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Provident disagrees with Competition Office ruling

Competition

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.

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