Provident is shutting down in Ireland and the UK.

The largest money lender in the State is to write off the debts of all of its borrowers in an unprecedented move.

Provident is shutting down here and has decided that all those who owe it money will have their debts wiped.

It is thought to be the first time there has been a wholesale writing-off of the debts of all its consumers by a financial institution in this market.

The lender will also ensure the balance has been cleared on the credit record of its customers.

The London-headquartered firm has thousands of borrowers in this market and was operating here for years.

It did not respond to queries, but it is thought it has decided it will be too much hassle to collect outstanding debts now that borrowers know it is pulling out. Read more from the Independent.ie.