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:
- a. where possible the customer’s first five unaffordable loans are being cleansed of any adverse reporting
and all unaffordable loans after the first five are being deleted (which is consistent with prior recommendations
of the Financial Ombudsman Service where complaints are upheld);
or
- b. where this approach has not been possible, all unaffordable loans are being deleted.
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.
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I am a customer, should I submit a claim for potential redress owed by 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.
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How has ECIL assessed how much redress is owed to each customer?
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.
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How can I submit a claim in the administration?
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.
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I have accepted an offer of redress but it has not been paid, will I receive a payment?
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?”.
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Am I eligible to make an affordability-related redress claim?
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.
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Do I need to use a claims management company (CMC) to make a claim?
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.
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If I have previously received an affordability-related redress payment from the Company, can I claim again?
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.
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When will I receive a payment against my claim?
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.
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How much will I receive from my claim?
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.
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Will anyone ask for my bank details?
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.
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If I submit a claim, how much will I receive?
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.
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My loan has been sold - What happens to my credit records?
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.
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Will my credit records be updated?
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:
- a. where possible the first five unaffordable loans with ECIL will be cleansed of any adverse reporting
and any unaffordable loans after the first 5 unaffordable loans with ECIL will be deleted from all credit files,
which is consistent with prior recommendations of the Financial Ombudsman Service where complaints are upheld;
or
- b. where this approach has not been possible, all unaffordable loans are being deleted.
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.
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I still have a problem on my credit file, what should I do?
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.
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Has my loan been sold?
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.
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Have Perch Capital bought the ‘Sunny’ brand name?
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.
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Can you transfer my loan without my permission?
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.
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Why have you made a balance adjustment on my account?
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.
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Why have I been notified that my loan is being written off or a balance adjustment has been made now and not
before I made a payment?
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.
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Why have you not made a balance adjustment on my account?
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.
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My loan is being written-off, am I entitled to a refund on previous payments?
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.
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What if I believe I am entitled to a greater amount of redress than the balance adjustment applied before my
account was transferred to Perch Capital?
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.
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What should I do next about my outstanding loan?
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.
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Should I continue to repay my loan?
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.
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Will I incur further interest on my outstanding loan(s)?
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.
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I can’t afford to repay my loan – what should I do?
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.
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Where can I access further information?
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.
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.
