The following information is relevant for the customers of the following companies:
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.
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 firstname.lastname@example.org.
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 has made £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.
Both scheme creditors and the Court approved the Scheme in July 2021 and the Scheme became effective on 5 August 2021. The Scheme was implemented on 27 August 2021 and customers have 6 months from this date to submit their claims.
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 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.
Compensation will be given to any customer where the lender providing the Loan did not carry out the right checks to assess creditworthiness or the ability to keep up with payments on the Loan without further borrowing, 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. Loans issued after this date will be dealt with outside of the Scheme.
Only customers who are determined under the terms of the Scheme to have been issued a loan without the right checks having been undertaken, or who guaranteed such a loan, will receive compensation. You must submit a Claim Form to the Company by no later than the Claims Submission Deadline at 5pm on 28th February 2022 to have your claim for compensation assessed.
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.
Now that the Scheme is implemented you will be required to submit your claim within 6 months. The Scheme was implemented on 27th August 2021 and the deadline for submitting your claim will be 5pm on 28th 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 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.
The Scheme provides us with a mechanism 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. Had the Scheme not be approved by the creditors or the Court, the Companies would have gone into insolvency and unsecured creditors (including customers with claims for redress) would have received 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 claims portal on https://scheme.providentpersonalcredit.com or please call us on 0800 056 8936 or email us at email@example.com.
There are some important updates that we wish to share with you about the Scheme. These updates are given in a document called the 'Supplementary Explanatory Statement' and which can be found in the Key Documents section of our website which you can access by clicking here.
The document explains that although the home credit business is closing we are still continuing with the Scheme.
Since the Scheme was approved, our shareholders will make £50m available to pay customers with valid compensation claims for unaffordable lending.
EY (Ernst & Young) is an independent consultancy firm. They have reviewed our conclusions and agree that without the Scheme customers will not receive any payment for their valid compensation claims.
The SES is an update on information that affects the Scheme of Arrangement. It tells customers that if there is any surplus cash between the Scheme becoming effective and the wind down of the business, it will be given to creditors with valid claims under the Scheme. However, we believe it is highly unlikely that there will be any surplus cash.
An experienced practicioner called Jon Yorke is available to help customers with the Scheme. You can pass questions through to him via the contact centre or by sending an email clearly marked for him to the Scheme email address firstname.lastname@example.org. We will provide updates to frequently asked questions on this website. Please include your Scheme ID in your email.
If you have already cast your vote for the Scheme of Arrangement, then no unless you wish to change your vote. If you haven't yet cast your vote then you should do so before voting closes at 5pm on the 14th July 2021.
The timeline below sets out the key dates and at what stage you need to take action.
The Scheme was implemented on 27th August 2021, it is important that customers make a claim if they believe they have a valid claim as failing to do so will result in them not receiving any compensation and giving up the right to claim after the Claims Submission Deadline, which is 5pm on 28th February 2022.
If you’re having trouble creating an account, please check the following:
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 email@example.com or call our Helpline on 0800 056 8936.
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;
You will need to register on the Claims Portal section of the website using the Scheme ID of the deceased customer and upload one of the following :
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:
The evidence may include (in applicable circumstances):
Evidence must be signed by the medical professional and:
If you voted in the Scheme, this will mean that you will not have to submit another claim. However, if you wish to do so, you can amend your claim prior to the Claims Submission Deadline which is 5pm on 28th February 2022.
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.
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.
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.
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 5pm on 28th February 2022.
If we assess that your claim is valid you will be entitled to receive compensation. We will pay compensation via a bank transfer and as such will need to collect your most up to date bank details. We will send you a message via our secure Portal at the appropriate time in order to do this. You will then need to log in to your account within the Portal and enter your bank details.
Please note – we will only ever send you correspondence about your bank details via our secure Portal. You’ll receive a notification via email or post to let you know a message is waiting for you. Your bank details will be held on file until we are able to make your payment, and will be safely destroyed once completed.
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 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.
We have set up a call 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 portal link on the Scheme website so that, in future, we can provide you with up-to-date details on the Scheme by email.
The Claims portal is open for you to submit your claim. There are video walk through guides to aid customers to 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.
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 firstname.lastname@example.org 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 email@example.com 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
If you don't receive a letter or an email regarding the opening of the 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
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.