Register your potential compensation claim with Provident through Belmond & Co Claims Management today. Its quick and easy.
A scheme of arrangement (the "Scheme") is being proposed for the purpose of assessing and paying compensation claims against Provident Personal Credit Limited ("PPC") (which traded under the brand names Provident, Glo and Satsuma) and Greenwood Personal Credit Limited ("Greenwood") for unaffordable lending. The Scheme would cover customers to whom loans were given by Provident, Glo, Satsuma or Greenwood, or who may have guaranteed a loan from Glo, between 6 April 2007 and 17 December 2020.
A Scheme is a compromise between a company and its creditors made under the UK Companies Act. Schemes are very flexible tools that companies can use to restructure their business. This Scheme will make £50 million available to pay compensation to customers for loans that were provided to them (or their guarantors) but for which the company did not make the right checks. Customers will be entitled to vote for the Scheme or against it.. You will be able to vote from early May 2021 and the Scheme Meeting to vote on the Scheme will take place July 2021. The Company will then need to ask the Court to approve the Scheme. The Scheme can only become effective if the Court approves it.
Customers who received a loan from Provident, Glo, Satsuma or Greenwood, or who guaranteed a loan from Glo, and who believe they have a valid claim for unaffordable lending on a loan made or guaranteed from 6 April 2007 to 17 December 2020, will be able to make a claim under the Scheme.
We have to wait for the total number of compensation claims to be registered with the scheme and if you have outstanding balances owed to any of the lender brands mentioned above these would be offset against any compensation you are owed.
The Scheme has £50 million to pay customers whose claims are upheld under the Scheme and we expect you will only receive a small percentage of the full upheld amount.
For example, if Provident receives claims worth £500m then customers will receive £50m/£500m or 10% of their agreed claim. However, if you owe Provident money in relation to loans that you still have outstanding with them they will first reduce your loan balance by the value of your redress claim. If Provident still owe you an amount of money they will make a cash payment at the relevant payment percentage out of the £50m. So for example if you have a claim of £100 and you still owe Provident £50 on an outstanding loan they will reduce your loan balance by £50 to nil and then they will pay you, using the example we mentioned earlier, 10% of the remaining £50 redress claim – i.e. £5.
If the Scheme becomes effective Belmond & Co will submit your claim within 6 months. We expect the Scheme to become effective around July 2021 and that the deadline for submitting your claim will be around January 2022.
If you do not submit a claim by the deadline, you will not be eligible to receive any compensation.
There is nothing stopping you using a Claims Management Company (CMC), such as Belmond & Co, to help you with your claim for compensation. We help thousands of individuals with claims and will keep you regularly updated through the process. We only charge our fee is the compensation claim is successful and we charge 30% + VAT (36% inc VAT) of the cash compensation offer you receive. We will liaise directly with Provident and represent all of our clients as one strong voice.