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(Reuters) - Britain’s Provident Financial Plc is closing down its doorstep lending business after 141 years, the Mail on Sunday newspaper reported.

Provident, which lends to people who do not meet the lending criteria of mainstream banks, will also close its online lending business, according to the report.

The company will instead focus on its credit card business and its car finance operation.

 

The company declined to comment on the Mail on Sunday report.

Provident has faced criticism historically for poor treatment of some vulnerable customers. reut.rs/3nH3mIL

In 2020, the company faced a 2.8 million pound ($3.87 million) fine from Britain’s Financial Conduct Authority (FCA) for unfair treatment of consumers.

 

 

https://www.reuters.com/article/uk-provident-fin-doorstep-lending-idUKKBN2CJ08W

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Oh dear l think the cat broke my Violin 

 

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Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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Sorry my violin is still broken its beyond repair must find a new one for when this company sinks to the bottom. 

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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You wonder whether Government providing advance payments on Universal Credit and crisis grants through local Councils, has destroyed the small sum high interest loans businesses.  Look at all of the companies that have gone bust during the last 5 years.

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Maybe but then some of there practises like persuading the client to take another loan to clear the other high APR etc. 

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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No UC wasnt the reason, it was the compensation required to sort IRR Complaints that caused it. 

Plus the cost of FOS Complaints being raised is now I think £750 compared with £550 before.

 

- Complain to lender...

- They reject complaint...

- Refer to FOS...

- More than say 25 / 50 complaints during a year...

 

Ill let you work out the rest...

 

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Still tho it took ppl to wake up and smell the roses, to use a well known phrase, for action to start. 

Yes until the action started it was rosey for them but people l know who live here would be preyed on by them. At one stage a agent had stickers on her car advertising provident, one side said to ask her about a provident loan and would drive around town go and park near schools etc. 

Needless to say people getting a interest free loan is better than a high interest loan. 

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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Very true... 

 

I have to add that the reason this started was all because the FCA set the bar on what an acceptable HCSTC loan should be. 

Then the floodgates opened...

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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For them to set the bar something had to happen for that to be done. They would not have woke up on a Monday morning and said you know what l will suggest this at the meeting this morning. Without a reason. 

In a way its the same as CAG. We would not be here if it was not for a reason. Yes we know its not just Provident but other things. 

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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