Proposal for the payment of compensation claims through a scheme of arrangement

A legal process called 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.

 

If you received a loan from PPC, or guaranteed a loan from Glo, between 6 April 2007 and 17 December 2020, you can visit Provident Scheme of Arrangement website where you will be able to view more information about the Scheme and next steps if you think you may have a claim. 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.

Stop to lending

Over the years, we’ve been proud to help people who need a loan and can’t get one elsewhere. However, the tough economic situation has resulted in us making the difficult decision to stop lending.

 

As of 10th May, we won’t issue any new loans. This includes new loans to existing customers. To find out more read our FAQs. If you have money worries, we’ve also included some handy links below that you might find helpful.

 

As an alternative, for details of other home collected and cash loans in your area, you can visit www.lenderscompared.org.uk

 

Are you looking for a loan?

 

We have stopped new lending but there may be other options for you;

 

1. Credit Unions are community savings and loans providers. They can offer affordable loans to people within their local area. Credit Unions are often able to lend to people whose circumstances might mean they struggle to get a loan from other lenders. They often have branches as well as phone and online support. There are hundreds of Credit Unions across the UK. To find one in your area and to see if you are eligible to join visit https://www.findyourcreditunion.co.uk/
2. Community Development Finance Institutions (or CDFIs) are community lenders that offer affordable and flexible loans alongside free access to advice. There are a dozen CDFIs across the country. You can apply for a loan from a CDFI either online or over the phone and there are branch services available in some areas. Search for a CDFI by visiting https://www.findingfinance.org.uk/. Please note that search results appear in alphabetical order.

 

Credit Unions and CDFIs also offer loans at specific times such as Christmas, for school uniforms and for other one off expenses.

 

 

If you’ve recently applied for a loan or have a loan in progress

• If you’ve already signed your loan agreement, you’ll still get your loan
• If you’ve not yet signed your loan agreement, unfortunately we won’t be able to finish your application

Your Rep will get in touch to talk you through what this means for you. They’ll also be able to answer any questions you might have. You can also read our FAQs.

 

Existing loans

We’re focused on looking after existing customers and their loans. We’re still here to help.

 

If you’ve already got a loan with us, it’s important that you continue to repay your current loan(s). Keeping up with your payments will have a positive impact on your credit score. We understand it’s a difficult time due to Covid-19, so speak to your Rep if you can’t make a payment. There are ways they can help you.

 

Visit our make a payment page to find out about the different ways you can pay. 

 

You can find out more by reading our FAQs or by speaking to your Rep.

 

 

Money worries

If you’re struggling with money there is help and support available to you. We’ve popped some links below that you might find helpful. You can also read our FAQs.  

 

Financial difficulties

Personal difficulties