Provident Refund Claims

Provident Customers Can Make A Claim.

Founded in 1880, Provident Financial is one of the oldest companies of short term and doorstep loans. They provided personal loans of £100-£1,000, over terms of 13-52 weeks, for consumers, with the cash being delivered to your door and repayments collected weekly from your home. Have you heard? You maybe able to a Provident Refund. Have you ever had a loan from Provident? If the answer is Yes, You may be able to claim a refund from Provident Home Loans.

Latest Provident News 2022:

On the 31st December 2021, it was confirmed that Provident made the decision to close their Personal Credit loans service, claiming the ‘tough economic situation‘ was the cause of the decision to stop lending to customers.

What does this mean for customers?
A number of things. It depends on whether you currently have an outstanding loan and/or whether you feel that loan was mis-sold to you in the first place. Please refer to the paragraphs below as to what this latest news means for you:

For customers who are currently paying off a loan with Provident:
From the Provident Website: “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.“

For customers who have been mis-sold a Provident Loan:
You need to submit your claim for a mis-sold Provident Loan by 5pm (UK time) the 28th February 2022. Claims made outside of this deadline will not be accepted. You can submit a claim via a Claims Portal, by calling the Provident SPV Customer Service Team (on 0800 0568936) or by submitting a Claim Form (found on the Provident website). Alternatively, submit your claim through Reclaim Experts and we’ll do all the hard work for you.

How to claim money back from Provident?

It’s has been documented in the news where instances confirm Provident have been lending irresponsibly. Which means provident customers may be able to claim compensation directly with Provident or via a Claims Management Company. If you claim directly to the lender yourself, you will not be charged anything as you are doing the work, however, if you require the service of a professional claims management company, please be advised you are likely to pay around 30% of your refund in fee’s once the refund is claimed successfully.

Doorstep Loans, also known as home credit loans, are used by 1.3 million people in Britain and it’s the practice where a collector comes to your house to collect the repayments, rather than paying them through a bank or standard repayment scheme.

Make Your Provident Claim Now

Provident Compensation Refund Claims

Like Amigo and the lenders who offer Guarantor loans, doorstep loans have come into the spotlight recently, with the Financial Conduct Authority keeping a very close on on companies like Provident, The BBC documented that the doorstep loan provider, has to pay “almost £169m in compensation to customers’ after mis-selling a particular loan product to customers whilst paying a fine of £2million to the FCA.

Other complaints about doorstep loans include people being sold a home credit loan by an agent, when they could not afford it. In 2019, there was also a controversial report of Provident offering “lending bonuses” to its doorstep lending staff, with concerns of having “bonus payments linked to loans issued to subprime borrowers”.

If you found yourself unable to pay back the loan you took with Provident, you may be eligible for a Provident refund claim– and the Reclaim Experts can help you receive what you are owed.

Provident Scheme of Arrangement (SOA)

Since the announcement from Provident of a proposed Scheme of Arrangement (SOA) on the 15 March 2021, we have had numerous emails and DM’s on our social media channels asking what it will mean to you, the Provident customer. 

Provident have proposed an eye-watering £50 million to repay customers refunds, this letter explains the SOA provident plain to agree with it customers.

View Letter

Provident Amends Scheme of Arrangement: June 2021

Doorstep lender Provident Financial has increased it’s efforts to keep it’s proposed “Scheme of Arrangement” by appointing a “customer advocate”, to help borrowers understand it’s proposal. The inclusion of a “customer advocate” for Providents SOA, follows the Amigo ruling, in which their SOA was refused by the high court.

An “advocate” by definition is “a person who represents another person’s interest“. In this case, Provident’s “customer advocate” is charged with helping borrowers to understand it’s Scheme of Arrangement, including the implications and negatives of the scheme, as well as answering any questions from borrowers.

Provident have also reported that it’s “scheme of arrangement will entail higher-than-expected costs” but this will be paid by the Provident Financial Group, rather than be taken from the £50 million put aside for the Scheme of Arrangment.

FCA Raises Concerns to Provident Compensation Scheme

The FCA (Financial Conduct Authority) have reported “significant concerns” about Provident proposed Scheme of Arrangement. The Times have reported that the FCA have concerns about “the method of assessing claims and about the reduced payouts”.

Provident’s compensation Scheme of Arrangement is due to be voted upon by its customers in July. For the scheme to be granted, over ¾ of customers have to approve the scheme before any compensation from provident can be agreed. We will update our clients directly when more information becomes avalible.

Are Provident going Bust ?

As we find out more we will share our findings and update the information on a dedicated page which will offer you an overview as things progress: Provident Scheme of Arrangement (SOA) 

What type of loans do Provident offer?
– Cash Loans
– Door Step Loans

Eligibility Requirements:
Minimum age of 18 and have a contact telephone number. The borrower must also agree to home visits and affordability assessment.

Loan Example: Loan amount: £260 Loan term: 26 weeks (with weekly repayments)
Interest rate: 112% p.a. Representative APR: 535.3% Total cost: £405.60

Provident is registered at the following address: Provident Personal Credit Limited.
Registered Office: No. 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU

Why could I receive a Provident Refund?

• Was the loan affordable to you before Provident granted your application for a loan? Provident may have not conducted the correct affordability checks.
• Did your loan have excessive charges combined onto it, such as high interest and charges? The FCA have introduced a price cap to protect borrowers from excessive charges.
• Did you tell your lender that the loan was unaffordable but they continued anyway? The lender should have released that the loan was unaffordable and not given it to you. This is irresponsible lending.
• During your application process, you may have not mentioned all of your debts. If this didn’t match with your credit record, Provident should have ensured to double-check this.
• When you applied for the loan, you may have not stated your correct regular income, due to be self-employed or your job history changing during this time, Provident should have looked at this and ensured you had a regular, consistent income before giving you a loan

If any of the above statements apply to your experience with the Provident and Doorstep Loans, you could be eligible to claim compensation from Provident.

Complete the Provident Loan Refund Claim Form today!