Provident Claim Portal

sharon-d

I have been gong through the Provident Claim Portal to try and claim back some money for my Mum.  I received an email today which says 'Your estimated Total Compensation Value is: £144.66 to £217.00. This is calculated as £3616.59 x 4 to 6 pence in the pound = £144.66 to £217.00.  This seems a very small amount.  Also there are a lot of loans on her account and it doesn't say how they have worked out what was affordable and what wasn't. In total over the period they are talking, 6 April 2007 and 17 December 2020 she had over £25,000 in loans with them. I am sure most of them were unaffordable as she often took out a larger loan to pay off the loan she already had.  Has anyone else received this and is it the best she can get?  I know she will be happy with anything as she wasn't expecting it but still...

This is there explanation on how it has been worked out - How has your compensation value been calculated? We expect to pay compensation at a rate of between 4-6 pence in the pound. The estimated pence in the pound compensation rate is calculated by dividing £50m (the total Scheme compensation pot) by the total value of valid claims for unaffordable loans submitted by all of our customers. The current estimate of the total value of valid claims is between £833m and £1250m, so the pence in the pound compensation rate has been estimated as £50m ÷ £833m to £1250m = 4p to 6p pence in the pound. 

[Deleted User]

What exactly do you hope to gain here? Provident loans are no more, they went into administration and the £50m pot is fixed, thus any borrowers will gain a small % of any refund. There is no way to haggle this up, if your claim is accepted, once the scheme closes, you'll get back whatever sum it was.

Boorman76

Both myself and my wife are in the same boat as sharon-d and also was trying to find out how they have decided which loans were not correctly sold as I also am pretty certain that almost every loan I took was payed off with a newer one.  On the letter it does state that you can appeal within 30 days of the letter date but Im worried that if I do this then I stand to lose more than the payout was offering.  Do we know if this is a possibility as they say if they can not agree a settlement it will go to an adjudicator who is an independent solicitor.

Do we have the right to ask for copies of our payment history's as these will tell exactly which loans were settled abruptly and immediately replaced with new ones.

I will be honest, I am hoping to get a better payout by doing this as the courts agreeing to such a small pot from which to payout was madness in the beginning.

I almost wish Id never paid them off as then they would have been written off thus giving me a full refund.
  

sharon-d

Boorman76 said:

Both myself and my wife are in the same boat as sharon-d and also was trying to find out how they have decided which loans were not correctly sold as I also am pretty certain that almost every loan I took was payed off with a newer one.  
  

This was the case with my Mum also.  Surely if you take a loan out to pay a previous loan you can't really afford it.  It would really help if there were dates on the payment history.  Also she didn't work and my Dad who was the only wage knew nothing about them.

[Deleted User]

sharon-d said:

Boorman76 said:

Both myself and my wife are in the same boat as sharon-d and also was trying to find out how they have decided which loans were not correctly sold as I also am pretty certain that almost every loan I took was payed off with a newer one.  
  

This was the case with my Mum also.  Surely if you take a loan out to pay a previous loan you can't really afford it.  It would really help if there were dates on the payment history.  Also she didn't work and my Dad who was the only wage knew nothing about them.

That is the point of the repayment process - however, the company has effectively gone under so regardless of how terrible they treated your mum and Boorman76 (and yes, it was terrible) you can only get the money back that is available in the pot

sharon-d

Deleted_User said:

sharon-d said:

Boorman76 said:

Both myself and my wife are in the same boat as sharon-d and also was trying to find out how they have decided which loans were not correctly sold as I also am pretty certain that almost every loan I took was payed off with a newer one.  
  

This was the case with my Mum also.  Surely if you take a loan out to pay a previous loan you can't really afford it.  It would really help if there were dates on the payment history.  Also she didn't work and my Dad who was the only wage knew nothing about them.

That is the point of the repayment process - however, the company has effectively gone under so regardless of how terrible they treated your mum and Boorman76 (and yes, it was terrible) you can only get the money back that is available in the pot

Luckily my Mum will be pleased with whatever she gets.

lauram999

Has anyone had a payment from the portal...as we did receive an email saying would be in last quarter of 2024...but doubt anything will be paid now