Provident Scheme Update
Please read the following information carefully!
Following the courts approval for s Scheme Of Arrangement, we want to provide you with an in-depth update as to the next steps in the process of your claim.
Provident Financial plc (‘PFG’ or ‘the Group’), the leading provider of credit products to consumers who are underserved by mainstream banks, published an update on the Scheme of Arrangement (‘the Scheme’) proposed by Provident SPV Limited (‘Company’), following the sanction hearing which took place at the High Court on 30 July 2021.
The sanction hearing for CCD’s proposed Scheme was held at the High Court on 30 July 2021 and the Court’s judgement was received today sanctioning the Scheme, following strong creditor approval.
The court believed that the proposed Scheme is the best and fairest outcome for customers and as such, PFG will now move forward with implementing the Scheme which is expected to become binding by 5th August 2021.
The deadline for claims submissions through the Scheme is expected to be towards the end of February 2022.
PFG are going to fund £50m into the Scheme.
This will be shared out to all creditors who have a valid claim.
If you have a valid claim, you will not receive the full amount of cash refunds.
The percentage of the cash refund you will receive will depend on how many creditors have a valid claim.
If however you have a valid claim with an outstanding balance, this balance will be reduced or cleared at the full rate.
If after the balance is cleared and you are still owed a refund, a percentage of the cash refund will be provided as above.
It is anticipated that all payments to creditors will be paid out by the end of 2022.
As your claim has previously been issued to Provident, we are awaiting confirmation as to whether or not the Scheme requires the case to be re-submitted.
We however ask that you provide us with your Scheme ID which has been provided to you via email and letter from Provident in the last few months.