Provident refund to be paid to debt collection company

[Deleted User]

jodies19 said:

They have sold the debt its no longer with them

Even if they sell the debt, if they have clawback rights they can do this; similarly if they "sold" the debt to an inhouse debt collector they can do

martinbainbridge1975

would possibly query it. I worked for a well known high street lender that paid out misselling compensation to customers even if balances had been written off or sent to debt collectors.  and there were some hefty sums involved

[Deleted User]

martinbainbridge1975 said:

would possibly query it. I worked for a well known high street lender that paid out misselling compensation to customers even if balances had been written off or sent to debt collectors.  and there were some hefty sums involved

The written off ones they may just have chosen to do so, they are allowed to offset. 

If SOLD to a debt collector with no clawback rights, tough for the lender, they are not allowed to offset. Hence maybe they just did it all in 1 go rather than spending time working out which ones they can offset

sourcrates

Checking on the Provident website today, and it states that all outstanding loans have been written off by the company -

Important update about

our loans service

We are closing Provident Personal Credit 

 

We’ve made the decision to close Provident Personal Credit (PPC) on 31st December 2021. If you have a balance outstanding with PPC, we’ll be clearing it on that date.

 

Over the years, we’ve been proud to help people who needed a loan.  However, the tough economic situation meant that Provident stopped lending earlier this year and now we’re closing altogether.

 

There is nothing you need to do.  You can stop making payments on your outstanding loans owed to PPC and if your payments are taken by the Continuous Payment Authority (CPA), we will stop these for you. Any payments made after 31st December 2021 will be paid back to you.

 

If you’re in arrears or didn’t pay your loan within the time we agreed when you got your loan, we’ll update your file with our Credit Reference Agency to show the balance as zero and partially settled.