More than four million Britons could be the amount owed after taking out overpriced payday loans and doorstep selling.
Financial Foresight, Greenwood, Flo and Satsuma customers have just one month left to submit their application before the February 28 deadline.
You can get refunds for mis-sold loans even if you paid back the debt years ago – so it’s well worth checking out.
Customers might be able to apply for loans from four brands:
- Door loans made by Provident
- Loans of doors made by Greenwood
- payday loans through Satsuma
- Guarantor loans through Glo
These loans were given between April 6, 2007 and December 17, 2020, so if you purchased a product between these two dates, you may be owed the amount.
Regulators found that these products were unfairly sold to people and that the vendors weren’t helping; Perform the right accessibility checks.
Former customers can get a share of a Â£50 million pot, which has been set aside to refund everyone who has a successful claim.
But borrowers could still get hundreds of pounds cash value and if you don’t ask you won’t get anything back at all.
If you are successful you can also get bad scores removed from your credit report, which is very important as it affects everything from getting a mortgage to the interest you pay on credit cards.
Sara Williams Blog Debt Camel told The Sun: âProvident loans were only meant to be used for short-term borrowing â which is why the interest rate was so high.
“But Provident did not do adequate checks on borrowers.” Hundreds of thousands of people continuously borrowed from Provident for years.
“They have a good chance of having a confirmed ‘overpriced loan’ request – even if they made all the repayments on time!”
âIf you win, you get back some of the interest you paid – which is worth asking. Â»
Anyone who took out a Provident, Satsuma, Greenwood and Glo loan between April 6, 2007 and December 17, 2020 may be eligible for a refund.
If the loan was overpriced than it’s worth applying, for example, if you struggled with repayments or had to borrow money to meet them and got into debt.
How much you get back will depend on the amount you borrowed and the term.
Yor payout will also depend on how successful other people claim as there is a gambling pot for not splitting.
Refunds will not be issued after the system closes at 5 p.m. on February 28, 2022.
Money will not be paid out right away however, as each claim must be assessed and amounts owed worked out.
How to request a refund
If you think you received an overpriced loan from Provident, Satsuma, Greenwood or Glo, you can easily file a claim.
First, you need to go to scheme.providentpersonalcredit.com.
You can then complete an online form or claim by telephone on 0800 0568936. You can also download the form to send.
Submitting the claim is free as long as you do it yourself, if you use a claims management company they will take a cut of the money you get in return.
You will need a collective capitalization ID, you should have been sent by e-mail or letter, but you can call the number above if you have lost it.
You won’t need your details ready to make the request, but you may need to provide proof by default or CCJs.
You can find on your credit report if the late payments have been in the past six years.
If you have taken more than one product with these companies, you must contact the loan provider.
Sara says: “If you think you have 2 accounts – maybe you’ve moved or changed your email or other reasons – tell Foresight about this by emailing [email protected] .
âIf you don’t get a helpful response for a fortnight, phone them and ask.
âThis is very important. You want a claim submitted for both accounts. And you both want your accounts to be considered one account, not two on their own, because that could mean you’re increasing your repayments. Â»
It is best to make a claim as soon as possible – just in case there is a closeness of submitting issue information to the deadline.
You can even reapply if you’ve been denied a refund before, or in progress for a small amount.
The company was found guilty of dismissing too many complaints, there were plenty of people who were denied could still get money back.
Sara advises 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 has been sold to a collection agent, Provident will attempt to redeem the loan and settle it within the scheme.
None of the four companies are now serving new customers and Provident has waived outstanding home sales receivables as of December 31, 2021.
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