Frequently asked questions

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.

Sale of outstanding loan book

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 (“ACI”) is a debt collections agency who manage the collection of outstanding balances, in this instance, on behalf of Perch Capital.

Please note, that ECIL was not sold as a company or legal entity (i.e. by way of a share purchase), and therefore ECIL remains under the control of the Joint Administrators. In addition, Perch Capital did not purchase any brands or digital assets, such as the “Sunny” brand, or Sunny domain name, which remain the property of ECIL.

Customers will no longer be able to make payments to ECIL and any cheques received will be destroyed.

The remaining customer loan book that was not sold to Perch Capital will shortly be 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. For the avoidance of doubt, any payments made against the outstanding balance of your loan(s) prior to this point were legally owing to ECIL and ECIL will not refund them.

On or around Monday 5 October the Joint Administrators are contacting all customers whose loan(s) has been sold and all customers who are having a loan written off to provide further information.

Creditor claim process

If sufficient funds are available in the Administration for a distribution to be made to unsecured creditors, which includes customer creditors, there will be an opportunity to submit a redress claim in the Administration. Further information will be published on the Sunny website in this regard in November 2020 and we encourage you to continue to monitor the Sunny website for updates.

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 by the Joint Administrators (on which more detail is provided below). If any balance adjustment or write-off has been made to your account by the Joint Administrators, you will have been emailed on or around Monday 5 October 2020 with further details and explanation of this.

Further information about the Administration is available in the Joint Administrators’ Proposals, which is available to download at www.kpmg.co.uk/ecil.

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.

Progress of the Administration

Information about the administration process can be found here.

The Joint Administrators issued their initial Proposals which 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.

Customers

+ Has my loan been sold?
+ Have Perch Capital bought the ‘Sunny’ brand name?
+ Can you transfer my loan without my permission?
+ My loan has been sold - What happens to my credit records?
+ My loan has been written off – What happens to my credit file?
+ Why have you made a balance adjustment on my account?
+ Why have I been notified that my loan is being written off or a balance adjustment has been made now and not yesterday before I made a payment?
+ Why have you not made a balance adjustment on my account?
+ My loan is being written-off, am I entitled to a refund on previous payments?
+ 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?
+ What should I do next?
+ Can I still access my account online during the administration?
+ Should I continue to repay my loan?
+ What happens if I don’t repay my loan on time?
+ Will I incur further interest and charges on my outstanding loan(s)?
+ Am I able to apply for a new loan?
+ I can’t afford to repay my loan – what should I do?
+ What if I haven’t received an email from ECIL?
+ Where can I access further information?

Creditors and potential redress claims

+ I made a complaint against ECIL before it entered administration – what happens to my complaint?
+ I have accepted an offer of redress but it has not been paid, will I receive a payment?
+ Am I eligible to make an affordability-related redress claim?
+ How can I make a claim against ECIL?
+ Do I need to use a claims management company (CMC) to make a claim?
+ If I have previously received an affordability-related redress payment from the Company, can I claim again?
+ What if I would like to make a claim but you have written off my balance?
+ Will my credit records be updated?
+ I still have a problem on my credit file, what should I do?
+ What should I do if I am approached by someone saying they work for the Company, KPMG or the Joint Administrators and want to help me submit a claim?
+ How will redress claims be calculated?
+ When will I be contacted further?
+ When will I receive a payment against my claim?
+ How much will I receive from my claim?
+ Will the FSCS pay my claim if The Company’s does not?
+ Will anyone ask for my bank details?
+ Where can I get additional advice?

The affairs, business and property of the business are being managed by the Joint Administrators.

Ed Boyle and David Pike are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

We are bound by the Insolvency Code of Ethics.

The Officeholders 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.

UK based customer support

If you are unable to find what you are looking for contact our
UK based customer support team.
0800 7315 444 We're currently closed
Mon - Fri: 08:30 - 17:00
Sat & Sun: Closed
Email address help@sunny.co.uk

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:


Customer Relations
Elevate Credit International Limited,
Blenheim House,
Newmarket Road,
Bury St Edmunds,
IP33 3SB

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.

Information on your rights of referral

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.

Postal address
The Financial Ombudsman Service
Exchange Tower
London E14 9SR

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%