385 but I didn’t ask them to review my claim. I’m not complaining but it just seems odd
Tink85 says
Yes, but my amount has gone down. I have an appeal in with them though which I’m awaiting the outcome of.
Emma says
I have too. Not complaining!
Lucy says
Hey Zoe
I was ages on the phone just to be told Provident want confirmation email from Lowell to explain why they wont discard peoples accounts.
(eyes roll yawn yawn) so I thought i’ll put in a direct complaint with Lowell don’t want to jinks it mind but i’ll let you know what i wrote and what they say admitidly i did threaten them legal action and stated i had good grounds to aswell …. i mean its something their all too familiar with doing to us from the start…. so i will let you know the outcome.
Zoe says
Hi Lucy good luck I seem to be getting nowhere at the moment still saying same thing so I’m goner wait to hear from my appeal and go from the did get a email from provident saying they sold my debt to lowell and I need to still pay them it’s shocking !!!!
Zoe says
Hi Lucy my email was from soa ( scheme of arrangement) .
Debs says
After having another email yesterday saying I had a secure massage in my portal to find that I had more loans added a d one that I owe £307. Which i didn’t as i paid all my loans off in full .
Just been on phone with them they have told me I’m getting two lots of compensation as they have looked at my claim again I have asked for them to look into this amount what they think I owe , which I know I don’t owe them always paid them off ,
Lisa says
I had an email yesterday evening to read a secure message on the portal but unable to login. I’ve reset my password several times but still not working.
I wondered if anyone else had this issue or if lots of people have logged on ok roughly what the message is if it’s more generic to everyone instead of personal.
Marc says
The only time I had an issue was with a password reset. I found that if I resent my password and tried to log in straight away again it didn’t work. Eventually I cleared the cookies out of my browser for the claims portal and rest my password, then I left it a few hours and tried again and it was fine. So I don’t know if it was a delay with the password reset or clearing the cookies, but one or both worked ok for me.
Gord says
Yes I cannot get messages in the portal and each time waited hours on phone to get through if you email them they will send you copy of message by email a few days later I’m now on my 3rd appeal
John Morgan says
Same here passed of over the whole thing
Adam says
Is anyone still waiting to hear back from Provident on the actual claim in the first place I have heard nothing where it seems others have had first stage and appeals etc but I have not had a thing I check the check portal daily and it has not changed at all?
Teresa says
I still haven’t heard anything
Lucy says
Zoe
Can I ask if Provi originally said in a letter your debt with Lowell had been wiped are they now saying that you carry on paying Lowell?
The only reason I ask is because Stepchange told me that all debts sold to debtors were Void from December 2021.
If this is the case email Provident and state that you want that debt written off completely explain due to the fact it was unaffordable hence why it was passed to Lowell and you struggle to pay it off aswell as the fact that we are all in a living crisis and your still struggling to pay for that debt.
Or get in contact with either National Debtline, Citizen Advice or StepChange.
Zoe says
Hi Lucy my email is from soa when they did the offer of compensation they say loans would be written off but then there’s a part that says doesn’t include those sold to lowell mine were from 2015 which is stupid as mine has been assessed as unaffordable and I’m due compensation but the figures owing don’t match what are on my claim so I’ve asked for a appeal but if there unaffordable how can they expect me to pay them if there in the soa really don’t understand it shouldn’t matter who bought them off provident it’s still a debt but want to pay compensation between £130/£198 but I still have to pay the debt off I’ve emailed soa and they replied as the debt was sold to lowell I still have to pay it .
Zoe says
Hi Lucy what’s the email address you have for provident could you please give it me to email them and see what they say . Thank you . Also when we’re your loans from ?
Zoe says
It did say there were written off and I queried it with lowell and they said didn’t matter as the loans were before they went bust and they bought the debt the loans I had are defo in the claim I’ve checked the details with lowell but there having none of it said it doesn’t matter and I owe them which I pay a £1 amth and have done for the last 2 years or so .
Lucy says
Sara
What do you make of this I still don’t really get it because they did say 8 % didn’t they?
In regards to your compensation figures; We expect to pay compensation at a rate of between 4-6 pence in the pound.
The estimated pence in the pound compensation rate is calculated by dividing £50m (the total Scheme compensation pot) by the total value of valid claims for unaffordable loans submitted by all of our customers. The current estimate of the total value of valid claims is between £833m and £1250m, so the pence in the pound compensation rate has been estimated as £50m ÷ £833m to £1250m = 4p to 6p pence in the pound.
Sara (Debt Camel) says
Provident is calculating the total refund you should have got if there was no scheme. This is based on a refund of the interest you paid plus 8% statutory interest.
The total amounts come to between £833m and £1250m for all customers who have made a claim. A final figure won’t be known until all claims and appeals have been decided.
But Provident only has £50m to pay out. So that will be divided between the customers with upheld claims. who will be paid a proportion of their toal refund. This is expected to be between 4p and 6p in the £.
Gord says
Hi I’m getting nowhere with scheme had to report what was going on to FCA I received a scheme I’d I then received an email with compensation I was getting £3-4 compensation but I had more than 5 loans so I appealed them I found out I had 2 scheme id’s because they had my date of birth a year out so I waited on second scheme out come which came on 11/5/22 and it’s compensation was £966-1450 but still didn’t have all my loans on it so appealed again yesterday I received new compensation letter with all my loans which I have had to appeal again as some of the loans that were upheld on 11/5/22 were not upheld now do they know what they are doing also a strange loan on it saying I borrowed £2685 and I owe them £2470 which ir wrong as I know the most you could borrow from them is £2500 so I don’t know where they got that from totally stressed with all this
Marc says
The 8% is interest being paid to you for every year your redress has been due to you. So if they decided your redress was £100 and that was for a loan from 2 years ago, your total redress amount will be £100 + £8 + £8 = £116. << This represents the total redress figure on your letter. The 8% is already included, you don't need to worry about it.
Because we are in a scheme where you will only receive your share of a £50m pot available to cover 'all' redresses being paid out, they are telling you that you will actually receive between £4 & £6 per every £100 of your redress. For a total redress of £116 you will actually receive in your bank between £4.64 & £6.96
So in your case your total redress figure on your letter will be approximately £20,800. This already includes the 8% you mentioned. If Provident are paying £6 out of every £100 (6%) so you'll receive (£20800 / 100 * 6) = £1248
John Durrell says
My appeal went for an external review the response should of been before 15/0522 (60 days after the review)
Still nothing. Any advice?
Lucy says
Zoe
You don’t need to contact provi though you need to complain to Lowell.
My loan was sold to lowell in 2018 I had two debts with lowell one for provi and one for another company (nothing to do with provi)
Basically I have been advised that: if the loan was written off from 27th August from Provi then by Law regardless of wether the loan was sold you should not make any payments to Lowell. If no agreement has been signed to give Lowell permission to take over the contract the contract terms are still with Provi, that an agreement was not signed to act on Lowells terms I have grounds to seek legal action if they still refuse to close/void account within 8 weeks after my complaint has been submitted. They told me that it is classed as a criminal offence for any debt collector to be chasing money for a loan that no longer exists monies paid should be refunded or transfered to another debt. If you are experiencing hardship I/you should state in the email that you want these actions to begin with imediate affect. Enclose a copy of Providents letter. I was also explained that Debt collectors pick up debts via i think they call it a phishing poole/list I requested that the monies paid on that account once its voided is transfered to my other small debt which would then be paid off as well. I mean its a long shot but you can email your complaint to Lowell I wish you all luck be back in contact with you when i get a response.
Zoe says
Lowell said they bought the debt from provident so they own it I’m goner ring citizens advice speak to them then contact lowell after I’ve spoke to them because something is not right here with this especially if it’s suppose to be wrote off thank you Lucy good luck speak soon .
Marc says
Try using https://www.resolver.co.uk/ to keep all your complaints/claims in one place. It allows you keep all communications and attachments in once place so if you need the evidence later, it’s all there. Lowell’s should respond directly on Resolver, most financial institutes recognize it.
Sara (Debt Camel) says
I wouldn’t. This situation with Provident isn’t a standard complaint.
Nicky says
Hi Sara
So am I right in thinking although they have offered me 915 – 1329 in compensation I may not get any of these amounts depending on how many claims are successful?. And it could considerably less.
Sara (Debt Camel) says
Provident should have a very good estimate of the likely range so I would hope you will be paid an amount within that range
Gord says
Hi Sara provident don’t know what they are doing I’m on my 3rd appeal which is not due back till 23/7/22 but they are telling people they will get there payments on 1/7/22 how can they pay people and not all decisions have been sorted so how can they decide what people are getting when it all hasn’t been sorted reported this to FCA they first sent out only decisions on 5 of my loans I sent it to appeal then got a decision back on 12/5/22 upheld 26 loans but still not all of my loans so that went to appeal got another compensation offer on 18/5/22 which had 33 loans on it but some of the larger loans were now not upheld so had to appeal again now to wait 60 days for this appeal totally fed up now
Marc says
Just for information for everyone. I see comments about what seems to be a random list of loans on redress letters with no dates and no idea of the order in which the loans where taken.
This won’t answer all of your questions, but I have found that writing down the loan list “But in ascending order according to the Agreement Numbers” that will at least put your loans in the order they were taken. Personally I just put it in a spreadsheet but writing them down in order is just as good.
Because most of my loans where with Satsuma, by ordering the list by Agreement Number it sheds a whole new light on their rationale behind upholding some loans and not others. I went from a list that had ‘not upheld’ randomly placed in the list every 2 or 3 loans.
By ordering, I clearly see that they have not upheld the first few loans I took and then they’ve upheld everything else, indeed, it’s not random at all. So this might clear up the confusion for some people if you give it a try. Basically, higher Agreement Numbers means the loan was taken more recently than a lower Agreement Numbers.
Marie says
So I got this from Lowell with regards to my loan that was sold to them, but has since been deemed as unaffordable:
Please be advised that Lowell are a debt purchasing company who act independently from Provident, as such Provident no longer hold ownership over the account. Whilst you may have been contacted by Provident, their decision to write off any accounts solely effects any live accounts held by themselves at the end of 2021, unfortunately your account is not one of those effected. As your former Provident account was sold to Lowell on 31/10/2015, it is not included in Providents recent decision.
However, whilst we understand that Provident have upheld your claim, confirmed numbers or data have yet to be shared with ourselves and payments from Provident are not yet expected until a later date. As such any reductions or compensations can not be actioned at this time.
As such, the outstanding balance remains valid and owed at this time.
The account is now without a plan in place. Please can you advise how you wish to proceed with the account?
So I sent this to Lowell in reply:
Good evening,
The debt that you bought form Provident was from a loan that should not have been given and has been deemed as unaffordable by Provident, therefore it no longer exists.
If you chase me for the debt, or I gain a negative impact on my credit file, I will be in touch with my solicitor.
I will also be sending your email to the financial ombudsman.
J scott says
I have also had this from them. Extracts of the main outline anyway , “The account we hold relates to 2 loans totalling £6.390.00. The current balance is £4,790.00. I am unable to provide the loan agreement numbers.
Please note that any accounts that Provident have advised customers to have been ‘written off’ will solely affect any live accounts held by Provident at the end of 2021, this is because Provident are closing their doorstep lending business. As your Provident account was sold to Lowell on 26/06/2015, it is not included in Providents’ recent decision.” And
“As such, the outstanding balance of your Provident loan that Lowell hold, remains valid and owing at this time”
I asked Lowell for my agreement numbers as I have had a redress and it showed provident cancelling (nil) a loan they apparently still had but the last 2 loans I had with provident were sold to Lowell. I didn’t have any others so was trying to track why Lowell are asking for money on 2 loans if provident had only sent 1 or if something else was going on, I still can’t see how an unaffordable loan that was given can still be chased by anyone if you ask me, seems unethical to carry on chasing an upheld redress loan, as it was missold to begin with and if it hadn’t been it wouldn’t exist .provident should do the decent thing and request these upheld loans back from the providers and nil them ,rather then let them carry on being paid they were paid for these defaulted accounts still.
Marie says
I have it in writing from Provident that Lowell had agreed to write off the balance from August 31st 2021.
I claimed back my monthly direct debit payments to Lowell from that date, via my bank as a Direct Debit Indemnity, after showing them the email, and those payments were back in my bank the same day.
They are getting nothing more from me.
Adreva says
Marie ,
I’m afraid its not quite that simple, as the loan is owed by Lowell and they’ve paid Provident for it so its not legally Providents loan anymore to write off. It still exists.
“Confirmed numbers or data have yet to be shared with ourselves and payments from Provident are not yet expected until a later date”
This seems to suggest and is what should happen is that Provident will contact and pay Lowell’s for the loan.
There’s alot of variables with this and no-one knows what’s going to happen with loans like this yet.
Best to ask Lowell’s to pause the account until the provident scheme is sorted and take it from there.
What a mess and good luck
Marie says
Hi Andreva,
What you have said does make sense as surely Provident should be settling this debt, as Lowell bought the debt in good faith.
I will message them and ask them to pause the account until the scheme is sorted.
Many thanks :)
John Morgan says
Hi ask them to show you the contract that you signed with lowel,no contract no payment, you never employed lowel for anything
Sara (Debt Camel) says
This is irrelevant – a lender is entitled to sell your loan without asking you to agree.
Julie says
Hi Sara
Why did provident send email saying debt purchaser has agreed to write off loans and now Lowell saying loans are not being written off?
Is there still a chance some loans sold to Lowell will at least be reduced if not written off?
Sara (Debt Camel) says
I think there is some mis-communication going on.
Zoe says
Hi Sara I keep getting emails to login in portal and register my bank details for the compensation to be paid in to but I’ve asked for a appeal due to the loans not matching what’s owing etc etc Ben though there upheld as being unaffordable so do I still need to put details down even though I’ve appealed as I don’t agree with the decision.
Sara (Debt Camel) says
Yes they still need your bank details.
Zoe chai says
Ok thank you Sara will add them now .
Annie says
Received a letter today saying payments on upheld claim being paid from 1 July
Catherine Molloy (kate) says
I was with Provident for years I made the claim against them. It seemed to be going OK anything they ask for ì sent, was told Provident had excepted i was one of the miss -sold loan.
Then about 6mnths later they emailed to say I had missed the deadline and wouldn’t be recieving anything..
Sara (Debt Camel) says
When did you make the claim?
Kerry says
Hi Sarah
I had a complaint in with provident before the scheme was introduced. I was one of the lucky ones and after speaking to the manager we came to an agreement on a amount of repayment. I accepted and received my payment. I have just had a letter stating that my claim is being accepted within the scheme and I would get a amount from that too in July time. I am confused as I have no log in details etc and just received a letter by post. Should I contact them to advise them or ? I mean the amount I received is lower than what I should of received however it was huge compared to what I am being offered by the scheme.
Thank you
Sara (Debt Camel) says
If you are now being offered money, then I think this is EXTRA above what you were originally given. They probably made you a poor offer before and now you are being paid a small percentage of the extra you should have had.
Diane says
I’m still waiting to hear anything at all, approx three weeks ago was told I should hear anytime in early May and still waiting.
So unaware if my claim is upheld or not.
Trying to get through is a nightmare. I care for my adult autistic son and I have Kidney disease alongside high blood pressure, so stress is not good for me. I’ve emailed a few times since to request an update and nothing. Still having issues in signing in to the portal too.
Anyone else still waiting on the first stage, to hear if upheld or not?
Cheers.
Teresa says
I still haven’t heard anything keep getting told will hear soon that was weeks ago
Adam says
Hello can someone let me know the number for Provident claims please I have heard nothing at all from them I check the portal and email daily but nothing there.
Dawn says
I’m still awaiting a decision I did my claim through allegiant I think they are purposely delaying the claims
Kim says
I messaged provident yesterday as people are posting all differant things they’ve been told and it’s just confusing me. Iv just received a reply and they’ve said all claims should start being processed by July 1st so here’s hoping. They didn’t state what happens to the ones that are waiting on appeals though
Michelle says
I’ve not heard a thing since I put my claim in. When it first opened. So I’ve not even heard if mine was accepted. I used them for about 10 years I was forever in a circle of debt with them. Do I need to contact anyone ?
Sara (Debt Camel) says
Have you logged into the portal and looked?
Michelle says
Yes many times.
Sara (Debt Camel) says
Then I suggest you now need to contact them and ask https://scheme.providentpersonalcredit.com/ContactUs.html
Daniel says
Provident have provided the details of my loans – Only 2 out of 13 are deemed ‘unaffordable’ Some loans also show an excess of 100% charges added to the amount borrowed eg 2 loans show £1500 borrowed, charges £1800 Total £3300 (only 1 of these was deemed unaffordable) whereas others are closer to what I would expect eg £500 borrowed, charges £300 total £800 & £500 borrowed, charges £325 Total £825 (why the difference in charges?) Again, only 1 was deemed unaffordable. I am considering appealing the affordability based on the information provided but they say I will need to provide proof of an error – I am running out of time to request any further information – Should I bother? Do the figures look right to anyone else? (Loans post 2016 were most likely sold to the likes of Lowell & have since been paid up).
Sara (Debt Camel) says
Were there an6 big gaps between repaying one loan and taking th3 next? Can you list The loan sizes in date order? Eg 400,300,500,600,80,400 etc
Greg says
“The total estimated amount of money you may receive as compensation is between £24.56 and
£36.84.”
The above is from the statement on the portal when I log in.
Also told that as account sold to debt purchaser they would be in touch and refund any payments made after scheme opened.
I have today received a cheque from Provident for £3?
Kelly says
I received my decision today wat does it mean when they say my claim was on uphold I’m really confused can anyone help
Sara (Debt Camel) says
Can you copy and paste in what it said?
George says
Sorry to jump on this post but i received this email to my junk folder, the loan numbers tally up with numbers on my equifax credit record, just hesitant to click on any links!! does it look real?
Cheers
George Bradshaw says
PLEASE NOTE, YOU CANNOT REPLY TO THIS EMAIL, IT IS NOT MONITORED, SHOULD YOU NEED TO CONTACT US, PLEASE SELECT FORWARD AND EMAIL myjarredress@harrisons.uk.com
Dear George Bradshaw,
As you may be aware, Paul Boyle, Tony Murphy and I were appointed to act as Joint Administrators of the above on 22 December 2020.
Since our appointment, we have undertaken extensive investigations into the historical lending practices of Myjar and following engagement with theFinancial Conduct Authority have reached a conclusion based upon a set of criteria to be used in assessing whether a customer qualifies for Redress,(‘Redress Methodology’). The Redress Methodology has formed the basis for evaluating all customer complaints and has been applied to the particular circumstances of your relationship with Myjar. Each and every loan you may haveh ad with Myjar has been considered on an individual basis, in order to assess whether you qualify for Redress. Further information on the eligibility forRedress can be found in our most recent Customer Redress Scheme and FAQs update, which can be found by clicking on the following https://harrisons.uk.com/myjar/.
George Bradshaw says
I am pleased to inform you that you qualify for Redress. Details of the Redress awarded to you is identified below.
Unsecured Claim
We have calculated that you are entitled to Redress in relation to interest and charges applied to your account prior to our appointment. This Redress claim is known as an unsecured claim and ranks for payment of a dividend from the Administration.
Until such time as all customer redress claims have been agreed and the final amount of funds available from the Administration determined, we are unable to confirm the precise level of dividend that will be payable in respect of your unsecured claim. Further communication will be provided to you concerning this in the coming weeks, however, please note that due to the volume and value of customer claims any payment will be extremely modest indeed and is likely to be pence in the pound. Please do not therefore take this communication that your unsecured claim will be paid in full.