Contents
Quick overview
Provident’s Scheme of Arrangement is now in the final stages.
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 for claims was the end of February 2022.
Provident has assessed claims and informed customers of their decision. The large majority of appeals have been held.
Provident is making payments to bank accounts or sending cheques:
- it is paying 4.2557p in the £;
- so if your redress was £1,000, you will receive about £42;
- a final letter will be uploaded to your portal account setting out the payment;
- the first bank payments will be arriving in accounts on Tuesday 5 July.
Here is confirmation from one reader (see the comments below for others):
FUNDS PENDING!!!
Hi all, I’m new to this to thread but just thought I would give an update.
I have a Monzo account, it is showing my Bacs credit as going into my account on Monday, for most people with standard accounts this means you will be be paid Tuesday 
I can also confirm it is 4.2557% as stated.
Glad it’s eventually been sorted.
But no-one should assume they will get their payment next week.
They may be going out in batches. And in any mass payment, some of them fail. Do not plan your July finances on the assumption that you will get paid early in the month.
Which loans were 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.
If you have an affordability complaint about Vanquis or Moneybarn, these complaints are NOT included in the Scheme. 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.
How much will you be paid?
The next stage is for Provident to divide up the £50 million in the Scheme between the people who have had their complaints upheld.
Customers who made a claim have been told which loans have been upheld and what the total redress for these loans is. You will be paid a percentage of this redress number, not all of it.
When the Scheme was voted on, many people thought they were being told that the payout would be 10%, or 10p in the £. I said at the time that that looked unlikely and it could only have been based on an unusually low number of people making a claim.
For several months Provident has been quoting a range, 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.
Now it is known that Provident will only be paying 4.2557p in the £.
A final letter will be added to your portal account setting out what you will be paid.
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.
If your credit record is not cleaned in this process, there will probably be no-one to complain to about this. But there is process for resolving this sort of problem, see Correct credit records by “suppressing” them if the lender has disappeared.
Current loans
Loans that were sold to a debt collector
If your loan was sold to a debt collector, Provident is trying to get this settled. This seems to be taking some time, for example with Lowell saying they haven’t been given the right information from Provident. Several people are complaining about these in the comments below.
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:
There is nothing you need to do. You can stop making payments on your outstanding loans owed to PPC and if your payments are taken by the Continuous Payment Authority (CPA), we will stop these for you. Any payments made after 31st December 2021 will be paid back to you.
If you’re in arrears or didn’t pay your loan within the time we agreed when you got your loan, we’ll update your file with our Credit Reference Agency to show the balance as zero and partially settled.
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.
That is a pathetic payout
Provident is a successful company with the profitable Vanquis and Moneybarn brands which are still in business. It is a disgrace that the regulator has allowed them to structure their business in a way that has permitted Provident to abandon all its doorstep lending customers and not pay them their proper redress.
If you are feeling mad that Provident has got away with paying you so little, this is the time to look at whether you can make other affordability complaints, not just for loans but for other types of credit.
I have a separate page for each sort, as they need slightly different template letters to complain:
- refunds for large loans, including Moneybarn and other car finance;
- refunds from catalogues and credit cards such as Vanquis;
- refunds from overdrafts
- Morses scheme
- refunds from other doorstep lenders;
- refunds from Lending Stream, Safetynet Credit and other payday lenders.
Could a Debt Relief Order help you?
Can’t pay your bills or debts?
Can you really offer just £1 to a debt?
Pol says
Yeah I bank with barclays, no updates on the portal either
Alan says
Had mine go into Barclays this morning,just before work
Julie Blakemore says
My portal has been updated with figure I should receive. Fingers crossed for tomorrow. I am with Nationwide so no way of finding out about payment pending.
Carol says
I bank with Nationwide. They don’t show payments pending and no updated info re payment on the portal. Nothing since 20th April
Zoe says
Hi everyone anyone bank with NatWest? I can’t see anything nothing on portal either about how much I will get ?
Emma says
Hello I’m with natwest and I received an update on my amount earlier on the portal about 8ish x
Michelle says
Hi, I bank with natwest and it was in my account this morning
Alison ecclss says
I bank with Halifax so can’t see pending payments and haven’t hot a letter on the portal
tracy morse says
i bank with halifax and had letter on portal late this evening saying payment had been sent 1st july, keep checking hun xx
Jayne says
Hi , just to let people know I bank with hsbc and I have payment pending from provident . So this is good news they definitely starting payouts !
Vicky says
I bank with Santander and I’ve just received my compensation of £833 from provident 😊
Claire says
I’m with santander and have been paid,no update on portal though.
Jacqueline says
I’m with Santander just checked the payment is in my account. YEAH!!!! Good luck everyone
Steven says
Mine has just came in via Santander at 9.10pm , i hope this helps those that have santander account and waiting i’d check over the next couple of hours.
Zoe b says
I bank with Santander and my payment has just cleared at the 4.2557p rate.
Mrs B says
My claim money has gone in & available now in Santander but I didn’t receive a portal update.
tracy morse says
yay vicky enjoy! you deserve it xx
Samantha says
I’m with HSBC and was showing this morning pending payment. I got told I would get £426_£622 payment pending is £439 to clear tomorrow the 5th.
Donna says
Santander…
I’ve just had a £588.00 payment put into my account and my redress was between £500/£800
Gill says
Payment in bank, I’m with Santander
Graham Jessup says
My misses has just been paid in her bank account santander
Jim od says
Should all form a group and put new claims (not affordabillty) but for stress and worry for last 12 month.i already spent and borrowed anticipating 5%.
Ashleigh Oakes says
I really hope you were joking, never bank on money like this then if it happens it’s a bonus. If you are going to bank on it then always go lowest amount :(
tracy says
ashleigh you are so right, treat this as a bonus! hope it helps you, it will me and my kids tc xx
Ashleigh Oakes says
I’m treating my kids too, it’s money I never expected so when I do get it, its purely a bonus. Fingers crossed for tomorrow so I can head straight to town and spoil them rotten! X
Kez says
I have just been paid- Santander- no update via portal or emails
Maria says
I’m pleased for you Kez,
Fingers crossed for the rest of us
Kez says
Thank you, we will all get there X
Lucy says
Mine has also gone in to my Santander!
Darren says
Just checked my bank I’m with santander money in there £15 more than the lower estimate happy days, hope everyone gets what they are owed
Mandy says
I bank with Santander and just received my payment of £266 not a lot but it’s £266 more than I had this morning good luck every1 and I hope u enjoy every penny u get will never make up for all the ££££s we have lost along the way but that little bit makes a big difference xxtake care every1 and stay blessed
tracy says
Mandy thats sweet and i hope your payment helps you too, im expecting about the same but i bank with halifax so maybe tomorrow? this money will sure help with the extra cost of living and 4 mouths to feed!!! All the best lovely, stay safe and take care xxx
tracy says
Great news daz, happy days it is! im with halifax so maybe tomorrow or weds for me!! Enjoy your compensation, i hope it helps it sure will for me!! We got there finally!! take care x
Martin says
I’m with NatWest and nothing in yet. We can’t check pending with natwest.
Zoe says
Hi Martin thanks for letting me know seems other banks are quicker than others I know if you check after 2.30am as NatWest update after then so hopefully we get ours then good luck !!!
Martin Wilson says
Looks like I’m staying up to 2:30am then. Good luck.
Rich says
Paid in to my NatWest :)
Sarah says
Just went onto the portal and an updated letter stated the 1st July stating how much I was getting this has only appeared today and I bank with santander and it has been credited to my account. Thank you debt camel for keeping us updated
Graham jessup says
I can confirm my missed payment went innto her bank without a updated letter on the portal so there is hope
Gord says
Just been told a pack of lies again by provident no money in bank was told last week that if you are waiting on adjudicator you would still get paid then anything more would come just spent all morning being told that they received update from adjudicator on 1/7/22 and my claim was upheld and my payment went up £59 never been notified and they were waiting for adjudicator decision before paying out I should get it this week can’t take much more of there lies the figures don’t match with claim being upheld can’t get into portal to check anything
Michelle Robinson says
I spoke to them yesterday was told all the payments were done 2 weeks ago to go in on monday so all the people that went to the adjudicator the letters over lapped the payment so i will get a letter of provident telling me how much they still owe me
Debs says
Hi everyone, I should have had two payments go in only got one . Is anyone waiting for a second payment to go in ?
Thank you to Sara for all your help and all the updates
SD says
Portal has been updated with amounts so many will be paid tomorrow whoohooo
Jax says
My letter is on the portal. My payout is small but this regarding credit files may be of interest.
Important Credit File Information
● We have already settled your account(s) with the Credit Reference Agencies.
● We have already closed your loan(s) with the Credit Reference Agencies.
● If arrears have been reported on your loan(s), we will remove any upheld Provident, Satsuma,
Glo, and Greenwood loan(s) from your credit file. Please allow up to 60 days from the date of this
letter, for those entries to be deleted.
● A loan on your credit file without arrears improves your credit rating. If there are no arrears on
your loan(s), there will be no change. Your loan(s) will remain on your credit file and shown as
closed.
● We have only retained the records that may positively impact your account, no detriment will be
caused to your credit file.
Michelle says
I have just checked my Potal page to find my compensation amount letter read to read.
This was not on my account earlier on but I thought it’s 11:30pm I’ll check before bed and boom my amount was showing.
But no date when it will be in the bank, crossing fingers soon as will be a big help to myself and children even more so as we on top up meters and worry daily about energy costs so now we can top them up and not worry for a couple of months whoop whoop.
Jason says
Mines gone in, check your accounts
Sara says
Just checked my bank nationwide and payment is in there , check you bank everyone
Amanda C says
Just went onto bank (barclays) received 109 so its a wee tad more but better than nothing :)
Nicholas Haynes says
Sorry for the late hour but just to let you all know £633 dropped into my account at 00:04. I’m with Barclays
Geraint says
Bank with nationwide and just had £30 credited to account from provident! Just hope the adjuicator upholds the rest of my loans and i get a little bit more! If not £30 is better than nothing i guess! Hope everyone gets paid soon :)
Kelly says
My money has cleared in my account, I am with Barclays!
Annie says
Just checked my nationwide Mines is in What a surprise double what I was expecting I had a partial update from adjudicator but hadn’t received letter. I’m over the moon although would have been nice to have got the actual proper anount
Fay says
I am with barclays and i have just received my payment
Ally says
My payment has cleared into my bank
Carol says
Nationwide folks – payment is in the account. Not much but better than nothing.
David Smith says
Just received £700.55.
At least its something but really jarred it was not the full amount from Provident
Julie Gardner says
I’ve had mine go in at midnight ( Barclays) and my husband has his ( Lloyds)
Just glad the whole thing has come to an end.
IAN R says
At last compo just went in to my account-has been a long wait mates-hope you all get yours 👍😊
Sam says
Hi all just to let u know, my payment was made at midnight. Got just a bit above the lower amount as expected.
Ann says
My payment is showing on my Virgin Money account. Previously C!ydesdale. No notification on portal yet. Confirm a little bit more than lowest estimate. Glad this is now over. Good luck to everyone waiting.
Marc says
Received my payment this morning 0100Hrs into my Lloyds account. No letter in portal because they’ve been delayed, but I’d prefer the money now and the letter later.
Sean says
Can confirm that my payment was received today 😊
Michelle Hope says
I bank with Lloyds and mine has just gone in, thank goodness, needed it, good luck everyone!!!
Polly says
I’m with Santander and have recieved payment
Lindsey says
Got a notification from my bank app to say my money has went in. I hope everyone is waking up this morning to their money being paid in to their banks
Neil ralph says
So Glad this is all over, between myself and my now late wife we had a redress of some £44,000.
I have received both payments today totally just over £1,900 for which I am grateful but glad my wife was still not alive to see this.
If fifty million was only enough for a 4.2557 i would hate to think how much would of been needed for a reasonable payout.
As I said with the year I have had just so glad it is over, just hope the rest of you get your payouts and the money comes in handy.
Robert says
I just checked my online (Ulster Bank) banking and the money that was owed to me is now in there. I checked my emails and the Portal and there was no communication from Provident, so if you also do not receive any communication, please check your bank as it may be still in you account.
Susie says
Payment received today.-barclays bank,Thank you Sarah this threads been reassuring.
Linda says
Morning all money has arrived .hope all yours have with barclays btw .its amazing the amount we got after the thousands we had to borrow
This will now go to our food and electricity gas and maybe petrol I’m not surprised they got away with it but hey the poor always suffer
Hope your all happy this morning and got yours
Sp says
Sp – Payment in my natwest this morning … Yeah!!!!!!!!!!
Cj says
Money in bank today natwest no email or anything received.hope everyone else gets theres today
Pami says
I am with Halifax and i have my payment…arrived today!! Wooo hooo stated 237-335 i received £247
Linda N says
I used to work for provident years ago .you only got payed if people payed you .people used to hide behind doors you would see them hiding in kitchens so they wouldn’t pay it was a scary job and I couldn’t do it to people it made me feel so bad for them .I had to stop I felt so guilty 😔. I also had loans .with people not paying I didn’t get much pay so had to have loans to live .when I see the amounts payed out on here I know how much they loaned and payed back .some had thousands and thousands and only got the most tiny amount. Its rather disgusting .provident are just vile they made millions from people and workers .and I’m going back 17 years ago .the guilt never left me .I always remember the dark nights and places I used to have to go and still not get payed much .the personal alarm was a joke …I know we only got a little I really can’t put into words how that job affected me ..thanks debt camel you’ve been really great
Joanne says
Hi 👋 everyone I bank with barclays and the money Is now in my bank but no letter from the portal or email … 3 pound over the lower amount I was offered I’m happy … really needed at the moment as we all do …. thankyou Sara for all your help and good luck to everyone here .. its been a long journey
Jeanette Harris says
Morning everyone my money is in my bank this morning I bank with natwest .
Thanks again Sara.
Susan Knowles says
Hi
Me to got my payment
Wilma says
Good morning I got my refund today :) I’m with TSB
Jenny says
I’m with natwest my money went in this morning
Sarah says
Ive recieved my payment this morning.. i bank with lloyds.
Kerry says
Mine went into Halifax this morning. Thanks for all the updates. This forum has been invaluable.
Nicky says
Money in llyods thank god enjoy everyone we deserve it and thanks Sara for your advice and comments through the stressful waiting game.
Diane says
Hi I am with Virgin money and my money has went in pending clearance. I got about £40 more than the lower amount. Hope you all get your money owed, as it has been a long time coming. Take care everyone ❤️
Carol says
I’m Danske Bank and mine came in at midnight.
Sara this page has been absolutely invaluable over the past weeks. Very many thanks for your help
Jill Pierson says
Mine in Santander 200.00 less than told x
Sara (Debt Camel) says
you were given a range of what you might be paid – have you been paid less than the lower amount?
Gord says
I’m with Santander no money paid in anyone else not been paid
Hazel says
Just to clarify if you have two redress estimate on portal like I have to things I can press to down load one says between £250-£301 and the other redress stated £275 -£395 will I receive 1 payment between these amounts or 2 I’m confused anyone able to help pls I received 1 payment of £265 this morning
Sara (Debt Camel) says
Did you make an appeal to the adjuicator?
Hazel says
Sara @debtcamel no I didn’t make an appeal hun I accepted both amounts there is 2 redressed and 2 amounts both between amounts and I receive 1 payment for £266 this morning just not sure why 2 redresses pls help and thank you for all your help so far x
Sara (Debt Camel) says
Were the loans listed on each letters the same?
Jenny says
You will only receive the one payment my redress was between 226-339 I received 240
Donna thomas says
I had mine this morning nationwide and portal has updated too
claire says
They gave me my refund but in the redress letter it said there was an £80 cheque enclosed for paying money when I shouldn’t of there wasn’t a cheque enclosed and they never put the £80 in my bank only the other money did anyone else have this
Dorothy says
The letter I received in the post had a cheque for £316.24. So when my bank was credited as I gave my bank details it only credited £39.19 so I am now confused.com.
Sara (Debt Camel) says
You received a letter saying a cheque was attached but there was no cheque? What EXACTLY did the letter say?
Graham jessup says
Let’s all meet up for a drink lol
Zoe b says
I can see lots of people have been in contact with Provident recently, has anyone heard when they are planning on updating the credit references. Although I’m never ungrateful for receiving money, my payment of £58 is not going to make as much difference to me as the removal of 3 years of missed payment markers being removed whilst these complaints have dragged on.
Sara (Debt Camel) says
see this comment https://debtcamel.co.uk/provident-scheme-claim-refund/comment-page-16/#comment-489902
Zoe b says
Thank you very much!!
Sonia says
Just received my payout from Provident this is what they said-
We have applied the Payment Percentage of £0.042557 pence in the pound to your agreed claim of £1765.00 and the payment to you is £75.11.
They have cleared the credit file but it was a job to get the claim submitted with a doctors letter to confirm I wasn’t well.
Karen says
I had 2 redress letters on my portal which hasn’t been updated since may this morning i recieved money in my account does anyone know if amount i recieved is for the 2 redress or will i receive other payment soon
Sara (Debt Camel) says
Hazel above (https://debtcamel.co.uk/provident-scheme-claim-refund/comment-page-16/#comment-489951) has the same problem.
Did you make an appeal to the adjuicator?
Karen says
Hi sara no i didn’t appeal to adjuicator i accept first time
Sara (Debt Camel) says
oh! what were the dates on the different letters? why was there a difference between the two letters?
were the loans in the two letters the same? Is it possible these related to two different provident accounts?
Debs says
Sara on my letters first one was on 5/04/22 second was on 17/05/22 . I didn’t go to appeal.
Sorry for jumping on this thread
Sara (Debt Camel) says
Hi Debs, were the same loans listed on each? Did the second one have any mention of the first one?
Karen says
Hi sara the dates where 26th April and was for £1103 to £1655 and 17th may was £1240 to £1860 all different agreement numbers only thing i can think it is for my late mum she was with provident
Sara (Debt Camel) says
If the loans were different then that suggests you should be paid both. If they had been the same, or nearly the same, that would have suggested that the second letter may have replaced the first one.
Debs says
Karen so did I, I’ve only been paid one of them .I’m trying to contact them about it
Karen says
Hi debs can you let me know who you contact and if you get reply
Tink85 says
I have been paid the two, if you add the two lowest figures up does it come to just over that?
I have also had my appeal upheld this morning.
Linda says
My payment has been made into Royal Bank of Scotland.
Sammi says
So frustrating just logged onto my lowell solicitors account and my account with them still live, provident told me weeks ago this would be sorted out soon, constantly contacting both parties regarding the matter but getting no where, and Being threatened by lowell if I stop making my repayments I will have court action taken against me even when I have proof the loan they purchased was deemed unaffordable how much longer will this go on!!! They have refused a token payment or putting the account on hold, saying they not heard a thing from provident regarding the matter, this is really getting me down at the moment.
Amanda says
Being paid by cheque and was only told I would get in July so hopefully it turns up soon now people are actually being paid