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FAQs – Stop to lending

Frequently Asked Questions

This is because we’ve made the decision to close Provident on 31st December 2021.

If you’ve an outstanding balance, it will be cleared and there are no more payments to make after the 15th December 2021.

There is nothing you need to do, you do not owe Provident any payments after the 15th December 2021.

 

You shouldn’t make a payment to Provident, your Rep or any other individual.

 

If someone knocks at your door or calls you saying they are collecting repayments for a Provident loan, don’t give them any money.

 

If your payments were taken by Continuous Payment Authority (CPA), we will stop these for you.

 

If you pay another way, you can now stop making payments.  Please note:

 

Any payments made after 22nd December will be refunded to you.

 

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 decision to stop lending and the business will close on 31st December 2021.

We have changed all outstanding balances to zero which means you have no loan balance remaining.

 

Depending on your repayment status your loan will show as fully or partially settled. You will find details in the letter and/or email we have sent you.

Please allow 60 days from 15th December 2021 for the updates to appear with Credit Reference Agencies.

 

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

 

  1. Credit Unions are community savings and loans providersThey 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.

 

 

All information can be found within these FAQS or other pages of the website. If you are unable to find what you are looking for you can call us on 0800 096 6064.

  • Payments made between 15-20th December 2021 using All Pay card will be retained by Provident and applied to your account. You will not receive a refund. Any payments made through this channel after 20th December 2021 will be refunded to you.
  • Payments made between 15-22nd December 2021 via other payment channels eg: DCA Online or Stepchange ( payment plan) will be retained by Provident and applied to your account. You will not receive a refund. 

After 22nd December 2021, all payment channels will be closed. Any payments made after this date will be refunded to you.

Payment(s) made before 15th December as part of a customer’s loan agreement will be applied to their outstanding loan balance. These payments will not be refunded.

You are not able to make any further payments, as you no longer owe Provident any money.

No, we have taken care of this.

We’re sorry that you’re unhappy. You can fill in our online complaints form or we can help you over the phone at 0800 096 6064.

You can find your Customer Number in your payment book and on emails or letters you have received from us.

 

If you haven’t got a payment book yet or you can’t find your customer number, the best thing to do is get in touch with your Rep.

 

Or, you can contact us. You’ll just need to answer a few security questions before we share any details with you.

If we’ve cleared an outstanding balance on your loan and you make a valid claim in the Provident SPV Limited Scheme of Arrangement (the Scheme), which is upheld, the amount of your upheld claim will be reduced by the balance outstanding on your loans(s) which we’ve cleared.

 

If your outstanding balance is less than the amount of your upheld Scheme claim in full, you’ll receive a payment equal to the difference between the two amounts.

 

If your outstanding balance is more than your upheld Scheme claim in full, you won’t receive a Scheme payment.

 

There is also up to date information on the Scheme. Take a look at www.providentpersonalcredit.com. If you need further help with your claim our contact centre are happy to help - 0800 056 8936.

 

 

Illustrative Examples

 

We’ve provided some examples of how the calculation would work. This is for illustrative purposes only.

 

Example 1: You do not make a claim in the Scheme

 

Amount of outstanding debt under the loan

£100

Amount of valid claim as assessed in the Scheme

Not applicable

Balance of valid claim in the Scheme after being reduced by the outstanding debt under the loan

Not applicable

Amount on which the dividend payable in the Scheme will be calculated

Not applicable

Amount of outstanding debt to be written off

£100

 

 

Example 2: You make a valid claim in the Scheme but it is less than your outstanding debt

 

Amount of outstanding debt under the loan

£100

Amount of valid claim as assessed in the Scheme

£60

Balance of valid claim in the Scheme after being reduced by the outstanding debt under the loan

£0

Amount on which the dividend payable in the Scheme will be calculated

£0

Amount of outstanding debt to be written off

£40

 

Example 3: You make a valid claim in the Scheme and it is more than your outstanding debt

 

Amount of outstanding debt under the loan

£100

Amount of valid claim as assessed in the Scheme

£150

Balance of valid claim in the Scheme after being reduced by the outstanding debt under the loan

£50

Amount on which the dividend payable in the Scheme will be calculated

£50

Amount of loan to be written off

£0

You are still eligible to make a claim in the Provident SPV Limited Scheme of Arrangement (the Scheme).  The clearing of your account / balance and related update on your credit file does not affect this.

We have instructed all our Debt Collection Agencies to close their accounts and they are doing this now and your account will be closed with them by Christmas.

No, we have only closed the accounts we had live at the end of the year 2021. Accounts we sold in the past are outside our control and now owned by the Debt Purchaser.

Any payments received from your Debt Management Company, such as Stepchange, Payplan or Christians Against Poverty after your account has been closed will be return to the DMC. If you have other balances in your DMP, they will re-distribute the payment you were making to Provident/Satsuma to your other creditors. If this was your final or only balance, they will refund you direct.

You should let your Insolvency Practitioner know that the Provident/Satsuma balance has been reduced to zero and they will adjust your IVA accordingly. Any payment we receive after your account has been closed will be returned to your Insolvency Practitioner.

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