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

provident personal credit satsuma loans glo loans greenwood personal credit

 

Frequently asked questions

Practice Statement Letter ("PSL")

Our records show that you may have had a loan from Provident, Glo, Satsuma or Greenwood or that you may have a guaranteed a loan issued by Glo to another person. Recently, we've received a number of complaints from customers who had loans they may have been unable to afford because the right checks were not carried out when we gave the loan.

 

As a result, we are writing to all customers who received loans from us, or who guaranteed a loan from Glo, to see if this may apply to you. If it does, you may be owed compensation.

If you haven't received a copy of the Practice Statement Letter you can view a copy here.

Customers were notified of the PSL by email, if we had a valid email address for you, or by post if we didn't have an email address for you.

If you would like to update your contact details to receive future communication by email, you can do this through the portal link on the Scheme website https://scheme.providentpersonalcredit.com/Claims.html.

Scheme of Arrangement ("Scheme")

Customers will not be approached by us or any other Third Party acting on our behalf, to assist in submitting a claim, unless we are responding to your request for help. Do not give details of your claim or any personal information or bank account details to anyone who approaches you alleging that they work for us or another party acting on our behalf. If you do require assistance or are unsure as to the validity of any correspondence you have received, please contact the Helpline on 0800 056 8936 or email us at soa@provident.co.uk.

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.

Provident SPV Limited will be the company implementing the Scheme. The company’s website contains all the information you need and will be updated from time to time to include documents, such as the contractual terms of the Scheme and a statement explaining the terms of the Scheme. The company's website will also explain how you can vote on the Scheme and claim compensation.

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.

Without the Scheme, PPC and Greenwood would become insolvent and customers would receive no compensation. If the Scheme is approved, customers will be able to make a claim for compensation and if the claim is agreed, customers will receive more money than they otherwise would without the Scheme.

If the Scheme is approved, compensation will be given to any customer who incorrectly received a loan from Provident, Glo, Satsuma or Greenwood from 6 April 2007 to 17 December 2020, in breach of the regulations applying to them. This compensation will also be given to any person who made a payment under a guarantee of a loan made by Glo any time from 6 April 2007 to 17 December 2020.

 

Only customers who were incorrectly issued a loan or who incorrectly guaranteed such a loan will receive compensation.

Until we know how many valid compensation claims have been made it is not possible to say what customers will receive. We would also need to check if you have any outstanding loans which would be set off against any compensation you are owed.

 

The Scheme has £50 million to pay customers whose claims are upheld under the Scheme and we expect to be able to pay part of your claim only. As an example, if we receive claims worth £500m then customers will receive £50m/£500m or 10% of their agreed claim. However, if you owe us money in relation to loans that you still have outstanding with us we will first reduce your loan balance by the value of your redress claim. If we then still owe you money we will make a cash payment at the relevant payment percentage out of the £50m. So for example if you have a redress claim of £100 and you still owe us £50 on an outstanding loan we will reduce your loan balance by £50 to nil and then we will pay you, using the example we mentioned earlier, 10% of the remaining £50 redress claim - ie £5.

 

In any event, your claim will be capped at the total amount of interest payable on the loans that were incorrectly issued to you (or the value of payments made under a guarantee) plus 8% p.a. simple interest.

If the Scheme becomes effective you will be required to 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 February 2022.

 

If you do not submit a claim by the deadline, you will not be eligible to receive any compensation, even if you were incorrectly issued a loan or you incorrectly guaranteed a loan.

 

We will then seek to assess all claims within a further six month period and contact you to let you know whether your claim has been accepted or not. Payments are expected to follow in the first half of 2022.

Yes, customers should continue to pay amounts due and payable under the loan. A claim may not ultimately be upheld in the Scheme and the outstanding loan amount will still be due and payable.

Yes, regardless of your payment history you can still make a claim if you believe you have a valid claim.

There is nothing to stop you using a CMC to help file your claim. You should be aware that CMCs charge commissions on any valid claims paid and so you will not receive the full amount of your claim if using a CMC. We have made the Scheme as simple as possible so that you can submit a valid claim into the Scheme without needing help from a CMC and needing to pay any commission to them.

If you believe you were given a loan you couldn't afford, or if you believe you guaranteed an unaffordable loan with Glo, please contact Provident on 0800 056 8936 and provide details of the loan you received or guarantee provided so that we can check our records. If you received or guaranteed a loan between 6 April 2007 and 17 December 2020, you will be allowed to submit a claim.

You do not need to vote or claim twice. Your unique Scheme ID will register your details for all your loans, regardless of brand.

If you are not satisfied with the amount of compensation offered in the Scheme, you can ask for your claim to be reviewed by an independent person, known as a Scheme Adjudicator. The Scheme Adjudicator will independently assess your claim and determine the value of your claim. The Scheme Adjudicator may also pass some of their costs to a customer if it was unreasonable for the claim to be referred to them.

A Scheme is a mechanism that will require creditor and Court approval, to enable us to consistently and equitably receive and consider all claims related to loans made by Provident, Glo, Satsuma or Greenwood. The purpose of the Scheme is to secure a better return for Provident, Glo, Satsuma or Greenwood's customers than would be possible if the Companies went into insolvency. Should the Scheme not be approved by the creditors, the Companies will go into insolvency and unsecured creditors (including customers with claims for redress) would receive no cash payments.

Every customer will have received a notice about the proposed Scheme if a valid email or postal address was held for them. If more than one customer's name is held under one postal or email address, then each will receive a notice. This could happen if more than one family member took out a loan or guaranteed a loan at the same postal address or if more than one family member or household member used the same email address. If this information is incorrect, you can enter the correct details in the voting and claims portal on https://scheme.providentpersonalcredit.com or please call us on 0800 056 8936 or email us at soa@provident.co.uk.

Timeline

The timeline below sets out the key dates and at what stage you need to take action.

 

timeline

The Voting and Claims Portal is now open for you to vote on the Scheme of Arrangement and submit your claim. On the 19th July a Virtual Meeting will be held to allow voting to occur. If the vote is successful, the company will return to court at the end of July to ratify the vote. If the Scheme becomes effective, it is important that customers make a claim if they believe they have a valid claim as failing to do so may result in them not receiving any compensation.

Voting / Claims Portal

You are being asked to vote 'for' or 'against' the proposed Scheme by 14th July 2021. The Scheme Meeting will be held virtually on 19 July 2021. You'll have until the 14th July 2021 to register online in advance of the Scheme Meeting and tell us if you want to virtually attend and vote at the Scheme Meeting.

 

If you vote 'for', this will enable customers making a valid claim to receive a compensation payment in a way that is equitable. This means that the same methodology will be used to value similar claims, and all customers will have an equal opportunity to receive payment for their claims.

 

If you vote 'against', that will likely result in us becoming insolvent (and no longer existing), in which case no compensation will be available.

To vote on the Scheme you will need to register by filling in a Claim Form (including the voting section)

 

i) online in advance by accessing the online Claim Form on the Claims Portal here https://scheme.providentpersonalcredit.com/Claims.html. This contains a link to a secure website and any personal information inputted will be kept secure. The Portal will open on 17th May 2021.

 

ii) manually by downloading a copy of the form from the website or requesting a copy of it from the call centre. This will be available from 17 May 2021. You must complete the online form or return the hard copy form to Scheme of Arrangement Team, Provident SPV Limited, 1 Godwin Street, Bradford, West Yorkshire BD1 2SU by 5:00 pm on 14th July 2021. Both online and hardcopy forms must be returned so that we receive it by this date and we encourage you to send it to us even earlier at least 5 days before this date.

If you’re having trouble creating an account, please check the following:

 

  • You have entered the Scheme ID exactly as it appears on the email or letter we have sent to you. Please key this in manually rather than copying and pasting in to the field, checking that there are no spaces at the beginning or end of the Scheme ID or in-between any of the digits or letters
  • You have manually typed your email address rather than copying and pasting this in to the field, checking that there are no spaces at the beginning or end of the email address in the field
  • If we have sent you a letter, you have entered your first name and surname exactly as it appears on the letter
  • If we have sent you an email , you have entered your first name exactly as it appears on the email and entered your surname

If you have changed your surname since you took out loan(s) with us, please try entering your previous surname in order to create an account. We will be able to amend this in our system at a later date.

 

We have created a video guide to help you create your account. Please click here to watch it.

We’re sorry to hear you're having issues with the portal, if you continue to have trouble, please email us at soa@provident.co.uk or call our Helpline on 0800 056 8936.

You do not have to submit a voting form. If the Scheme does go ahead, you will still be bound by it and you will have to submit a claim by the Claims Submission Date in order to be eligible to receive compensation. However, should you agree that the Scheme is the best option, we encourage you to vote in favour of it as this will help to ensure that the Scheme goes ahead and that customers will receive some compensation.

The details you put into the claims portal will be held on file until we confirm the outcome of our review of your claim and, if appropriate, if we are able to make a payment and what proportion. Once your claim has been determined and, if appropriate, paid we will destroy all your details safely.

To enable a third party to deal with your claim on your behalf, there must be a signed letter of authority or valid legal agreement in place to allow this, such as a power of attorney. This legal document gives another person the power to act on your behalf. Without such letter of authority or agreement we would be unable to deal with a third party.

 

We will accept the following documents;

  • a letter from the customer clearly providing authority to deal with any vote or claim
  • a Power of Attorney

You will need to register on the Claims and Voting Portal section of the website using the Scheme ID of the deceased and upload one of the following :

  • Death Certificate and proof of relationship with the deceased
  • Proof of Executorship
  • Grant of Probate
  • Copy of the will
  • Letter of Administration

 

You will also need to upload proof of your identification.

 

If you don't have access to the internet, but do have the deceased customer’s Scheme ID please call our Contact Centre on 0800 056 8936. We will send you a paper form. When you return the form you will need to include the above relevant documentation.

 

If you don’t have a scheme ID please call our Contact Centre and we will arrange to reissue the Scheme ID

The medical evidence should include the following:

  • Name of health condition or impairment
  • Date of diagnosis
  • How the diagnosis will impact the Customer managing their account/finances
  • Length of time the practitioner expects the condition or impairment to last (prognosis)

 

The evidence may include (in applicable circumstances):

  • Possibility of relapse e.g. is a mental health episode likely to reoccur based on the customer’s condition? If so, is this likely to impact the Customer again in the future?
  • Side effect of medication
  • Arrangements for on-going support / current support network

 

Evidence must be signed by the medical professional and:

  • Dated stamped
  • On letterheaded paper representing the organisation the medical professional works for
  • The most recent evidence that the Customer can get

We need you to complete the claim form so we can value your vote, whether you vote "for" or "against" the scheme. If you complete the Claim Form (including the voting section) before the Scheme is implemented, you won’t need to make another claim if the Scheme goes ahead. By voting in the scheme you can influence the outcome.

 

Please ensure you complete the personal details section of the claim form (Section A, Part 1) and the voting section (Section B) at a minimum.

 

The questions about CCJ’s and other factors may not apply to you. If you need more time to see if these apply to you, you can come back to these questions before the claims submission deadline.

 

You can update and amend the claim form up until the claims submission deadline.

Complaints

Please click here to see an overview of how current and future complaints will be dealt with

The Scheme covers complaints about unaffordable lending. This means you were unable to afford the loan because we did not carry out the right checks to make sure that you could afford the loan at that time. All complaints of this type for loans issued between 6 April 2007 and 17 December 2020 (inclusive) will be dealt with by the Scheme. The FOS has stated that it is not progressing unaffordable lending complaints further for our customers at this stage or taking on any new complaints affected by the Scheme - https://www.financial-ombudsman.org.uk/news-events/information-for-provident-customers.

If you have a complaint which is not about unaffordable lending, for example, service level complaints about the administration of your loan, debt collection or forbearance then you should contact our complaints team in the usual way at https://www.providentpersonalcredit.com/contact-us/how-to-make-a-complaint/. We will deal with your complaint under our normal complaint practices and you will still have the right to contact FOS if you are not satisfied with our decision in respect of your complaint.

Complaints in respect of loans made after 17th December 2020

Any complaints about loans that were issued to you after 17 December 2020 will fall outside of the Scheme and will be dealt with in line with our normal complaints procedure (https://www.providentpersonalcredit.com/contact-us/how-to-make-a-complaint/)

This date reflects the point at which we decided to proceed with a Scheme of Arrangement as a solution for the increasing level of complaints received by us. Loans made after this date would therefore be excluded from the Scheme.

Complaints in respect of loans made between 6 April 2007 and 17 December 2020

And submitted BEFORE 15 March 2021

You do not need to take any action, unless you have a different claim. Your claim has been agreed by us and will be paid in full.

You may submit a claim in the Scheme for any loans that were not previously upheld if you believe you still have a valid complaint.

If you have banked the cheque sent to you but do not agree with the settlement offer, you can still submit a new claim in the Scheme, but any compensation already paid to you will be deducted from any compensation calculated in the Scheme.

You will not need to resubmit your claim again.

 

Your claim will be automatically entered into the Scheme. We may seek further information from you during the Scheme process in order to determine if you are due compensation.

If we or the FOS have previously rejected your claim, and you still think it is valid, you will need to resubmit the details of your claim in the Scheme for it to be considered.

You may contact the FOS, but the FOS has indicated that the Scheme will deal with any future claims. You should, therefore, resubmit details of your claim in the Scheme if you think your claim is valid.

It is now too late to accept a settlement offer, but you will not have to resubmit details of your claim in the Scheme. Your claim will be automatically entered into the Scheme.

 

If you have received a cheque from us and banked it but do not agree with the settlement offer, you can still submit a new claim in the Scheme, but any compensation already paid to you will be deducted from any compensation calculated in the Scheme.

You do not need to take any action, unless you have a different claim.

 

You will be paid any amount in the FOS decision in full.

If you do not accept the FOS decision, you will need to submit a new claim in the Scheme by the Claim Submission Date and, if the FOS awarded you compensation, you will not receive as much compensation through the Scheme if your complaint is upheld. If you accept the FOS decision, any compensation that is awarded to you will be paid in full if they upheld your claim. 

 

If you accept the FOS decision, you will be paid in full if they upheld your claim.

Complaints in respect of loans made between 6 April 2007 and 17 December 2020

And submitted ON OR AFTER 15 March 2021

You will need to submit the details of your claim in the Scheme by the Claims Submission Date for it to be considered.

If we or the FOS have previously rejected your claim, and you still think it is valid, you will need to resubmit the details of your claim in the Scheme by the Claims Submission Date for it to be considered.

We recommend that you provide your details on the claims portal to receive future communication by email using the portal link on the Scheme website. The link is https://scheme.providentpersonalcredit.com/Claims.html/.

 

The claims submission deadline is February 2022. However if you wish to vote in the Scheme of Arrangement you will need to submit your vote and claim by the 14th July 2021.

If you miss the Claims Submission Deadline and submit your claim after this date your claim will be rejected and you will receive no compensation. In addition you will not benefit from any reduction in the amount you may still owe under any other outstanding loans you have with us. If you are a guarantor you may still have an obligation to make payments under your guarantee.

 

We will send out reminders about the final Claims Submission Date around 1 month and 2 months prior to that date to remind you about this deadline for claims.

Guarantor loans (Glo customers only)

Guarantor loans are loans where a person other than the borrower guarantees repayment of the loan made in the event that the borrower does not do so. Guarantor loans only apply to the loans issued by Glo. They do not apply to the loans issued by Provident, Satsuma and Greenwood.

 

The guarantor can only make a claim for compensation if they have made repayments on the loan. That claim will be capped to the value of the repayments made by the guarantor.

 

If a guarantor has not made any payments but believes the guarantee given was unaffordable they can make a claim and if it is upheld they will be released from their guarantee but not receive any compensation.

Where the guarantor’s claim is found to be valid, the guarantor will be entitled to the full amount which it has paid, plus 8% p.a. simple interest. In addition, the guarantee will not be enforced against the guarantor in the event that the borrower fails to make repayments under the loan.

 

If a guarantor has made any payment, they must submit a claim in order to receive compensation. The same Scheme rules will apply, the Scheme has £50m to pay both borrowers and guarantors whose claims we uphold under the Scheme and we expect to be able to pay part of your claims only.

In order for you as the guarantor to receive compensation you would need to submit a claim if you believe you are entitled to any compensation for amounts you have paid as a guarantor.

Where the guarantor's claim is found to be valid, the guarantor will not be required to make any further payments in respect of the guarantee which they gave (even if there is any outstanding balance).

We can only consider the arrangements as between Glo and the guarantor and/or Glo and the customer. We cannot take into consideration any arrangements that have been made between the guarantor and the borrower.

Contact us

We have set up a Contact Centre who will be able to run through any Scheme FAQs. If you received a letter by post, it would be helpful if you would provide your up-to-date electronic contact details through the Voting and Claims section https://scheme.providentpersonalcredit.com/Claims.html so that, in future, we can provide you with up-to-date details on the Scheme by email.

 

The Voting and Claims portal opens for voting on May the 17th. There are video walk through guides to aid customers to vote and submit a claim.

 

Our Contact Centre also has paper guides which can be posted out on request. Please call 0800 056 8936 if you or someone you know needs one.

General

No, you don't need your loan details. All you need is your Scheme I.D. This can be found at the top of the letters or emails we’ve sent to you about the scheme.

Your unique Scheme I.D. is shown at the top right of the letters we have sent to you about the Scheme, and in the body of any emails. It will always be 12 numbers or letters separated by a dash:

 

for example: ab12-cd34-ef56

 

You will need the unique Scheme I.D. to access the claims portal. If you're not sure whether you've found the right code, give us a call on 0800 056 8936 or email us at soa@provident.co.uk and we will check for you.

If you lost the letter we sent to you about the Scheme, please call the helpline on 0800 056 8936 or email us at soa@provident.co.uk and we will resend the details to you.

Once we have confirmed the outcome of your claim in early 2022, if you have a valid claim, we will then ask for your bank details. You will need to enter your bank details within the Portal. If you can't access the Portal we will contact you again for your bank details

 

Your bank details will be held on file until we are able to make your payment, and will be destroyed safely once completed.

You may get a county court judgment (CCJ) or high court judgment if someone takes court action against you (saying you owe them money) and you do not respond.

 

If you get a judgment, this means that the court has formally decided that you owe the money.

 

Further information can be found on the UK Governments website - https://www.gov.uk/county-court-judgments-ccj-for-debt

You should have received a letter in the post with details about the CCJ. You can also check the register of judgements for a small fee of £6. https://www.trustonline.org.uk/

If you get a county court judgment (CCJ) or a high court judgment, it will stay on the Register of Judgments, Orders and Fines for 6 years unless you have had it removed.

We want to make sure that we have relevant information available to us to make sure we can assess your claim properly. If you think you did have a CCJ or defaulted on a loan to another lender at the time that we issued you with a loan, please tell us.

This is where a customer has not paid back a loan, they had from another lender and has defaulted on the loan. This does not mean that a customer might just have missed a few payments or been in arrears but that the loan was not paid back.

If you were suffering from any medical condition that affected your ability to understand whether you could afford the loan at the time it was issued please provide information to support that condition so that we can take account of it when assessing your claim. Customers may not have been able to understand whether they could afford the loan if the Customer suffered from certain medical conditions, such as Alzheimer's, Dementia or a brain injury.

We’ll only get in touch with you by letter, email or phone call. We’re not sending text messages at the moment. Any letters or emails that we send you about the scheme will always have your scheme ID on it. If you can’t see your scheme ID (or it looks suspicious) don’t click on any links or reply as it could be a scam. Please let us know if you’ve received something suspicious by getting in touch on –

 

Telephone number: 0800 056 8936

 

Email: soa@provident.co.uk

If you don't receive a letter or an email regarding the opening of the Voting and Claims Portal in your inbox, please check your spam and junk folders. If there's nothing in there, please give us a call on 0800 096 8936. If you have your Scheme ID it will help us greatly in assisting you

Your data

Provident SPV Ltd will administer the claims process on behalf of Provident Personal Credit Limited ("PPC") (which traded under the brand names Provident, Glo and Satsuma) and Greenwood Personal Credit Limited ("Greenwood"). These companies are part of the Provident Financial group of companies and your data will continue to be handled securely. When you register your claim you will be transferred to the Provident SPV Ltd website.