Doorstep lending woe as the High Court backs Provident Financial's compensation scheme
![Customers of doorstep lender Provident Financial are set for just a fraction of the redress they are due](https://i.dailymail.co.uk/1s/2021/08/04/19/46291847-9861883-image-a-2_1628102767034.jpg)
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.
![Atom](https://cdn.statically.io/img/img.thisismoney.co.uk/i/pix/A%20J%20Bell%202022_122X84.png)
![TSB](https://cdn.statically.io/img/i.dailymail.co.uk/i/pix/2014/05_02/HL-Logo_122x84.jpg)
![Paragon Bank](https://cdn.statically.io/img/img.thisismoney.co.uk/modulepix/ii_thisismoney_122x84.png)
![etoro](https://cdn.statically.io/img/img.thisismoney.co.uk/i/pix/logos/etoro_122x84.png)
![Trading 212](https://cdn.statically.io/img/media.sailthru.com/composer/images/sailthru-prod-626/trading%20212%20logo.jpg)
Most watched Money videos
- Aston Martin unveils new £2million limited edition hypercar
- Watch our electrifying review of the new Ford Explorer EV
- Bugatti unveil new sports car with watchmaking-inspired interior design
- Bentley unveils record-breaking hybrid £240k Continental GT Speed car
- Step inside new high-security vehicle storage facility near Gatwick
- Honda to relaunch one of best-known sports car names in 2025
- Bugatti Automobiles launch stunning £3.2m new hyper sports car for 2026
- 1992 Ford Escort RS Cosworth used by Jeremy Clarkson to be auctioned
- Ford revives Capri with new electric SUV priced from £42,075
- Britain's favourite affordable SUV: We take a spin in the new MG HS
- The new MG Cyberster EV roadster reviewed by TiM Motoring
- Ford Capri name returns but as a sporty electric SUV
-
Amazon's £3bn AI Anthropic investment probed by Britain's...
-
BP pushes ahead with Teesside hydrogen plants despite...
-
SMALL CAP MOVERS: Seeing Machines captures market's...
-
US stock markets rally as fresh jobs data eases recession...
-
Do we have the worst roads in Europe? New survey shows...
-
Bellway sales buffered by 'moderation' in mortgage rates
-
Barclays becomes the first British bank to scrap the EU...
-
Hargreaves Lansdown agrees £5.4bn takeover by private...
-
One-of-a-kind yellow Ford Escort RS Cosworth could sell...
-
BUSINESS LIVE: Hargreaves Lansdown agrees takeover;...
-
Surging profits for Germany's biggest arms maker as...
-
Two years after landmark Highway Code rule was introduced...
-
Olympic challenge for TV as pay-for-view streaming...
-
Will stock markets keep stumbling - and how to be calm in...
-
MARKET REPORT: Crowdstrike fails to dent Beazley as...
-
Markets have a habit of freaking out but you shouldn't:...
-
Pay tax on your crypto gains, HMRC reminds investors in...
-
Deliveroo finally turns a profit... and lines up buyback...