MORE than four million Britons could be in cash debt after taking out unaffordable payday and home loans.
Customers of Provident Financial, Greenwood, Flo and Satsuma have just one month to file their claim before the February 28 deadline.
You could get refunds for any mis-sold loan, even if you paid off the debt years ago – so it’s worth checking.
Customers can apply for loans from four different brands:
- Home Loans from Provident
- Greenwood Home Loans
- Payday loans through Satsuma
- Guaranteed loans via Glo
These loans were granted between April 6, 2007 and December 17, 2020, so if you purchased a product between these dates, you may be indebted in cash.
Regulators found that these products were being sold unfairly and that vendors had failed to carry out proper accessibility checks.
Former customers can get a share of a Â£50million pot, which has been set aside to pay back anyone who wins the case.
But borrowers can still get cash worth hundreds of pounds and if you don’t claim you won’t get anything at all.
If you’re successful, you could also have bad scores removed from your credit report, which is very important because it impacts everything from getting a mortgage to the interest you pay on credit cards. .
Sara Williams from the blog Debt Camel told The Sun: “The provident loans were only meant to be used for short-term borrowing – that’s why the interest rate was so high.
“But Provident did not do proper checks on borrowers. Hundreds of thousands of people have borrowed continuously from Provident for years.
“They have a good chance of having their ‘unaffordable loan’ claim upheld – even if they made all the repayments on time!
“If you win, you’ll get some of the interest you paid back – it’s worth applying.”
Anyone who took out a loan from Provident, Satsuma, Greenwood and Glo between April 6, 2007 and December 17, 2020 may be eligible for a refund.
If the loan was unaffordable, it is worth applying, for example, if you had difficulty with repayments or had to borrow money to keep up with them and got into debt.
The amount you get back will depend on how much you borrowed and for how long.
Your payout will also depend on how many other people successfully claim as there is a set amount of money to share.
Refunds will be issued after the program closes at 5 p.m. on February 28, 2022.
However, the money will not be paid immediately, as each claim must be assessed and the amounts due calculated.
How to request a refund
If you think you received an unaffordable loan from Provident, Satsuma, Greenwood or Glo, you can easily file a claim.
First, you need to go to schema.providentpersonalcredit.com.
You can then complete an online form or make a complaint by calling 0800 0568936. You can also download a form to submit.
Submitting a claim is free as long as you do it yourself, if you use a claims management company they will take some of the money you get back.
You will need a Program ID, which should have been emailed or mailed to you, but you can call the number above if you have lost it.
You won’t need your loan details to make the claim, but you may need to show evidence of defaults or CCJs.
You can find them on your credit report if the missed payments have occurred within the last six years.
If you have more than one product from these companies, you will need to contact the loan provider.
Sara says: “If you think you have 2 accounts – perhaps you have moved or changed your email address, or for some other reason – let Provident know by emailing [email protected] .
“If you don’t get a helpful response in a few weeks, call them and ask.
“This is very important. You want a claim submitted for both accounts. And you want your two accounts to be considered one account, not two separate accounts, because that may mean you get a refund most important.”
It’s best to make a claim as soon as possible – just in case there is a problem submitting information close to the deadline.
You can even make a new claim if you’ve already been denied a refund or accepted a small amount.
It was found that the company had rejected too many complaints, so many people who were rejected could still get money back.
Sara advises that you can make a claim if you paid the loan on time, defaulted, or if the loan was sold to a debt collector.
If your loan was sold to a debt collector, Provident will try to buy out the loan and settle it under the program.
None of the four companies are currently lending to new customers and Provident has canceled outstanding home loans as of December 31, 2021.
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