Ed Boyle and David Pike of KPMG LLP were appointed as joint administrators (“the Joint Administrators”) of Elevate Credit International Limited (“ECIL”, or the “Company") on 29 June 2020 (the “Administration”). ECIL provided consumer loans under the brand “Sunny” and had previously used the brands “1 Month Loan” and “Quid”.
Shortly prior to the appointment of the Joint Administrators, all new lending ceased.
On 3 October 2020, the Joint Administrators successfully completed the sale of part of ECIL’s book of outstanding customer loans to Perch Capital Limited (“Perch Capital”). Asset Collections and Investigations Limited is a debt collections agency who manage the collection of outstanding balances, in this instance, on behalf of Perch Capital.
The remaining customer loan book that was not sold to Perch Capital has been written off in full and no further payments are required to ECIL against these loans with effect from close of business on 2 October 2020.
ECIL’s collection bank accounts have now been closed so customers will no longer be able to make payments to ECIL and any cheques received will be destroyed.
ECIL has undertaken an extensive exercise to build a claims calculator (the “Claims Calculator”) to automate the identification and calculation of potential redress entitlements, taking into account the Financial Conduct Authority’s rules and the previous decisions of the Financial Ombudsman Service. Further detail on the Claims Calculator is provided here.
Please note that the Joint Administrators note that the determination of whether a particular customer has a valid redress claim includes a number of subjective elements, which can be highly complicated depending on the customer’s specific situation and difficult to prove one way or the other. In practice, in order to ensure fairness to creditors with valid claims and to minimise the costs of claims handling, after careful consideration the Joint Administrators decided that those factors should to some extent be assumed in favour of customers who raise complaints. The Claims Calculator identifies objective criteria that can be assessed using information available to ECIL in order to validate customer claims for redress, for example, the number of loans and their proximity, which can be used as an indication for unaffordability. The Claims Calculator is, therefore, the best available tool for the Joint Administrators to use to identify potential redress entitlements, but what it does not do is to establish that a given customer who has not intimated a claim is definitely a redress creditor.
We understand that customers are concerned regarding the status of their credit files and it has been a key area that we have invested significant effort in to ensure they are accurate.
In summary:
1) After an initial delay whilst the Joint Administrators agreed the terms of credit reporting during the Administration with the credit reference agencies, ECIL continued normal reporting to the credit reference agencies to reflect the ongoing performance of the customer loan book from the Administration appointment on 29 June 2020 up to 3 October 2020.
2) On completion of the sale of certain loans to Perch Capital, we updated the status of these in credit files to “Sold” and transferred the control of credit reporting on the sold loans to Perch Capital.
3) For loans written off by ECIL, credit files are being updated to show these loans as being settled;
and
4) Finally, where ECIL’s Claims Calculator has identified some or all of a customer’s loans as being unaffordable, irrespective of whether customers have made a complaint or claim against ECIL:
We understand that our amended reports are in progress with all three credit reference agencies and we are awaiting confirmation that this has been completed.
This approach is being taken across all customer records, regardless of whether a claim is submitted.
We have transferred the control of maintaining any remaining records to the credit rating agencies, as we will not be maintaining these records going forward. Any further queries regarding entries on customers’ credit files in relation to ECIL loans should be raised with the relevant agency directly.
We have updated the FCA on this approach.
The Joint Administrators anticipate that there may be sufficient funds to allow a dividend to be paid to unsecured creditors (who include customers with redress claims). Therefore, the Joint Administrators are now inviting unsecured creditors (including any customers with redress claims) to submit their claims. If you wish to submit a claim, you may do so at any time up to the claim submission deadline of 23.59 on 31 January 2021. If you submit a claim after this deadline, then it is very unlikely to be accepted.
Please note that we are required by the Insolvency Rules to write to ECIL’s creditors to invite them to submit a claim. The High Court has considered, and declined to allow, this requirement to be satisfied by writing only to those customers that have already submitted a redress complaint (plus ECIL’s trade creditors) and advertising to all potential creditors. Therefore, in the coming weeks we intend to email all of the over 500,000 customers identified by the Claims Calculator as having a potential redress entitlement (along with ECIL’s trade creditors) to invite them to submit a creditor claim. As a result, if a very high volume of claims and queries is received, it is likely that the operating costs of responding to queries and processing and adjudicating claims will become so high that no funds will be available for a dividend to be paid to creditors. If a lower volume of claims and queries is received and a dividend can be made, the dividend is likely to be a very low percentage of your claim. Whilst the dividend will depend on the volume of claims and queries received, we estimate that any dividend payable could be less that 1p in the £ and that any payment would likely be made in Spring 2021.
In order to manage the impact on our customer service centre and to assess the viability of the unsecured creditor claim process, the timing of these notifications being sent via email to customers identified by the Claims Calculator as having a potential redress entitlement will be staggered.
The Joint Administrators have developed the existing Sunny website to make the claim submission process as easy as possible for customers who wish to make a claim, and as cost effective a process as possible to maximise the chance of funds being available to be distributed to creditors.
You are required to submit a claim in the administration even if you have already made a complaint to ECIL (including if that complaint has been resolved but not paid out).
If you believe that you may have a redress claim against ECIL in relation to one or more loans that you have previously taken out from ECIL, you can submit a claim at any time up to the claim submission deadline of 23.59 on 31 January 2021. If you submit a claim after this deadline, then it is very unlikely to be accepted.
If ECIL considers that you have a potential redress entitlement as determined by the Claims Calculator, then you can find the value of the potential redress entitlement calculated by ECIL by logging into your Sunny ‘My Account’. You will then be able to submit a claim for this amount via the Sunny website.
IMPORTANT: If you wish to submit a claim against ECIL, please follow the instructions in your Sunny ‘My Account’ in order to check whether ECIL has identified that you have a potential redress entitlement, and then submit your claim.
However, if you do not agree with the potential redress entitlement shown in your Sunny ‘My Account’, you may manually submit a claim for another amount for assessment by the Joint Administrators.
If you were a customer of ‘1 Month Loan’ or ‘Quid’ and you wish to submit a claim, then please use the following proof of debt form and email it to claims@sunny.co.uk in order for your claim’s eligibility to be checked.
If you no longer have log in access to your Sunny MyAccount, please contact the customer service centre on 0800 7315 444 in order to reset your details.
If you submit a valid claim, you will be entitled to receive a payment in the administration, if there are sufficient funds remaining in the administration after the costs of handling all claims have been met. It is important to note that any payment in the administration that you receive is very unlikely to be the full amount of your accepted claim amount, and is likely to represent a low percentage of your claim.
This is because the total value of all accepted claims received is likely to exceed the money available to be shared out among all unsecured creditors of the Company (including any customers with redress claims). The amount of any money available to be shared out to unsecured creditors will not be known until all of ECIL’s remaining assets have been realised and certain costs and deductions have been taken into account.
Further information about the Administration, including the Joint Administrators’ Proposals, is available at www.kpmg.co.uk/ecil. Further updates on the progress of the Administration will continue to be posted to this website.
A list of FAQs is provided for your information below. No further information is available at this time. However, these FAQs will be updated with further information as it becomes available.
The Sunny customer services team remains available for a period of time and may be contacted at help@sunny.co.uk or by calling 0800 7315 444. However, we anticipate higher than normal level of queries and therefore there may be some delay in receiving a response. We encourage you to review the below FAQs in the first instance.
Information about the administration process can be found here.
The Joint Administrators issued their initial proposals on 14 August 2020 (the “Proposals”) and they were deemed approved on 3 September 2020. The Proposals include details for creditors on the events leading up to the Administration, the Joint Administrators' proposed approach to the Administration, and other information that the Joint Administrators are required to provide. These Proposals, together with the Creditor notice of deemed consent of the Proposals, can be found at www.kpmg.co.uk/ecil.
The Joint Administrators anticipate that there may be sufficient funds to allow a dividend to be paid to unsecured creditors (which includes customers with redress claims). Therefore, the Joint Administrators are now inviting customers to submit creditor claims and have developed the existing Sunny website to make this process as easy as possible for customers.
If you believe that you may have a redress claim against ECIL in relation to one or more loans that you have previously taken out from ECIL, you can submit a claim at any time up to the claim submission deadline of 23.59 on 31 January 2021. If you submit a claim after this deadline, then it is very unlikely to be accepted.
However, it is important to note that:
1) whether there are sufficient funds to allow a dividend to be paid to unsecured creditors will depend on the costs of responding to queries and handling, adjudicating and paying the creditor claims. Should there be sufficient funds to allow any payment in the administration, it is likely to represent a very low percentage of your claim. We anticipate it could be less than one pence in the pound;
and
2) the anticipated timing of any payment is Spring 2021.
In line with our understanding of the Financial Ombudsman Service’s decisions, and bearing in mind the Financial Conduct Authority’s rules, we have developed the Claims Calculator, i.e. an automated approach to review the position of ECIL’s current and former customers to identify those who may potentially have a redress entitlement. The key factors considered by the Claims Calculator are whether each loan was i) affordable (e.g. was the customer’s income sufficiently verified by ECIL), ii) sustainable (e.g. had the customer had more than five Sunny loans without a break in lending) and iii) responsibly lent. Therefore, the Joint Administrators have calculated the potential value of redress that each customer might be entitled to should they submit a valid claim.
Further detailed information regarding the Claims Calculator is provided here.
For Sunny customers, the quickest and easiest way to submit a claim is to log into your Sunny “MyAccount” where it will state your potential redress entitlement as calculated by ECIL. You will be able to review your potential redress entitlement, and will be asked whether you wish to submit a claim, and if so, to provide your bank account details to which any distribution payment should be made.
Alternatively, if you do not agree with ECIL’s assessment of your claim (including if ECIL assesses that you do not have any redress entitlement) you are able to submit a claim for a different amount through your Sunny “MyAccount”.
If you no longer have log in access to your Sunny “MyAccount”, please contact the customer service centre on 0800 7315 444 in order to reset your details.
If you are a current or former Quid or 1ML customer and therefore you do not have a Sunny My Account, but you still wish to submit a claim, you may still do so by completing a Proof of Debt form (available here) and by emailing it to claims@sunny.co.uk before the claim submission deadline of 31 January 2021.
If you have both a Sunny account and a Quid and/or 1ML account, you should submit one form by completing a Proof of Debt form ( available here) and by emailing it to claims@sunny.co.uk before the claim submission deadline of 31 January 2021.
Once submitted, this claim will be assessed by the Joint Administrators and you will receive confirmation of the outcome in due course.
If you are a trade creditor, please download the Proof of Debt form (available here) and email it to ecildocuments@kpmg.co.uk before the claim submission deadline of 31 January 2021.
You will need to submit a claim in the Administration before the claim submission deadline of 31 January 2021 – please refer to “How can I submit a claim in the administration?”.
If you received an offer of redress prior to the Company entering administration, but have not yet been paid, your redress claim will be an unsecured claim against the Company.
However, you will still need to submit a claim in the Administration before the claim submission deadline of 31 January 2021 – please refer to “How can I submit a claim in the administration?”.
If you believe that you were provided with an unaffordable loan(s) by the Company, you may potentially have an affordability-related redress claim.
You do not need to make a complaint but you will need to submit a claim in the Administration before the claim submission deadline of 31 January 2021 – please refer to “How do a submit a claim in the administration?”.
You do not need to know the value of your redress claim to submit a claim in the administration. ECIL has developed a Claims Calculator that automatically identifies and calculates potential redress entitlements. Therefore, please log in to your Sunny “MyAccount” to see the value of any potential redress entitlement that you have been identified as having.
No. The Joint Administrators have developed a customer-friendly claim process to provide you with an opportunity to submit a claim directly to the Company, and have retained some Sunny customer service representatives to provide help if you need it.
To submit your claim, please log in to your “MyAccount” portal on www.sunny.co.uk or download a proof of debt claim form from www.kpmg.co.uk/ecil. If you require assistance with this process please contact the customer service centre on 0800 7315 444 or help@sunny.co.uk.
Though a CMC can help you submit a claim, the Joint Administrators have sought to keep the claim process as simple as possible. It is up to you if you want to use a CMC. If you decide to use a CMC, please make sure you understand the scope and costs of their services before agreeing to use them.
You cannot claim twice for the same affordability-related redress entitlement. If you previously received an affordability-related redress payment from the Company, then the historic loan agreements that were compensated at the time will not be considered again for affordability-related redress.
If you took out further loans from the Company after your previous redress payment, then you will be able to submit a claim for review and assessment by the Joint Administrators in respect of those new loans, if you believe these were unaffordable.
When assessing any redress claim that you may submit, we will take into account any balance adjustment or write-off that has been made to your account. Your potential redress entitlement as per your “MyAccount” will be net of these adjustments.
Customers will not be approached by KPMG, the Joint Administrators or the Company staff directly to assist in submitting a claim, unless we are responding to your request.
Do not give details of your claim or any personal or bank account details to anyone who approaches you alleging that they work for KPMG, the Joint Administrators or the Company, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence you have received, please contact the customer service team at help@sunny.co.uk or call 0800 7315 444.
If you have submitted your claim, your status will change to “Submitted” until the Joint Administrators have adjudicated it.
If your claim is agreed by the Joint Administrators, you will then be treated as an unsecured creditor and will be entitled to a dividend payment, if there are enough funds available to pay a dividend.
The funds realised in the Administration are broadly applied in the following order:
The costs of realising assets will be paid first. Any amounts owing to secured and preferential creditors are then settled in full, followed by unsecured claims (such as claims of providers of goods and services and customers’ affordability-related redress claims). If, after paying the costs and amounts due to the secured and preferential creditors, there are insufficient funds to pay all remaining claims in full then customers and other unsecured creditors will receive a proportion of their claim. It may be the case that there are no funds available to pay customers and unsecured creditors any dividend at all.
Should enough funds be available to allow a distribution to unsecured creditors, the timing of any payment is anticipated to be around Spring 2021 at the earliest.
The Joint Administrators anticipate that there may be sufficient funds to allow a dividend to be paid to unsecured creditors (which includes customers with redress claims). However, it is important to note that whether there are sufficient funds to allow a dividend to be paid to unsecured creditors will depend on the costs of responding to queries and handling, adjudicating and paying the creditor claims. Should there be sufficient funds to allow any payment in the administration, it is likely to represent a very low percentage of your claim. We anticipate it could be less than one pence in the pound.
This is because the total value of all accepted claims received is expected to significantly exceed the money available to be shared out among all unsecured creditors (including customer creditors). The money available to be shared out will not be known until all of ECIL’s remaining assets have been realised and certain costs and deductions have been taken into account.
No, the FSCS do not cover claims under consumer credit agreements. See https://www.fscs.org.uk/how-we-work/eligibility-rules/fscs-cover-triggered/.
If you submit a claim in the Administration, you will also be asked to provide bank account details so that if your claim is valid ECIL is able to make a distribution to you in due course. Please note, we anticipate that any distribution payment will not be made until Spring 2021 – please ensure that the bank account details provided will remain active until this date.
We will require the bank account name, sort code and account number only. These details can be submitted securely by updating your bank details on your Sunny “MyAccount”. Please remember, never give personal information or account details to anyone who contacts you unexpectedly.
Should you need to update your bank account details, please log into Sunny “MyAccount”.
If you do not have a Sunny “MyAccount”, please contact the customer service team at help@sunny.co.uk or call 0800 7315 444 to update your bank account details.
The Joint Administrators have now realised the material assets of the Company. Based on the funds available, the Joint Administrators anticipate that there may be sufficient funds to pay only a very small pence in the pound payment in relation to agreed claims. However, the Administrators will not know the final position until all claims have been received and processed.
It is possible that in the event of a very high level of claims and queries being received, the costs of the process may exceed the funds available and therefore there may be insufficient funds to make any payment to unsecured creditors. In this instance, the Joint Administrators would notify creditors and would seek to stop the creditor claim process in order to minimise costs, and would request the permission of the Court to pay all remaining funds to charity.
Please ensure your email address contact details remain up to date. This can be updated by logging into Sunny “MyAccount” and selecting “Personal Details”.
If you do not have a Sunny “MyAccount”, please contact the customer service team at help@sunny.co.uk or call 0800 7315 444 to update your details.
Control of your credit records for any loan(s) sold is transferred from ECIL to Perch Capital. ECIL has recently reported to the relevant credit reference agencies to update the status of your loan with ECIL to “Sold”. A new record will be established by Perch Capital.
ECIL has recently reported to the relevant credit reference agencies to advise that your written off loan has been settled in full.
If your loan(s) has been sold to Perch Capital, your credit records are being updated for the transfer of ownership of the relevant loan(s) from ECIL to Perch Capital.
If your loan(s) has been written off, your credit records are being amended to show that your loan(s) has been settled in full.
If the Claims Calculator has identified any of your loans with ECIL were unaffordable, the following amendments will be made to a customer’s credit files:
For example, if you had 15 loans and ECIL’s Claim Calculator indicated that loans 5-15 were unaffordable, then loans 5,6,7,8 and 9 would be cleansed of any adverse reporting and loans 10-15 would be deleted. Loans 1-4 would remain and would not be amended as they were provided appropriately.
We understand the amendments to customers’ credit files are in progress and we are awaiting confirmation that this has been completed.
All updates to customers’ credit files have now been submitted to the relevant credit reference agencies for the period up to and including the sale to Perch Capital on 3 October 2020 or to account for the subsequent writing-off of any loans that were not sold. We understand that these changes can take up to a few weeks to be reflected on your file. We have also submitted further updates to the CRAs to amend data relating to loans that have been deemed unaffordable and these changes are in progress.
We have transferred the control of maintaining any remaining records (excluding loans sold) to the credit reference agencies, as we will not be able to maintain these records going forward. Any further queries regarding entries on customers’ credit files in relation to ECIL loans should be raised with the relevant agency directly.
If your loan(s) has been sold to Perch Capital, you should have received an email from the Joint Administrators to confirm this on or around Monday 5 October 2020, as well as a subsequent email from Perch Capital’s representative Asset Collections and Investigations Limited.
If your loan(s) has not been sold, your remaining loan balance has been written off in full. Please do not make any further payments to ECIL against your Sunny loan(s). You should have received an email from the Joint Administrators to confirm that no further payments are due to ECIL against your Sunny loan(s) on or around Monday 5 October 2020.
Please also note that this does not impact your obligation to continue to pay any outstanding loan balance owing to a third-party debt purchaser. i.e. if you have previously taken out a loan(s) from ECIL and you were subsequently notified (before ECIL entered administration) that the loan(s) had been sold by ECIL to a third-party debt purchaser, then any amount owing on such loan(s) remains payable. If you are unable to pay, then you should contact the third-party debt purchaser.
No. Perch Capital have only purchased part of the loan book. Any brands or digital assets, including the ‘Sunny’ brand and Sunny domain name, remain the property of ECIL under the control of the Joint Administrators.
Please note Perch Capital did not purchase ECIL as a company or legal entity (i.e. by way of a share purchase). ECIL remains in Administration under the control of the Joint Administrators.
Yes. Under the standard terms and conditions that accompanies all Sunny loans, ECIL can transfer customer loans to a purchaser without prior consent from the customer.
If your loan(s) has been sold to Perch Capital you should have received an email from ECIL to confirm this, as well as a subsequent email from Perch Capital’s representative Asset Collections and Investigations Limited.
The Joint Administrators recognise that there may be some customers who may potentially seek to make a claim for redress from ECIL.
In line with our understanding of the Financial Ombudsman Service’s decisions, and bearing in mind the Financial Conduct Authority’s rules, we have developed the Claims Calculator, i.e. an automated approach to review the position of ECIL’s current and former customers to identify those who may potentially have a redress entitlement.
The key factors considered by the Claims Calculator are whether each loan was i) affordable (e.g. was the customer’s income sufficiently verified by ECIL), ii) sustainable (e.g. had the customer had more than five Sunny loans without a break in lending) and iii) responsibly lent.
Where outstanding loan balances have been sold to Perch Capital, the Joint Administrators first applied any potential redress entitlement identified by the Claims Calculator to reduce the outstanding loan balances being sold, in an attempt to reflect the position if the relevant customers had successfully brought a claim for redress.
If you believe that you may have a redress entitlement over and above the balance adjustment (or write off in full), then, please log in to your Sunny “MyAccount” portal in order to make a claim. However, any redress claim that you submit will need to take into account any balance adjustment (or write-off) that has been made to your account. The claim submission deadline is 23.59 on 31 January 2021.
Certain balance adjustments were made to facilitate the sale to Perch Capital and therefore were made on the date of the sale (3 October 2020).
With effect from the date of the sale, ECIL also stopped collecting outstanding loan balances in respect of loans that have been written off. This is because, following the sale, it was no longer cost-effective for ECIL to continue its collection activities.
Inevitably, as customer payment dates vary, there will always be a number of customers who made a payment shortly before their outstanding balance was written off.
ECIL will not refund any payments made against your outstanding loan(s) before the close of business on 2 October 2020 (other than in the normal course of business, for example where an overpayment has put the outstanding loan balance into a credit position, or similar circumstances). However, if your loan has been written off then you will benefit from not having to repay any further amounts.
In order to facilitate the sale of part of ECIL’s customer loan book to Perch Capital, balance adjustments have been made in respect of accounts of customers whose loans have been sold to Perch Capital and where the Joint Administrators have also identified that the relevant customer may have a potential redress entitlement.
If your loan(s) has not been sold, your outstanding loan balance is being written off in full and you no longer have to make payments against your outstanding loan(s).
If you believe that you may have a redress entitlement over and above the balance being adjusted or written off in full, then, please log in to your Sunny “MyAccount” portal in order to submit a claim in the Administration. However, when assessing any redress claim that you have, we will take account of any balance adjustment or write-off that has been made to your account. The claim submission deadline is 23.59 on 31 January 2021.
No, any payments made in respect of loan balances that were outstanding prior to the notification of the write-off of the loan(s) were legally owing to ECIL and ECIL will not refund them (other than in the normal course of business, for example where an overpayment has put the outstanding loan balance into a credit position, or similar circumstances). However, where your loan has been written off you will benefit from not having to repay any further amounts.
The Joint Administrators believe that the methodology for identifying and calculating potential affordability-related redress entitlements has been prepared on a prudent basis, and it has been developed with reference to previous Financial Ombudsman Service decisions and Financial Conduct Authority rules.
However, if you nonetheless believe you may be entitled to redress over and above the adjustment applied to your outstanding loan(s) balance then, please log in to your Sunny “MyAccount” portal in order to submit a claim in the Administration.
Please note when assessing any redress claim that you have, we will take into account any balance adjustment or write off that has been made to your account.
The claim submission deadline is 23.59 on 31 January 2021.
If your loan(s) has been sold, Perch Capital’s representative Asset Collections and Investigations Limited should now have been in touch to provide further information on how future payments should be made. Please do not make any further payment to Sunny. The Sunny bank accounts previously used for collections are being closed to help prevent any further payments being made.
If your loan(s) has not been sold, please do not make any further payment to Sunny as your loan is being written off. You do not need to take any further action with regard to your loans with Sunny.
Please also note that this does not impact your obligation to continue to pay any outstanding loan balance owing to a third-party debt purchaser, i.e. if you have previously taken out a loan(s) from ECIL and you were subsequently notified (before ECIL entered administration) that the loan(s) had been sold by ECIL to a third party debt purchaser, then any amount owing on such loan(s) remains payable. If you are unable to pay, then you should contact the third-party debt purchaser.
If your loan(s) has been sold, Perch Capital’s representative Asset Collections and Investigations Limited (“ACI”) should have been in touch to provide further information on how future payments should be made. For more information or to discuss the repayment of your loan, please contact ACI on 01253 531436 or visit www.assetcollections.co.uk/sunny. Please do not make any further payment to Sunny.
If your loan(s) has not been sold, please do not make any further payment to Sunny. The Sunny bank accounts previously used for collections are being closed to help prevent any further payments being made. You do not need to take any further action with regard to your loans with Sunny.
Please also note that this does not impact your obligation to continue to pay any outstanding loan balance owing to a third-party debt purchaser. i.e. if you have previously taken out a loan(s) from ECIL and you were subsequently notified (before ECIL entered administration) that the loan(s) had been sold by ECIL to a third-party debt purchaser, then any amount owing on such loan(s) remains payable. If you are unable to pay, then you should contact the third-party debt purchaser.
If your loan has been sold to Perch Capital, the terms and conditions of your loan remain as agreed when the loan was taken out. For more information or to discuss the repayment of your loan, please contact ACI on 01253 531436 or visit www.assetcollections.co.uk/sunny.
If your loan(s) has been sold to Perch Capital, your existing terms and conditions will continue to apply, including in relation to the accrual of interest. Please direct any queries in this regard to ACI.
If your loan(s) has been written off in full, then you no longer have an outstanding loan balance with ECIL and therefore, no further interest will be incurred or payable.
Please also note that this does not impact your obligation to continue to pay any outstanding loan balance owing to a third-party debt purchaser, i.e. if you have previously taken out a loan(s) from ECIL and you were subsequently notified (before ECIL entered administration) that the loan(s) had been sold by ECIL to a third-party debt purchaser, then any amount owing on such loan(s) remains payable. If you are unable to pay, then you should contact the third-party debt purchaser.
If your loan has been sold to Perch Capital and you are unable to repay it, please contact ACI on 01253 531436 or visit www.assetcollections.co.uk/sunny.
If your loan has not been sold, your remaining loan balance with ECIL has been written off in full. You should have received an email from the Joint Administrators to confirm this on or around Monday 5 October 2020.
Please also note that this does not impact your obligation to continue to pay any outstanding loan balance owing to a third-party debt purchaser, i.e. if you have previously taken out a loan(s) from ECIL and you were subsequently notified (before ECIL entered administration) that the loan(s) had been sold by ECIL to a third-party debt purchaser, then any amount owing on such loan(s) remains payable. If you are unable to pay, then you should contact the third-party debt purchaser.
The email would have been sent to the email address that you currently have on your Sunny account. If you haven’t received an email from ECIL then please contact help@sunny.co.uk.
No. The Company has not made and will not be making any new loans since the date of the administration appointment.
Yes. You will be able to access “MyAccount” through the Sunny website, for a period. However, you will no longer be able to make any payments.
If your loan(s) has been sold to Perch Capital, for further information on your outstanding loan(s) please contact ACI on 01253 531436 or visit www.assetcollections.co.uk/sunny.
The FAQs on the Sunny website will continue to be updated from time to time. The Sunny customer services team remains available for a period and can be contacted at help@sunny.co.uk or by calling 0800 7315 444.
Statutory notices, documents and periodic reporting updates relating to the Administration are published at www.kpmg.co.uk/ecil.
If you would like advice about how to manage your debts, you can do this for free by contacting:
Citizens’ Advice Bureau:
Website: www.nacab.org.uk
Step Change
Telephone: 0800 138 1111
Website: www.stepchange.org
National Debtline
Telephone: 0808 808 4000
Website: www.nationaldebtline.co.uk
The affairs, business and property of Elevate Credit International Limited (in administration) are being managed by the Joint Administrators (who act as agents and without personal liability).
Ed Boyle and David Pike are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.
The Joint Administrators are bound by the Insolvency Code of Ethics.
The Joint Administrators are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy policy at - home.kpmg/uk/en/home/misc/privacy-policy-insolvency-court-appointments.html.
If you are unhappy with any aspect of our service, we would like you to get in touch:
By email: help@sunny.co.uk
In writing:
By telephone: 0800 7315 444
Mon - Fri: 08:30 - 17:00
Sat & Sun: Closed
We will do our best to resolve your concerns by the end of the 3rd working day after receiving your complaint. If we are unable to resolve your concerns, we will issue a written acknowledgement within five working days
In view of the administration, if your complaint relates to an affordability complaint, we will be unable to provide a response to your complaint until the Joint Administrators have determined if there are sufficient funds available to make a distribution to customers and other unsecured creditors. In the event your complaint relates to anything other than an affordability complaint we will endeavour to complete our investigation and provide a final response as soon as possible. We will always try to issue a final response letter within eight weeks of receiving your complaint. If it looks as though our investigation may take longer than eight weeks, we will provide you with an update on our progress.
As required by rules made by the Financial Conduct Authority, you have the right to refer your complaint to the Financial Ombudsman Service. However, following the appointment of the Joint Administrators, we understand that any new complaints referred to the Financial Ombudsman Service during the Administration will not be considered by the Financial Ombudsman Service but will instead be referred back to the Joint Administrators for them to consider.
This means that the Joint Administrators will determine whether a complaint should be upheld and whether a customer with an upheld complaint should be treated as a creditor with a claim in the Administration.
The Joint Administrators will deal with complaints and keep customers updated on the progress being made to determine those complaints.
Monday to Friday – 8am to 8pm
Saturday – 9am to 1pm
0800 023 4 567 calls to this number are free on mobile phones and landlines.
0300 123 9 123 calls to this number cost no more than calls to 01 and 02 numbers.
If you wish to do so, you can raise a complaint online via the European Online Dispute Resolution platform. Complaints raised via this platform will be transmitted to the Financial Ombudsman Service, who will handle the complaint.
Email complaint.info@financial-ombudsman.org.uk
Website www.financial-ombudsman.org.uk
Firm name: Elevate Credit International Limited
Period covered in this report: 1 January 2020 – 30 June 2020
Brands/trading names covered: Sunny
Number of complaints | |
---|---|
Number of complaints opened | 8221 |
Number of complaints closed | 8358 |
Percentage closed within 3 days | 0.42% |
Percentage closed after 3 days but within 8 weeks | 99% |
Percentage upheld | 13.83% |