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

provident personal credit satsuma loans glo loans greenwood personal credit


EY Report


Provident Personal Credit Limited (“PPC”) engaged Ernst & Young LLP (“EY” or “us” or “we”) to provide an independent review of the estimated insolvency outcomes for PPC and Greenwood Personal Credit Limited (“Greenwood”) (together “the Companies”) in a scenario where the proposed scheme of arrangement (the “Scheme”) was not implemented and the Companies entered an insolvency process, highlighting whether we considered the conclusions made by PPC and Greenwood were reasonable.


EY performed this work between 1 June 2021 and 17 June 2021, and delivered our final report on 17 June 2021 (the “Report”).


On 24 June 2021, PPC issued EY with an update to the estimated outcomes (the “Updated EOS”) as more up to date actual data has subsequently become available. This information did not become available until after we issued the Report. For the avoidance of doubt, we have not received any updated information in respect of Greenwood.


EY has prepared a letter to provide commentary on the Updated EOS, with a particular focus on the reasonableness of Management’s assumptions and whether the overall conclusion remains reasonable (the “Letter”). PPC has requested the Letter be made available to creditors of the Companies (“Recipients”).


Whilst EY is prepared to provide a copy of the Letter to the Recipients, it is only on the basis that the Recipients acknowledge and agree for the benefit of EY that:


  1. no EY Person accepts any responsibility nor shall have any liability in contract, tort or otherwise to any Recipient or any other third party in relation to the contents of the Letter;
  2. any use a Recipient makes of the Letter is entirely at its own risk;
  3. the Letter is strictly confidential and disclosure of all or any part of the Letter by a Recipient to a third party may cause loss or damage to EY;
  4. no Recipient shall disclose all or any part of the Letter to any other person, by any means, or refer to EY or any EY Person in connection with the Letter;
  5. EY Persons shall be entitled to enforce these terms and conditions in accordance with the Contracts (Rights of Third Parties) Act 1999.


This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.


Each Recipient irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.


For the purposes of this agreement “EY Persons” shall mean Ernst & Young LLP, any other member of the global network of Ernst & Young firms and any of their respective subcontractors, members, shareholders, directors, officers, partners, principals or employees (including but not limited to employees of Ernst & Young Services Limited). “EY Person” shall be construed accordingly.


If you wish to access the Letter you should confirm your acceptance of and agreement to the terms of this agreement with EY by clicking on the “I AGREE” button below.


By clicking on the "I AGREE" button you signify that you agree to be bound by these terms and conditions. Such acceptance and agreement shall be deemed to be as effective as a written signature provided manually by you, and shall be deemed to satisfy any requirements of any applicable law to create a legally enforceable contract, notwithstanding that the agreement is written and accepted electronically.