2 old Provident doorstep loans - I recently received an email from provident asking whether or not to agree to a scheme of arrangement.??

[Cagney18]

Hi, just after a quick bit of advice.

 

I had two provident loans around 7 years ago when I was struggling financially. I recently received an email from provident asking whether or not to agree to a scheme of arrangement.

 

What should I do agree or try to claim another way? 

I had no idea that I could try to reclaim as would have done so sooner! 
 

thanks in advance! 

[dx100uk]

arrangement for what?

irresponsible lending or something.

 

you can't change nor do it another way no.

 

at the end of the day it will be peanuts anyway once the scheme is agreed too.

 

 

[Cagney18]

Yeah, It said they were proposing a scheme for customers who may have claims for unaffordable loans received from provident between 2007-2020 and to vote yes or no. 
 

So even if I vote no, does that mean I cannot try and claim through them directly? What if the scheme isn’t agreed to? 

[The GodMother]

If scheme.is not agreed to then its likely that provident go bust. They want to do this as they have had a lot of IR claims and they lose them. 

If the scheme is agreed to they will give back pennies in the pound but then again they go bust you end up.as.a.creditor and then your lucky if you get pennies in the pound.  

Either way its up to u 

[dx100uk]

FCA “does not plan to formally oppose” Provident scheme - Credit Today - Consumer Action Group

[The GodMother]

Found this. 

 

Provident compensation plans slammed by regulator - Your Money

WWW.YOURMONEY.COM

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The Financial Conduct Authority (FCA) has refused to support a so-called ‘scheme of arrangement’ put forward by the doorstep...