Moneylender Provident is writing off the debts of all of its Irish borrowers, as it withdraws from the market here.

In a statement on its Irish website, Provident said it had "some good news" for borrowers with an outstanding balance on their loans because it had "stopped collecting payments at 9.30am on 28th June".

"Any remaining balance you have after that date is now paid off," it added.

Provident, which is one of the largest moneylenders in the Irish market, said there are no further repayments to be made to loan agents or directly to the lender.

For borrowers whose loan amount is €500 or more, Provident said it will "update your credit record to show your balance has been cleared".

It added that "if your loan was less than €500, don't worry as we didn't put anything on your credit record when you took the loan".

The company is also advising any borrowers due to make repayments on its loans to not make payments "to Provident, your agent or any other individual. You can keep any money you were still due to repay, including the interest".

Provident's loans business in Ireland closes tomorrow 1 July.

In May, the lender announced that it had decided to close its doorstep lending division, as the Covid pandemic hit its turnaround efforts.