Provident inviting people to claim compensation

SparkyMark123

Sourcrates said - Edited, after further reading I appears I am wrong.

Thank you for the correction, it`s never my intention to put out false or mis-leading information, so thank you for setting me straight on that.

I’m sorry but you are wrong. Every current and previous customer who thinks they may have a claim is invited to register through provident`s portal to be notified nearer the time. After the first court date voting will open up on whether the scheme goes ahead. The vast majority of people must agree for the scheme to take place. In simple terms it seems there is choices

1 Vote for the scheme and run the risk of your complaint is upheld you get significantly less 

2 Vote against the scheme should you do this and your complaint is upheld then you could get more money. However provident have said that if the scheme does not go ahead then they are likely to put the home credit division into administration so you could end up with nothing.

vanquis are run as a separate business so home credit being wound up would not affect vanquis every customer is to receive a letter outlining the next steps and it is also on providents website 

sunsetbumblebee

I got a letter from them with this but I have never received a loan from them at all. There’s nothing on my credit record to do with them so unsure why I have received this. 

SparkyMark123

sunsetbumblebee said:

I got a letter from them with this but I have never received a loan from them at all. There’s nothing on my credit record to do with them so unsure why I have received this. 

Did you ever take out a loan with satsuma or glo?

cake6

I just received a letter from provident, i did have a loan off them years ago, is it a scam?

sunsetbumblebee

No I’ve never taken out any loans with anyone ever and there are none listed on my credit record

MurphyGSA

sunsetbumblebee said:

No I’ve never taken out any loans with anyone ever and there are none listed on my credit record

Were you a Guarantor?

Cake6, its legit. There is information about this on the FSA (Financial Services Authority) website - amongst other places. 

I'll be voting for it, for what little its worth, as its potentially 'some money back I wasn't expecting' vs 'more money back I wasnt expecting' and people losing their jobs (I'd expect). 

[Deleted User]

MurphyGSA said:

sunsetbumblebee said:

No I’ve never taken out any loans with anyone ever and there are none listed on my credit record

 There is information about this on the FSA (Financial Services Authority) website - amongst other places. 

That's the Food Standards Agency website.

You want the FCA (Financial Conduct Authority) website.

SparkyMark123

MurphyGSA said:

sunsetbumblebee said:

No I’ve never taken out any loans with anyone ever and there are none listed on my credit record

Were you a Guarantor?

Cake6, its legit. There is information about this on the FSA (Financial Services Authority) website - amongst other places. 

I'll be voting for it, for what little its worth, as its potentially 'some money back I wasn't expecting' vs 'more money back I wasnt expecting' and people losing their jobs (I'd expect). 

The way provy have put it is

Vote for SOA - Potentially get some money back should your claim be upheld

Vote against - Company goes into liquidation people lose there jobs  and potentially no money available

that is a simplistic way of looking at it and the legalities are for far more clever people than me to work out 
 

phillw

Deleted_User said:
The choice is either you accept a partial refund or the lender goes into administration and you get nothing (though current customers will likely get a reduction or write off of their debt).

It would seem strange if the previous customers are deemed to be creditors due to their outstanding compensation and so they get a vote,but only current customers would benefit from the company being wound up.

SparkyMark123

phillw said:

Deleted_User said:
The choice is either you accept a partial refund or the lender goes into administration and you get nothing (though current customers will likely get a reduction or write off of their debt).

It would seem strange if the previous customers are deemed to be creditors due to their outstanding compensation and so they get a vote,but only current customers would benefit from the company being wound up.

how is that so previous customers and current customers both get a vote. Current customers may get a reduction in balance if claim upheld paid up get compensation

suppose the only difference is paid up customers would get nothing or very little what would current customers get would the balance reduction still apply to the company provident sell the debt onto when they go bust who knows