CUSTOMERS of Provident Financial can claim compensation within new partial repayment scheme.
You might be able to get some of the money back should you be mis-sold an unaffordable loan through Provident, Satsuma payday loans, Greenwood, or Glo.
Affected customers won't get all their money-back, but could receive countless pounds.
The new scheme continues to be given the green light through the High Court, and comes into force from tomorrow.
Provident applied to set up the scheme stating that it couldn't afford to keep refunding all of the customers making complaints.
The Financial Ombudsman was upholding 75% of complaints against Provident, due to a insufficient proper affordability checks.
City watchdog, the FCA, asserted it did not support the move for many reasons including "the important thing concern that customers are now being offered significantly less than the full amount of redress they are owed."
Despite these fears, the FCA didn't come in court to create a challenge, stating that because the lenders are facing immediate insolvency – customers will finish up getting no redress at all when the scheme didn't proceed.
The watchdog added that the firm remains under investigation because of its conduct and said that it has wider concerns about companies using Schemes of Arrangement to wiggle from paying customers what they're owed.
It added the lenders are not planning to continue the loans business, that was another element in its decision.
The new scheme, which officially starts from August 5, will divvy up