The following information is relevant for the customers of the following companies:

provident personal credit satsuma loans glo loans greenwood personal credit

Important update regarding the FCA’s assessment of the Scheme - Click here

The Scheme Meeting was held on 19 July 2021. We are pleased to announce that Scheme Creditors representing over 98% in number and by value voted in favour of the Scheme.

 

We will now seek the sanction of the Scheme by the High Court of Justice of England and Wales. The hearing of Provident SPV Limited's application will take place at 10:30am on Friday, 30 July 2021 before Sir Anthony Mann in Court 30 of the Business and Property Courts, which are located in 7 Rolls Buildings, Fetter Lane, London EC4A 1NL. Scheme Creditors are entitled to attend the hearing in person. If you wish to attend the Scheme Sanction Hearing in person, we recommend that you arrive at the Business and Property Courts by 10am on Friday, 30 July 2021 and ask the Court staff for directions for Provident SPV Limited's hearing. While the Court recommends that attendees take lateral flow test before attending the hearing, this is not obligatory, and you are not required to show a negative Covid-test result or vaccine passport. You will, however, need to wear a face mask in the common areas of the Court.

 

Any Scheme Creditor who wishes to make representations (i.e. address or speak) to the Court during the Court hearing, and who has good reason for not being able to attend the Court hearing in person, can apply to the Court for dial-in details for the Court hearing. Applications should be made to Susan Woolley (susan.woolley@Justice.gov.uk), who will pass these on to Sir Anthony Mann for his consideration.

 

If you have any questions for the Customer Advocate before the sanction hearing, please call us on 0800 056 8936 or send an email marked for his attention to soa@provident.co.uk. Please include your Scheme ID in any email.

 

Scheme of Arrangement

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.

 

It is important that customers take the necessary action if they believe they may have a claim as failing to do so may result in customers not receiving compensation.

 

Important update on the Scheme

 

There are some important updates that we wish to share with you about the Scheme. These updates are given in a document called a Supplementary Explanatory Statement that can be found in the Key Documents section of our website, and which you can access by clicking here. Please read this document carefully. It explains that although the home credit business is closing we are continuing with the Scheme. We believe the Scheme is the only alternative to insolvency.

 

You can watch a video on this update by clicking on this link

 

 

Submit your claim by the Claims Submission Deadline, expected to be around February 2022

 

The Claims Portal is open for you to submit your claim.

 

Claims

 

 

Timeline

 

The following timeline shows the indicative key Scheme dates and what action you need to take.

 

 

What do I need to do now?

If you did not vote do not worry, you will still be able to submit a claim if the Scheme is implemented and which is expected to be in August 2021 if it is approved by Creditors and the Court.

 

You will have 6 months to submit a claim before the final deadline for claims which we expect will be in February 2022. We will advertise the exact deadline date if the Scheme is implemented.

 

You can find a copy of the Scheme Document, including the Explanatory Statement and Supplementary Explanatory Statement that explain in detail how the Scheme works, in the Key Documents section of this site and which can be accessed by clicking here. You can also request a free copy of the Scheme Document by calling us on 0800 056 8936. Please also view our list of FAQs by clicking here.

 

Helpful videos

 

We’ve developed a range of videos to help you understand the Scheme. If you need help with completing your Claim Form, please call us on 0800 056 8936.

What is the update on the Scheme about?

What is a Scheme of Arrangement and why is Provident SPV proposing a Scheme?

What does the Scheme do?

How does the Scheme affect my current loan?

How much compensation will I get from the Scheme?