https //scheme.providentpersonalcredit.com : Scheme of Arrangement

https //scheme.providentpersonalcredit.com :

A scheme of arrangement (the “Scheme”) is being proposed for the purpose of assessing and paying compensation claims against Provident Personal Credit Limited (“PPC“) (which traded under the brand names Provident, Glo and Satsuma) and Greenwood Personal Credit Limited (“Greenwood“) for unaffordable lending. The Scheme would cover customers to whom loans were given by Provident, Glo, Satsuma or Greenwood, or who may have guaranteed a loan from Glo, between 6 April 2007 and 17 December 2020.

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It is important that customers take the necessary action if they believe they may have a claim as failing to do so may result in customers not receiving compensation.

Important update on the Scheme

There are some important updates that we wish to share with you about the Scheme. These updates are given in a document called a Supplementary Explanatory Statement that can be found in the Key Documents section of our website, and which you can access by clicking here. Please read this document carefully. It explains that although the home credit business is closing we are continuing with the Scheme. We believe the Scheme is the only alternative to insolvency and encourage customers to vote for it.

You can watch a video on this update by clicking on this link

Vote now!

The Voting and Claims Portal is now open for you to vote and submit your claim.

Timeline

The following timeline shows the indicative key Scheme dates and what action you need to take.

What do I need to do now?

The Voting Portal is now open for voting on the Scheme. If you wish to vote on the Scheme please complete the claim form, as this will help assess the value of your vote and this will mean that you will not have to submit another claim if the Scheme is implemented. The Virtual Scheme Meeting is on the 19th of July, which is where your vote will be valued.

If you do not want to submit a vote you will still be able to submit a claim if the Scheme is implemented and which is expected to be in August 2021 if it is approved by Creditors and the Court.

You will have 6 months to submit a claim before the final deadline for claims which we expect will be in February 2022. We will advertise the exact deadline date if the Scheme is implemented.

You can find a copy of the Scheme Document, including the Explanatory Statement and Supplementary Explanatory Statement that explain in detail how the Scheme works, in the Key Documents section of this site and which can be accessed by clicking here. You can also request a free copy of the Scheme Document by calling us on 0800 056 8936.


The above article is just for Information Purpose Only.

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