Provident writes off outstanding Irish customer loans as it exits market

The company formally exits the Irish moneylending market as of today. File Picture: Pexels

Doorstep moneylender Provident has written off all outstanding loans owed to it by its Irish customers ahead of it formally exiting the market.

Provident has told its Irish customers that any remaining balance on their loans is being taken as having been paid off and that their credit record will be updated accordingly.

The company said it stopped collecting payments last Monday morning and that any remaining balance held by borrowers after that date “is now paid off”.

“There are no more repayments to make to your agent or Provident,” the company said.

In May, Provident said it was stopping issuing new loans in Ireland and the UK after posting annual losses of €132m. 

The company formally exits the Irish moneylending market as of today. 

The Government recently said it would gradually lower the interest rate cap on licensed moneylenders’ loans in Ireland, which are currently capped at 288% a year.