Claim A Provident Loans Refund
The Financial Ombudsman have upheld 85% of complaints against Home Credit lenders (door step lenders)
Provident are currently trying to introduce a scheme for paying redress to customers
Founded in 1880, Provident Financial is one of the oldest companies of short-term doorstep loans. They provide personal loans of £100-£1,000, over terms of 13-52 weeks, for consumers, with the cash being delivered to your door and repayments collected weekly, also from your home. Have you ever had a loan from Provident? If the answer is Yes, You may be able to claim a refund from Provident Home Loans.
It has been documented in the news where instances confirm Provident has been lending irresponsibly. This means provident customers may be able to claim compensation with Provident.
Doorstep Loans, also known as home credit loans, are used by 1.3 million people in Britain and it’s the practice where a collector comes to your house to collect the repayments, rather than paying them through a bank or standard repayment scheme.
Lenders who offer doorstep loans have come into the spotlight recently, with the Financial Conduct Authority keeping a very close on companies like Provident. The BBC documented that the doorstep loan provider has to pay “almost £169m in compensation to customers’ after mis-selling a particular loan product to customers whilst paying a fine of £ 2 million to the FCA.
Other complaints about doorstep loans include people being sold a home credit loan by an agent when they could not afford it. In 2019, there was also a controversial report of Provident offering “lending bonuses” to its doorstep lending staff, with concerns of having “bonus payments linked to loans issued to subprime borrowers”.
At one point The Financial Ombudsman upheld 85% of complaints against Home Credit Lenders (Door Step Lenders)
On 15th March 2021 Provident announced they intend to introduce a scheme of arrangement, in which £50m would be set aside for compensation payments for claims made before 17 December 2020, which are still unresolved. For any customer who took out a loan after 17 December 2020 any claims in respect of such a loan will be processed outside of the Scheme. Provident claims that if the scheme is not approved then their consumer credit business will go into administration. The full announcement from Provident can be found here
More recently, Provident has introduced a new product called Sunflower Loans, with the same management as their old Consumer Credit division that required the above scheme of arrangement due to mis-selling.
For Hassle-Free Refunds
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can do all the hard work so you don't need to!
Making a claim is simple. With just a few details you can start your application.
No Win, No Fee
You are only charged after the claim has been won and you have your refund!
You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Why could I receive a Provident Loan Refund?
Was the loan affordable to you before Provident granted your application for a loan? Provident may have not conducted the correct affordability checks.
Did your loan have excessive charges combined onto it, such as high interest and charges? The FCA have introduced a price cap to protect borrowers from excessive charges.
Did you tell your lender that the loan was unaffordable but they continued anyway? The lender should have released that the loan was unaffordable and not given it to you. This is irresponsible lending.
During your application process, you may have not mentioned all of your debts. If this didn’t match with your credit record, Provident should have ensured to double check this.
When you applied for the loan, you may have not stated your correct regular income, due to be self-employed or your job history changing during this time, Provident should have looked at this and ensured you had a regular, consistent income before giving you a loan
Maximise Your Compensation
We will go through your previous borrowing and can help you claim from an extensive list of lenders.
Your complaint is handled by professionals
Your claim will be handled by an experienced team, who will complain to your lender on your behalf.
Reclaimed funds to be Transferred
After a claim is successful, the redress money is transferred straight to you.
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.