Provident Financial to hire debt collectors to revive doorstep lending

Provident Financial is hiring debt collection agents, after axing them earlier this year, in an attempt to revive its door-to-door lending operation, which is on course to lose £120m in 2017.

As the subprime lender confirmed the cancellation of its full-year dividend, it said it was recruiting 300 more staff to collect debt payments door to door. Many of these had worked for the company before a disastrous new strategy led to a profit warning in August.