12 Jul Proposal for the payment of compensation claims through a scheme of arrangement
A legal procedure called a scheme of arrangement (the “Scheme”) will be proposed for the intended purpose of evaluating and spending settlement claims against Provident Personal Credit Limited ("PPC") (which traded under the manufacturers Provident, Glo and Satsuma) and Greenw d Personal Credit Limited ("Greenw d") for unaffordable financing. The Scheme would protect customers to whom loans got by Provident, Glo, Satsuma or Greenw d, or who may have fully guaranteed financing from Glo, between 6 2007 and 17 December 2020 april.
In the event that you think you may have a claim if you received a loan from PPC, or guaranteed a loan from Glo, between 6 April 2007 and 17 December 2020, you can visit Provident Scheme of Arrangement website where you will be able to view more information about the Scheme and next steps. It is necessary that clients simply take the required action when they think they might have a claim as failing continually to do this may cause customers not receiving compensation.
Stop to lending
On the years, we’ve been proud to greatly help those who require a loan and can’t have one somewhere else. Nonetheless, the tough situation that is economic led to us making the hard choice to prevent lending.
At the time of tenth May, we won’t issue any loans that are new. This consists of new loans to customers that are existing.