Provident comp letter.

[The GodMother]

Analysis: Provident Financial faces FCA probe and a £65m complaints redress scheme - Provident and associated companies. - Consumer Action Group

 

Interesting as no more than 3 hours ago l got a knock from a neighbour re this. 

I have been helping some with things during the past year due to having to get help they have never had to.

They have received the letter and a leaflet below.

Interestingly enough they seem to have admitted irresponsible lending 

 

l have had one of the neighbours l having been assisting for the last year knock at around 7.30 with this letter re the problems Provident are having.

 

she has been sent home to see if she can find paperwork but she has said she binned lots of it.

Was from previous house so over 6 yrs old and only 1 payment made no book issued as the agent said they did not have any in the office as waiting for them to arrive from area. 

 

Lots of my ex neighbours took out loans with them at the time as they were offering loans with up to 60% off due to the Jubilee.

 

 

Provident.pdf

 

 

 

 

 

[dx100uk]

ok done you PDF 

i can see there being several complaints here, they can't just use it to pay off 'other debt' if they do refund and they most certainly can't pay a third party DCA if the debt has been sold.

 

it's gonna be peanuts anyway.

the rumour mill has it there will be far more claims than the £65m put aside to be able to meet and any single loan will see less than 1/10th back anyway.

 

disgusting people and time and again even when taken to course by the authorities the already in serious debt customers that they prayed on never really do get any serious redress out of provident that betters them, some people had +100 loans out of them.

 

dx

 

[fkofilee]

Time to plug the IRL Guide ¬_¬

 

Seriously though - It has a section on Administration too. 

PDL Claim Guide - WIP.pdf

[The GodMother]

Ok so just got off the phone to a different friend. He has not been at home due to some family stuff. Anyway he just checked his post and panicked, normal for him. 

He has a couple of Questions which l think l know the answer to 1 but wanted to check l will advise right. 

 

1) Why is it only going back to 6th April 2007 when they were lending badly before. 

2) If you had loans before 6th April 2007 but you took out loans after that that paid off a previous loan does that effect your case. 

3) Paperwork what if you don't have or don't know if you have the paperwork. I have said to look for it or we might be able to obtain this via legal measures eg a SAR/CPR request. 

4) How does this effect the fact that his debts went to a DCA and they tried to take him to court. They Discontinued  on the day of court hearing. PRA group are the DCA. There here somewhere. Suddenly wondering where my crystal ball went. I did not say that to him l did say l dont know but l think some of what they have said might not be legal eg paying the amount to a 3rd party etc. 

 

We have agreed to keep in touch and if he hears anything important he will let me know. Doubt he will do before CAG but hey strange things do happen. 

[The GodMother]

Dx l have a question. Since when have Vanquis been in administration.

[dx100uk]

Vanquis Bank, part of the provident group, are not in administration

[The GodMother]

Just something you said on a different post re Vanquis. Something to do with it does not matter if they are in Administration. Also as they are part of the group could they be effected by this

[The GodMother]

Dont know how true this is but according to this Guardian article dated 15th March the £65m is broken down as £50m for the claims with a further £15m to administer the scheme 

So even less than thought. 

https://www.google.com/amp/s/amp.theguardian.com/business/2021/mar/15/doorstep-lender-provident-financial-reveals-fca-investigation

 

It is now proposing to ringfence £50m for a scheme that will assess claims on loans issued under its Provident brand and Satsuma between 2007 and17 December 2020. A further £15m will be used to cover the costs of running the programme, which will be open to an estimated 4.3 million former and current customers, including 380,000 existing borrowers. 

[dx100uk]

i believe i said IF Vanquis Bank or Moneybarn go into administration.

 

the main crux of all this is the scheme, detailed in the link in post 1 that Provident, now a Parent Company, of Vanquis Bank and Moneybarn etc, is entering into regarding the mis-selling of 100'000's of doorstep loans they provided in the 90's going fwd, before they became the group that financed the launch of the Vanquis Bank and the purchase of the likes of Greenwood and latterly Moneybarn etc.

 

By entering into the scheme in post 1 Provident are trying to limit the 'damage' to the whole group to £50M, thus not bringing the whole group down. but i can't see that succeeding as Moneybarn seem to be selling debts off now and thats a first, so that points to even further problems going on.

 

i suspect the whole group will collapse eventually.

[The GodMother]

So the company's as we know have been miss selling loans for years. I know my partner had a provident and greenwoods loans back in 2003 which were unaffordable. So have others l know. The agent even lived within 20 minutes walk of us. 

 

It just seems like they are getting away with lotsnof miss selling by not going back further. 

[dx100uk]

i don't think we've seen the end if it.

 

provi totally funded their latter mass empire out of what could be deemed as the mass extortion thru very high interest loans to people that could not get mainstream funding right back to the 1980's. now what regulation could be used or did exist in those times moving forward and be applied to an investigation today is another matter, and ofcourse what records exist of those that suffered that could ever be identified, is another.

 

but as i said, i very much doubt we've seen the end of what might happen.

[fkofilee]

If you want to see where this might go... Have a look at previous payday loans companies going into the office administration or using schemes etc

 

Amigo is doing just that right now 

[The GodMother]

Oh l know of 1 or 2 ppl that took out loans. My Inlaws for one. I think Studio catalogue were even mixed up with them once. Will dig out my old paperwork. 

 

[dx100uk]

no studio weren't but don't forget the other 'schemes' that provident ran.

 

there was also a time they ran a thing called 'fresh-start'

where they would find out you had a bad debt with xyz company (yes cat debts like studio were a favourite!) and 'offer' to clear that debt for a big discount and lend you more cash to your pocket on top for accepting their hard bargained  'discount' with the OC, when in all truth 

the debt was sold to a DCA long ago and it was their mates at XXX DCA doing a deal. it was that time that the infamous ROP started too i believe

[fkofilee]

Hang on.. I do remember fresh start... 

God that was a terrible thing...

[fkofilee]

Webpage is still live XD

 

https://www.vanquis.co.uk/existing-customers/fresh-start

[dx100uk]

The above scheme is the 'new' one after provi started becoming a debt buyer in their own right.

 

The original scheme was some 10yrs earlier if not more. There are various threads here about it

 

DX

[The GodMother]

I remember l got some stuff off Studio back in 2001. Within 2 weeks l had the manager of the local provident on my door doing a loan. He moaned as l was not able to give him details of my family to go to if l did not  pay.

 

I was not speaking to my family so l could not ask their permission l told him that he threw a hissy fit saying l could not have the loan. My reply was good l never asked for the load nor did l ask you to come here. He then packed up and left.

 

I did not find out till later that he had signed me up to the loan. This was when l came out of hospital and a few days later the door went to find a provi agent at my door moaning that l had missed 2 payments.

 

Well did not know l had a loan, did complain but surprisingly the letter went missing as the head office only allowed complaints if you complained via the local office first. Agents kept calling.  Never paid it back and moved not long after that.