MSE News: Provident to limit loan mis-selling payouts for 4m customers under new redress scheme

MSE_Petar

Anyone with a current or future guarantor, doorstep or payday loan mis-selling claim against Provident, Glo, Greenwood or Satsuma, some of the sectors' biggest lenders, likely won't now get the full amount they're owed. It's because the High Court has approved a new scheme put forward by the firms' parent company, which will limit payouts to £50 million in total and set a time restriction on claims – but don't let that put you off if you think you've been mis-sold, as you could be due £100s.

Read the full story:
'Provident to limit loan mis-selling payouts for four million customers under new redress scheme – what it means for you'

If you haven’t already, join the forum to reply.

WoodyEU

Can I still claim money owed to me by Provident from 1997ish to 2000/1ish?
I made a complaint to Provident in 2000 about them making me pay for insurance for 3 years on my loans. I was paying £20pw back then just on the insurance alone as I had loans and products off them for over £1k at a time.
I was on benefits as I had an accident that left me having to use a wheelchair.
They knew I only received benefits because they came to my house, saw my payment book (as it was back then for DLA etc) yet they said I couldn't have the money or goods unless I paid for the insurance.
I told them that I wouldn't be able to claim as I was already on benefits and they still insisted that I had to have it or wouldn't be able to have the money.
I had just separated from my partner, moved into a new property (100 year old social housing terraced house), just lost my job cos of the accident, and my boy was only 4yrs old so I had to have the things so I could feed him.
They said it was in case I started work again and then couldn't work again after starting work.
When I contacted them in 2000, they said the woman that did it was off sick as her dad had just passed away and they would get back to me when she came back to work.
They never got back to me and they never came to collect the weekly payments on the £200 or so that was left on my loan at the time.
That was the last I ever heard from them.
They never chased me up legally through the courts for the money I still owed either.
I reckon I'm owed thousands in payments on the insurance alone nevermind all the interest that is owed for all these years.
I also faxed a copy of the letter to my council's trading standards, as it was at the time, and they even said I should be commended for the contents and the way I had written it. The latter stands out due to me being dyslexic and I always used to struggle with writing letters, so having a pc back then (and now a smartphone) has really helped.
If I can claim, which scheme would it be under, or is it under the old one that I can no longer claim for?
Thanks in advance for any replies.

[Deleted User]

Any redress you might get at this stage - which is likely to be none, given the passage of time - would be absorbed by your outstanding debt, so I'd leave it as it is.

WoodyEU

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

Under the Limitation Act 1980 Section 5, the debt is considered to be statute barred and is therefore unenforceable.

The Financial Conduct Authority rule 7.15.4 clearly states, ‘notwithstanding that a debt may be recoverable, a firm must not attempt to recover a statute barred debt in England, Wales or Northern Ireland if the lender or owner has not been in contact with the customer during the limitation period’.

The Financial Conduct Authority rule 7.15.8 clearly states, ‘a firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred’.

Thanks for your reply though, it's appreciated.

[Deleted User]

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

WoodyEU

Deleted_User said:

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

Thanks for the clarification and setting me right on that, it's really appreciated.
3yrs at £20pw = £3,120 plus interest at 8%per year (if I'm right... I'm always open to correction) is still a lot better than approximately £200 plus interest.
I'm still nearly £3k better off 🤷🏻‍♂️ aren't I?
Anyway, still haven't got the answer I want which is if I can even claim, so until that has been answered...
Thanks again for clarifying the other matter, always good to learn.

[Deleted User]

You can make a complaint (not a claim). The issue though, will be in the evidence due to how long ago it was. 

p3ncilsharpener

WoodyEU said:

Deleted_User said:

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

Thanks for the clarification and setting me right on that, it's really appreciated.
3yrs at £20pw = £3,120 plus interest at 8%per year (if I'm right... I'm always open to correction) is still a lot better than approximately £200 plus interest.
I'm still nearly £3k better off 🤷🏻‍♂️ aren't I?
Anyway, still haven't got the answer I want which is if I can even claim, so until that has been answered...
Thanks again for clarifying the other matter, always good to learn.

From the very article linked to in this thread

You must have taken out the loan between 6 April 2007 and 17 December 2020 to be covered by the new redress scheme.

So you're out of luck.

WoodyEU

p3ncilsharpener said:

WoodyEU said:

Deleted_User said:

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

Thanks for the clarification and setting me right on that, it's really appreciated.
3yrs at £20pw = £3,120 plus interest at 8%per year (if I'm right... I'm always open to correction) is still a lot better than approximately £200 plus interest.
I'm still nearly £3k better off 🤷🏻‍♂️ aren't I?
Anyway, still haven't got the answer I want which is if I can even claim, so until that has been answered...
Thanks again for clarifying the other matter, always good to learn.

From the very article linked to in this thread

You must have taken out the loan between 6 April 2007 and 17 December 2020 to be covered by the new redress scheme.

So you're out of luck.

I wasn't refering to this scheme, I was referring to the fact that I complained back in 2000 and never got a response back then, except for them acknowledging my complaints and they would be in touch once the person was back from sick leave, which they never did.
So I didn't know if I could still chase them for the monies owed to me, or not 🤷🏻‍♂️
Thanks for your reply though, I appreciate that people are taking notice of my post and getting involved. 🙏🏼

p3ncilsharpener

WoodyEU said:

p3ncilsharpener said:

WoodyEU said:

Deleted_User said:

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

Thanks for the clarification and setting me right on that, it's really appreciated.
3yrs at £20pw = £3,120 plus interest at 8%per year (if I'm right... I'm always open to correction) is still a lot better than approximately £200 plus interest.
I'm still nearly £3k better off 🤷🏻‍♂️ aren't I?
Anyway, still haven't got the answer I want which is if I can even claim, so until that has been answered...
Thanks again for clarifying the other matter, always good to learn.

From the very article linked to in this thread

You must have taken out the loan between 6 April 2007 and 17 December 2020 to be covered by the new redress scheme.

So you're out of luck.

I wasn't refering to this scheme, I was referring to the fact that I complained back in 2000 and never got a response back then, except for them acknowledging my complaints and they would be in touch once the person was back from sick leave, which they never did.
So I didn't know if I could still chase them for the monies owed to me, or not 🤷🏻‍♂️
Thanks for your reply though, I appreciate that people are taking notice of my post and getting involved. 🙏🏼

Well you've mentioned the debt being statute-barred, that applies both ways.

WoodyEU

p3ncilsharpener said:

WoodyEU said:

p3ncilsharpener said:

WoodyEU said:

Deleted_User said:

WoodyEU said:

They can't claim anything from me, it's statute barred, I was just wanting to know if I can still claim from them.

They don't have to claim anything from you. The debt is statute barred but it doesn't go away, so any redress is offset against your remaining debt.

Thanks for the clarification and setting me right on that, it's really appreciated.
3yrs at £20pw = £3,120 plus interest at 8%per year (if I'm right... I'm always open to correction) is still a lot better than approximately £200 plus interest.
I'm still nearly £3k better off 🤷🏻‍♂️ aren't I?
Anyway, still haven't got the answer I want which is if I can even claim, so until that has been answered...
Thanks again for clarifying the other matter, always good to learn.

From the very article linked to in this thread

You must have taken out the loan between 6 April 2007 and 17 December 2020 to be covered by the new redress scheme.

So you're out of luck.

I wasn't refering to this scheme, I was referring to the fact that I complained back in 2000 and never got a response back then, except for them acknowledging my complaints and they would be in touch once the person was back from sick leave, which they never did.
So I didn't know if I could still chase them for the monies owed to me, or not 🤷🏻‍♂️
Thanks for your reply though, I appreciate that people are taking notice of my post and getting involved. 🙏🏼

Well you've mentioned the debt being statute-barred, that applies both ways.

Thank you, that's appreciated as I didn't know that. I genuinely thought it was different for consumers with all of the ppi claims that was going back to the 90s and even 80s in some cases that I've heard about.