Frequently Asked Questions

LOAN REPAYMENTS

Do I still need to repay my loan?

Yes. The terms and conditions of all loans remain as agreed when the loan was taken out and payment remains due. Your loan was with Cash on Go Limited which traded using www.peachy.co.uk website.

What will happen if I don’t repay my loan on time?

The terms and conditions remain as agreed when the loan was taken out.  This means if you miss a payment, you may be charged a missed or late payment fee and may incur additional interest.

Can I take out a new loan or add additional funds to my existing loan?

Cash On Go Ltd is unable to provide further lending from the date of the Administrators’ appointment. Cash on Go Limited traded under several names including Peachy.

I can’t afford to repay my loan. What should I do?

If you can’t repay your loan on time, please call peachy.co.uk Customer Support team straight away on 0800 0124 743. The following services are also available:

Entity

Website

About

Citizens Advice

www.citizensadvice.org.uk

People can speak to advisors in person at a branch or on the phone.

The Money Advice Service

www.moneyadviceservice.org.uk

A government-backed service that can be contacted by telephone and has budget calculators.

StepChange

www.stepchange.org

Debt charity that can provide free advice and a free debt management plan.

National Debtline

www.nationaldebtline.org

Offers free guidance and budget planners.

How do I repay my loan?

Your loan should be repaid in accordance with the timetable agreed when your loan was taken out. For more information on repayment arrangements, your Continuous Payment Authority and alternative payment methods, please contact our Customer Support Team. In case your debit card details have changed, please update your card online before your loan repayment date.

There will be no change to our bank details. If you receive any requests to make payment to an alternative account, please inform the peachy.co.uk Customer Support team straight away on 0800 0124 743.

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details or your security details such as your password.

I need to talk to someone about my loan or I have a question which is not answered here.

Please check the FAQs section of the websites at https://www.peachy.co.uk/most-frequently-asked-questions/.

If your question is not covered in the FAQs, please contact the peachy.co.uk Customer Support on 0800 0124 743.

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual.

If your question is still not answered, please email your query to [email protected]. The Administrators’ team will look at all queries emailed to these addresses. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

Will I still be able to access my account during the administration?

The intention is that you will continue to have access to the website and your account.

THE ADMINISTRATION PROCESS

What is an administration?

An administration is an insolvency procedure regulated by the Insolvency Act 1986. The role of Administrators is to realise the assets of the company and distribute them for the benefit of its creditors.

The administration will last for an initial period of 12 months but may be extended.

The Administrators will provide regular updates to creditors. Any persons or companies who believe they are a creditor of the company should send their claims to the Administrator.

Why has the company entered into administration?

Cash On Go Ltd filed its application for an administration order on 5 March 2020. The Company traded as Peachy and as Administrators we will investigate the reasons for the Company’s failure and any creditor is welcome to provide us with information.

Who are the Administrators?

Adam Stephens, Gilbert Lemon and Henry Shinners of Smith & Williamson LLP were appointed as Administrators following an application by the Company’s director.  The Financial Conduct Authority (“FCA”) has consented to the appointment of the Administrators.

The Administrators are qualified insolvency practitioners and act independently of Cash On Go Ltd and the director, for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and creditors.

Are the Administrators in contact with the FCA?

Yes. The Administrators are in regular contact with the FCA and the FCA consented to Adam Stephens, Gilbert Lemon and Henry Shinners of Smith & Williamson LLP being appointed as Administrators of the company.

How will my data be protected in this administration process?

As part of their role, the Administrators may need to access and use data relating to borrowers. In doing so, they will follow all applicable data protection requirements. Information about the way they will use and store personal data can be found at http://smithandwilliamson.com/rrsgdpr. It is important that you read the terms and conditions so that you are aware of how and why the Administrators will be using your data.

What can I do if my question has not been answered in this FAQ section?

If your question has not been answered in this FAQ section, please call peachy.co.uk Customer Support team on 0800 0124 743.

What should I do if I have information about Cash On Go Ltd?

The Administrators would be pleased to receive from any stakeholder any useful information  concerning Cash On Go Ltd, which may assist them.

COMPLAINTS

Am I eligible to make a claim?

If you believe that you were provided with unaffordable loan(s) through peachy.co.uk you may have an eligible claim.

What is an “unaffordable loan?”

The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer. For more information, we suggest you visit guidance notes from the Financial Ombudsman Service at https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

How do I make an unaffordability complaint?

If you believe you are eligible, you can make a claim through our Customer Support Team at [email protected] or via phone to 0800 0124 743.

Do I need to use a Claims Management Company to make my claim?

No. You can make claims directly to Cash On Go Ltd. A Claims Management Company can also help you submit a claim. It is up to you if you want to use one. If you decide to use a Claims Management Company, please make sure you understand the scope of their services and how much it will cost you before agreeing to its service.

If I have an unaffordability claim, when will I be paid?

The Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised. Currently, we do not have a date for the payment of any claims, and we do not know what amount of funds will be available to creditors.

If your claim is agreed by the Administrators, you will be an unsecured creditor of Cash On Go Ltd.  This means you will be entitled to participate in any distribution of the cash remaining in Cash on Go Ltd, once all assets have been sold or realised and the secured creditors have been paid.

Please be aware that, if your claim is successful, the payment you receive is likely to be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will exceed the money available to be shared out amongst the unsecured creditors. The money available to be shared out will not be known until all of Cash On Go Ltd’s assets have been sold or realised and certain costs and deductions have been taken into account.

I have already received confirmation that my unaffordability claim has been agreed and the amount that I will receive. When will I receive this?

If you have received a Final Response Letter notifying you that your existing claim has been agreed, and you have already accepted the offer, you will now be considered as an unsecured creditor for the value of the amount specified in that Final Response Letter. Currently, we do not have a date for the payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted when available.

Will the Financial Services Compensation Scheme (“FSCS”) pay my claim if Cash On Go Ltd does not?

No, the FSCS do not cover claims under consumer credit agreements.

I have previously submitted an unaffordability claim to the Financial Ombudsman Service (FOS) which has not been finalised nor agreed. What will happen to my claim?

Any unaffordability claims which were being handled by the FOS will now be handed back to the Administrators who will assess it in due course. Should your claim be upheld, you will be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time.

If I have previously received a redress payment from Cash On Go Ltd, can I claim again?

You cannot claim redress twice for the same loan. If you previously received a redress payment from Cash On Go Ltd, then the historic loans that were redressed at the time will not be considered again.

What should I do if I am approached by someone saying they work for Cash On Go Ltd or the Administrators and want to help me submit a claim?

Do not give your details to anyone who approaches you, alleging that they work for Cash On Go Ltd, the Administrators, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence you have received, please contact the Peachy Customer Support Team on 0800 0124 743.

What should I do if someone has indicated they can ensure I can get a higher claim amount, but I have to pay them a fee first?

The Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Company or third party to submit a claim. Using a Claims Management Company or third party will not accelerate the claims process, nor entitle you to a higher claim amount. If you decide to use a Claims Management Company, please make sure you understand the scope of their services and how much it will cost you before agreeing to its service.

Will anyone ask for my bank details?

We will never ask for your account details or security details by phone or email.  Should you need to update your bank account or card details, you should access your online account as normal.

CREDITORS

I am owed money by Cash On Go Ltd, what should I do?

Check your contract. If your contract was with Cash On Go Ltd and you have not been paid for goods or services provided, please provide details of your claim to the Administrator at [email protected].

What should I do about orders that were placed before 5 March 2020 but not yet delivered?

Please make contact with your usual contact at Cash On Go Ltd in the first instance.

Do I need to continue to supply to the company?

The Administrators’ representatives will make contact with you if supply is no longer required.

What should I do if I have information about the company?

The Administrators would be pleased to receive from any stakeholder any useful information concerning Cash On Go Ltd, which may assist them.

What can I do if my question has not been answered in this FAQ section?

If your question has not been answered in this FAQ section, please call peachy.co.uk Customer Support team on 0800 0124 743.

REDRESS EXERCISE

1. GLOSSARY

Abbreviation

Description

The Company

Cash On Go Limited – now in administration

Formerly trading as Peachy.co.uk and Uploan.co.uk

The Administrators

Adam Henry Stephens, Henry Anthony Shinners and Gilbert John Lemon of Smith & Williamson LLP

The Administrators were appointed on 5 March 2020

FCA

Financial Conduct Authority – the organisation that regulates the conduct of financial services firms in the UK

FOS

Financial Ombudsman Service – the organisation set up to resolve complaints between financial business and their customers

FSCS

Financial Services Compensation Scheme – the organisation set up to protect customers when authorised financial services firms in the UK fail

Capital

The amount you originally borrowed, excluding any interest and charges

Interest

The amount repayable in addition to your initial borrowing as set out in your loan agreement with the Company

Statutory Interest

A rate of interest awarded, in this case on compensation owing, currently set at 8% per annum

2. INTRODUCTION

This set of FAQs has been created to accompany other communications being sent to customers of the Company who have been identified as being entitled to redress due to unaffordable lending.

If you have been identified as being entitled to redress as a consequence of the Company’s lending activities, you will have been sent emails explaining what you need to do to claim this redress.

Not all loans made by the Company to customers are considered unaffordable, so not all customers will be contacted.

The following questions and answers have been prepared to address the concerns we think customers may have. If there is anything not covered here, details on how to contact the Company and the Administrators can be found towards the end of the questions below.

3. QUESTIONS

3.1 What is a redress exercise?

Prior to the Company going into administration, there were concerns raised regarding the lending practises of the Company. These concerns were primarily around the affordability criteria used by the Company when deciding whether to lend money to customers.

The purpose of the redress exercise is to:

  • identify those customers who were wrongly allowed to borrow money from the Company
  • calculate customers’ redress claims (mostly being the amount of interest and other charges)
  • pay compensation to those customers affected

3.2 How do you decide who gets a redress claim (also known as compensation)?

The administrators have developed an assessment tool to identify customers who are entitled to redress and what the amount of that compensation should be.

The assessment considers your entire lending history with the Company. The Joint Administrators review a number of matters when deciding if customers are entitled to compensation, including:

  • the number and frequency of the loans from the Company
  • repayment history
  • income and expenditure
  • the likely accuracy of income and expenditure
  • affordability of loan repayments

3.3 How do I know if I am entitled to a redress claim?

Customers who were identified as being potentially entitled to a redress claim were contacted by email to inform them of their possible claim.

Please note that the deadline for submitting claims is 12 December 2020.

3.4 How are redress claims calculated?

The redress claim aims to put customers back in the position they would otherwise have been if they never took out the loan.

If you have a loan which is subject to a redress claim, this means that you will still need to repay the amount that you borrowed at the start (known as the capital), but you won’t have to pay the interest and other charges.

When calculating the amount of the redress claim, the administrators look at all the payments made to date and allocate them against the capital first.

There are then two outcomes:

  1. You have paid off all your capital and more – in this case, you will have a claim against the Company for anything you paid over and above the capital borrowed
  2. You have not paid off all your capital – in this case, you will need to repay the remaining capital, but you won’t have to pay interest

Example: Using the two outcomes above, assuming the loan is subject to a redress claim and you borrowed £200:

  1. You repaid £300 in total (£200 of the capital and £100 of interest) – you will have a claim for £100
  2. You repaid £100 in total – you still have to pay £100

3.5 I’ve previously taken out several loans – how does that work?

You will receive one email, which will cover off all loans depending on your individual circumstances. You will receive an email confirming how your redress claim will be dealt with and what impact this will have, if any, on any remaining loan.

3.6 What is statutory interest?

Statutory interest is additional compensation added to your redress claim.

Where a loan is subject to redress, statutory interest is calculated at 8% per year of any amount you paid after the capital borrowed was paid off. Statutory interest is calculated up to the date the Company went into administration, being 5 March 2020.

Example: You borrowed £200 (and assuming the loan is subject to a redress claim) and you have made repayments totalling £250 prior to 5 March 2020, then your redress claim is £50 plus statutory interest.

Assuming you repaid this extra £50 on 6 March 2019 (one year before the Company went into administration) you would be entitled to statutory interest of £4.

Your redress claim would therefore be £54.

3.7 How much money will I get back?

Because the Company is in administration, it does not have enough money to pay redress claims in full. The amount of money available to pay redress claims depends on the amount of cash the administrators can recover. However, it is likely that the amount of redress claims will be significantly higher than the money available to pay to customers.

Based on current information, we think you might receive between 1% and 2% (or between 1 and 2p in the £) of your redress claim.

Example: Assuming your redress claim is £54, we currently estimate that you might receive between 54p and £1.08.

3.8 When will my compensation be paid to me?

We hope to be able to pay redress claims early in 2021.

There is still a lot of work to do in the administration. Once we have got in as much money as possible, we will calculate how much each customer will be paid. As explained at 3.7, if you are entitled to a payment, you will only receive a very small amount of your total claim.

3.9 How will my compensation be paid to me?

Redress claims will be paid directly into the bank account previously provided by you to the Company, so please check that your online account has the most up to date details for you.

Please note that due to the risk of fraud, we do not accept requests to change personal details by post. If you do need to update your records, please log into your online account as normal.

3.10 How do I make a redress claim?

If you’ve received an email about making a redress claim, please follow the instructions in that email.

If you wish to submit a redress claim that does not relate to affordability, please contact the Administrators by emailing [email protected].

3.11 What if I don’t want to make a redress claim?

If you don’t want to make a redress claim, then you don’t have to do anything.

3.12 I made a complaint before the Company went into administration – what happens to my complaint?

Complaint made to the Company. If your complaint was made to the Company, you should have received an email inviting you to submit a redress claim.

Complaint made to the Financial Ombudsman Service. If your complaint was made to the Financial Ombudsman Service (or FOS) and you have not received a decision from the FOS, then you should have received an email inviting you to submit a redress claim.

3.13 Can I still complain to the FOS?

Now that the Company is in administration, the FOS is no longer able to consider claims.

3.14 Can I complain to the Financial Services Compensation Scheme (FSCS)?

We have been in contact with the FSCS and it is agreed that customers’ claims do not fall within their remit to make a compensation payment. If that changes then we will tell you.

3.15 Can I complain to the Financial Conduct Authority (FCA)?

Redress related complaints do not fall under the FCA’s jurisdiction (this would normally go to the FOS).

3.16 What if I’m already in some form of insolvency process?

If you are currently subject to bankruptcy proceedings, in an Individual Voluntary Arrangement (IVA), Debt Management Plan (DMP), Debt Relief Order (DRO), Deed of Arrangement or other insolvency process, you should tell the insolvency practitioner working on your case (e.g. the Official Receiver, trustee in bankruptcy or supervisor of an IVA) about your redress payment.

Whilst it is unlikely that the amount of the redress payment will be significant, you may still have to tell the insolvency practitioner that you’ve received this cash. Neither the Company nor the Administrators will be contacting the insolvency practitioner related to your case directly.

3.17 Are there any tax consequences of receiving a redress payment?

We can’t give you specific advice, but we would not normally expect any tax being due. Any tax consequences and amounts due will depend on your individual circumstances, so you should talk to HM Revenue and Customs (HMRC) if you’re unsure what tax you need to pay, if any.

3.18 How often will you contact me in future?

If you are owed money by the Company, you may be contacted every now and again by the administrators. The Administrators’ six-monthly updates to creditors on the progress of the administration are available at www.ips-docs.com using the login details:

Case Login:

CB995

Unique ID:

Cash123

3.19 How do I know this isn’t a scam?

Customers should remain vigilant.

We will only contact you via email or text in accordance with the methods of communication you are used to with the Company.

If you are concerned, then you can contact us using independently verified contact details, rather than using details provided to you. If we find out about any scam emails or letters, then we will let customers know.

3.20 Help – I can’t access the online system

Please follow the instructions in the online system to reset your details.

3.21 Any other queries

Should you have any other queries, please contact the Customer Services Team on [email protected].