Provident Financial issues new profit warning as boss quits

Provident Financial HQ, BradfordImage copyright
Provident Financial

Doorstep lender Provident Financial has issued its second profit warning in months.

It says it now expects to make losses of £80m to £120m as its debt collection rates have dropped to 57% compared with a previous rate of 90% in 2016.

Bradford-based Provident recently changed the way it collected its loans, replacing self-employed agents with “customer experience managers”.

Its chief executive, Peter Crooke, has resigned.

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