Tens of thousands of borrowers who have taken out loans from Provident home lender only have until the end of February to report that they have been mis-sold.
All borrowers who had high interest loans with the company or its Satsuma, Glo, or Greenwood sub-brands had their remaining debts cleared as Provident Personal Credit officially ceased operations on December 31, 2021 and stopped receiving payments. from this date.
This means that if you still owe money on your loan, the amount will be reset to zero and any payments made after December 31 will be refunded.
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However, borrowers can still submit claims for badly sold loans already repaid or partially paid by December 31, but it will have to be quick.
If you couldn’t pay the loan during its term when you took it out, whether you were the borrower or the guarantor, it was probably issued incorrectly, which means you might have a valid complaint about the loan. affordability.
You may not receive the full amount owed to you because payments have been capped. But you can still get £ 100 back.
Provident was established in Bradford in 1880 to provide affordable credit for families, but in recent years it had become synonymous with high interest subprime loans, for people with uneven credit histories who are struggling. to borrow from major banks.
He has been criticized for charging interest as high as 1,557.7% APR in some cases, and has been hit hard by requests for bad sales for badly issued loans.
If you believe you have been mis-sold for a Provident, Satsuma, Glo or Greenwood loan, a dedicated online claims portal has been set up and you can now register to make a claim through the program’s website.
You won’t need your loan details or documents, but you will be asked for your Program ID, which you should be able to find in addition to any letters or emails you have received about it.
If you don’t have it or if you need more help, you can email [email protected] or call their hotline on 0800 056 8936.
The deadline for filing complaints is February 28, 2022.
Monetysavingexpert.com has a helpful guide on everything you need to know about payday loan payback here.
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