We are aware that Provident Personal Credit Limited (“Provident”) is proposing a scheme of arrangement with its creditors (which includes customers of Provident, Glo, Satsuma and Greenwood) for complaints about unaffordable lending.
If it’s approved by creditors and the court, customers with complaints will be able to make a claim for redress directly through the scheme; but if it’s not approved, we understand from the firm’s proposals that it would need to begin insolvency proceedings.
In these circumstances, we’re not progressing complaints further at this stage or taking on any new complaints affected by the scheme. We’ll be contacting consumers who already have complaints with us to let them know the next steps.
More information can be found on Provident’s website.