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THIS LETTER IS IMPORTANT.
Please read this letter carefully if you have ever received or guaranteed a loan from PROVIDENT, GLO, SATSUMA OR GREENWOOD.
UPDATE
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Dear Customer,
Why are we sending you this letter?
If you have received a loan from Provident Personal Credit Limited ("PPC") (which traded under the brand names Provident, Glo and Satsuma) or Greenwood Personal Credit Limited ("Greenwood") between 6 April 2007 and 17 December 2020, or guaranteed such a loan you may be entitled to vote on a Scheme of Arrangement ("Scheme") and receive compensation for valid claims.
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We want to tell you about some important updates in respect of the Scheme.
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On 10 May 2021, our shareholder, Provident Financial plc ("PFG"), announced that its home credit businesses would stop lending to customers and close. Even though the home credit business is closing, we are continuing with the Scheme.
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If the Scheme is approved, PFG will make £50 million available to pay customers with valid compensation claims for unaffordable lending. If the Scheme is not approved PPC and Greenwood will become insolvent and customers will not receive any compensation. An independent firm of accountants agrees with our view.
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We will amend the Scheme so that, if PPC generates surplus cash between the Scheme becoming effective and completion of the wind down of PPC, it will be paid to creditors with valid claims in accordance with the Scheme. However, we believe it is highly unlikely that there will be any surplus cash.
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PFG has appointed an experienced practitioner called Jon Yorke to help customers with the Scheme. He will respond to customers' questions about the Scheme, attend the Scheme Meeting and provide a report to the Court on his findings.
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You can find the full update in the Key Documents section of our website at https://scheme.providentpersonalcredit.com. Please check the website regularly for ongoing updates.
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Important note about voting
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We continue to believe that the Scheme is the only alternative to insolvency and that it is a fair Scheme in the circumstances. For this reason, you are encouraged to vote for it.
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If you have already voted you can change your vote if you wish, by filling in a Claim Form (including the voting section) and returning it so that we receive it by no later than 5.00 p.m. on 14 July 2021. This can be done:
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Contact
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If you have any questions for us or Jon Yorke, you can contact us in the following ways:
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Telephone number
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0800 056 8936
Lines are open between 8.00 a.m. and 6.00 p.m. Monday to Friday (excluding bank holidays)
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Email
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soa@provident.co.uk. Please include your Scheme ID in any email.
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Address
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Scheme of Arrangement Team, Provident SPV Limited, 1 Godwin Street, Bradford, West Yorkshire BD1 2S
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Yours faithfully
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Malcolm Le May
Provident SPV Limited
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