Provident disagrees with Competition Office ruling
Subprime lender Provident said it disagrees with a ruling of the Competition Office (GVH), in which it fined Provident HUF 50 million for misleading advertising. GVH said the company failed to inform consumers on key elements of participation in a special offer, in which borrowers who made repayments as scheduled throughout the term of their loan were repaid one or two weeks' repayments. However, borrowers who made early repayments could not get any money back. Provident said it proceeded in accordance with their legal obligations and the consumer protection requirements and will consider the possibility of legal remedy against the GVH ruling.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.