Customers of doorstep lender Provident Financial are set for just a fraction of the redress they are due
Customers of doorstep lender Provident Financial are set for just a fraction of the redress they are due after the High Court backed its compensation scheme.
The company has set aside £50 million to meet claims over unaffordable loans. But customers will still not get all their money back.
Thousands of borrowers were deemed to have been mis-sold loans. But lenders such as Provident set up schemes which would see borrowers get a few pence for every pound due.
The Financial Conduct Authority agreed not to intervene because the firm said it was shutting its doorstep lending business. If its scheme did not go ahead, Provident said, customers get nothing.
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