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Articles about Provident

Provident Financial Group (PFG) specialises in bad credit lending in the UK. Founded in 1880, Provident is Britain's largest doorstep lender.
It also owns the Satsuma payday lending brand, the Vanquis credit card brand and the Moneybarn car finance brand.

Provident is now assessing claims that have been made

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 … [Read more...]

March 22, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Refunds, Schemes of Arrangement

Provident’s uncashed cheques – at last they pay out

Provident has at last done the right thing and is paying customers who have cheques from Provident that are too old to be banked. Good! I expect this may affect several thousand people who have cheques ranging from a few hundred to a few thousand pounds. If you have one of these cheques, Provident should have sent you an email about it. Here is an example of what a Debt Camel reader's email … [Read more...]

February 14, 2022 Author: Sara Williams Tagged With: Provident

Provident Scheme – the voting and approval process

UPDATE - the Scheme has now been approved by the court. See Provident Scheme – 4 million people can now claim a refund for how to make a claim and what will happen in the Scheme. Provident Financial Group (PFG proposed a Scheme of Arrangement to reduce the refunds it has to pay to customers given unaffordable loans through its Provident Personal Credit (PPC) subsidiary. There are … [Read more...]

July 19, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

Provident closes its doorstep loan operation after 140 years

On 10 May 2021, Provident Financial Group (PFG) announced that it was closing its home credit operation, also known as doorstep lending. Doorstep lending has been at the heart of Provident's business for most of its 140-year history. Agents would visit customers at home, giving loans and collecting weekly repayments. Now Provident says: In light of the changing industry and regulatory … [Read more...]

May 10, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident

Provident’s Scheme to cap refunds – the background

UPDATE On 4 August 2021 the Scheme was approved in court. See Provident Scheme – 4 million people can now claim a refund to find out how it will work and how to make a claim. This article gives the background to the Scheme and what happened before voting started. In March 2021 Provident Financial Group (PFG) proposed a Scheme of Arrangement to reduce the refunds it has to pay to … [Read more...]

April 22, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

Provident’s Scheme – will customers get less than 2% ?

Provident is proposing a Scheme of Arrangement to limit the refunds it has to pay to customers making affordability complaints about provident doorstep lending and Satsuma payday loans. UPDATE the Scheme was approved in August 2021. See Provident's Refund Scheme for how it works and how a customer can make a claim The £50m the company is putting up to pay refunds is not nearly enough to pay … [Read more...]

March 17, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

Amigo & Provident complaints soar – new Ombudsman data

On 3 March 2021, the Financial Ombudsman Service (FOS) published two sets of statistics. quarterly data for October-December 2020 summarises the types of complaints FOS has received. half-year data shows which firms had the most complaints in July-December 2020 and how often FOS upheld the customers' cases. Caroline Wayman, the FOS CEO says: "Excluding PPI, new complaints are up by … [Read more...]

March 3, 2021 Author: Sara Williams Tagged With: Amigo, FOS, High cost credit news/policy, Provident

Lessons from Amigo & Provident – FOS needs to be faster

In administration, customers with complaints at the Financial Ombudsman (FOS) have them returned to the administrators to resolve. The same happens in a Scheme of Arrangement which has been proposed by Amigo in December 2020 and by Provident in March - there FOS complaints are returned to the Scheme to be determined. FOS said in January 2021 it had about 13,000 open Amigo cases and about 500 … [Read more...]

January 14, 2021 Author: Sara Williams Tagged With: Amigo, FOS, High cost credit news/policy, Provident, Schemes of Arrangement

Provident complaints rise – but are its offers too low?

The Financial Ombudsman (FOS)'s latest quarterly statistics, published on 25 August 2020, highlighted a rise in the number of complaints received about some types of high cost credit. In the period April-June 2020, new complaints about home credit rose by 77% to 1,166. UPDATE in the second half of 2020, FOS was sent over 10,000 new Provident complaints! Provident is the major lender in the home … [Read more...]

September 3, 2020 Author: Sara Williams Tagged With: Provident

Kerrigan v Elevate Credit – an “unfair relationship”

The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]

August 13, 2020 Author: Sara Williams Tagged With: For debt advisers, FOS, High cost credit news/policy, Provident, Sunny

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