MORE than 4 million borrowers could be owed cash after taking out payday and doorstep loans.
Customers of Provident Financial could get money back for mis-sold loans, despite they have paid the debt back years back.
Doorstep loans made by Provident and Greenwood, pay day loans through Satsuma, and guarantor loans through Glo were given to many who couldn't afford them.
Ex-customers are in possession of 'till the end of this month to claim a share of a lb50m pot put aside to refund those who were mis-sold loans.
The scheme to refund borrowers was agreed in August last year, but offers under the full amount they are owed.
Borrowers could still get cash they wouldn't otherwise have worth countless pounds though – and they could get bad marks removed from their credit score too.
Sara Williams from blog Debt Camel told The Sun: "Provident loans were only intended to be used for temporary borrowing – that's why the interest rate was so high.
"But Provident did not make proper checks on borrowers. Thousands and thousands of people borrowed continuously from Provident for years.
"There is a good chance of having claims for 'unaffordable lending' upheld – even if they provided all of the repayments promptly!
"Should you win you will get back a few of the interest you paid – this is worth applying for."
Anyone who took out financing with Provident, Satsuma, Greenwood and Glo between April 6, 2007 and December 17, 2023 could be eligible for a refund.
If the loan was unaffordable it's worth applying, for example should you be not able to afford the repayments or had to borrow more money to keep up with them and got into debt.
Before the present scheme was agreed and Provident was giving full refunds, it upheld 75% from the claims made.
How much you receive back is determined by just how much you borrowed and for just how long, in addition to the number of others obtain a refund while there is a collection pot of cash to give out.
The cash is going to be dished out following the refund scheme closes at 5pm on February 28, 2023.
This won't be straightaway though, as each claim needs to be assessed and also the amounts owed exercised.
How to assert a refund
To make a claim if you think you had been given an unaffordable loan from Provident, Satsuma, Greenwood or Glo, visit scheme.providentpersonalcredit.com.
You can submit a claim online or by calling 0800 0568936, or you can download a form to send off.
Submitting a claim is free of charge. Beware claims management firms who say they'll do that on your behalf because they will require a cut of the money you get back.
You'll need a scheme ID to submit your claim that you simply must have been sent via email or letter, but you can call the amount above if you don't have this.
You won't need information on your loan to help make the claim, says Sara, however, you might need to show proof of defaults or CCJs and this can be out of your credit report if it's in the last six years.
It's easier to claim sooner rather than later – just in case there's a problem submitting information near to the deadline.
Sara also advises that you could also make a claim again if you were turned down for any refund before, or accepted a minimal amount, as the company rejected too many complaints before.
She also says in her own guide to claims that you could claim whether you paid the borrowed funds promptly, defaulted, or maybe the loan was sold to a collector.
None of the four firms are presently lending to new clients and Provident has written off outstanding doorstep loans as of December 31, 2023.