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 peachy.co.uk.

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.

GENERAL

Please note that a first and final dividend of $$X pence in the pound was declared to unsecured creditors with an agreed claim in the Administration on $$DATE 2020.

Customers

Will my credit history be affected if I have been unable to make my regular payments against my loan, following the administration?

The Company previously contracted with TransUnion to update customers’ credit records. This contract ceased as a consequence of the administration and regrettably no further updates can be made to your credit records by the Company or the Administrators.

Creditors and potential redress claims

Please see the Dividend FAQ below for more detailed information regarding the payment of dividends.

I have missed the deadline for submitting my claim in the administration – can I still submit a claim?

The deadline for customers to submit redress claims in the administration has now passed and a first and final dividend of $$X pence in the pound was declared on $$DATE 2020. No further claims will be considered by the Joint Administrators, as the first dividend has been finalised and there are insufficient funds to declare and pay a second dividend.

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

Customers who were identified as being potentially entitled to redress from the Company were contacted by the Joint Administrators to inform them of their potential claim in the administration by email and text.

A deadline for customers to submit redress claims in the Administration was set on $$DATE. Reminders were sent by email and text to all customers identified as potentially having an unsecured redress claim in the administration, who were yet to submit a claim, in the weeks leading up to the deadline.

On $$DATE a first and final dividend of $$X pence in the pound was declared and paid to all unsecured creditors of the Company with an agreed claim in the administration. No further claims will be considered by the Joint Administrators, as the first dividend has been finalised, and there are insufficient funds to declare and pay a second dividend.

How were redress claims calculated?

Throughout the administration the Company has undertaken significant work to identify and calculate potential customer redress claims and has reflected feedback from the Financial Conduct Authority (FCA) in its methodology. Information on the claim calculation method which the Company developed can be found in the Joint Administrators’ proposals, which are available to view and download at $$WEBSITE_ADDRESS.

If you were identified as a potential redress creditor of the Company, you will have received an email with instructions on how to submit a claim to the Joint Administrators. Please note, the deadline for submission of redress claims in the Administration has now passed and a first and final dividend has been declared and paid to unsecured creditors with an agreed claim in the Administration.

Does my redress estimate include statutory interest at 8%?

If you were identified as being potentially entitled to redress by the Company, your estimated redress claim includes statutory interest at 8% per annum if you have previously made repayments to the Company against your loan (including interest and charges), totalling more than the value of the loan that you originally took out. Statutory interest only accrues in relation to the period prior to the appointment of the Joint Administrators.

For example: If you previously took out a loan of £200 from the Company which you are entitled to redress against, and you have made repayments to the Company (including interest and charges) totalling £250 prior to 5 March 2020, then statutory interest at 8% will be applicable against a value of £50 – the amount of repayments made over the original value of your loan. If statutory interest is applicable, it will have accrued from the date that your repayments to the Company exceeded the value of your loan, up until 5 March 2020. Statutory interest no longer continues to accrue on your redress claim following the Joint Administrators’ appointment (5 March 2020).

How can I submit a claim against the Company in the administration?

A deadline for customers to submit redress claims in the administration was set as $$DATE. Reminders were sent by email and text to all customers identified as potentially having an unsecured redress claim in the Administration, who were yet to submit a claim, in the weeks leading up to the deadline. On $$DATE 2020 a first and final dividend of $$X pence in the pound was declared and paid to all unsecured creditors of the Company with an agreed claim in the administration. No further claims will be considered by the Joint Administrators, as the first dividend has been finalised, and there are insufficient funds to declare and pay a second dividend.

I made a complaint against the Company before it entered administration – what happens to my complaint?

Customers who had made a complaint against the Company prior to it entering into administration on 5 March 2020 were contacted by the Joint Administrators by email, to invite them to submit a redress claim in the administration, prior to the claim submission deadline if, at that time, they were awaiting a response to their complaint. Customers who had taken their complaint to the FOS but had not received an assessment decision from the FOS, were also contacted by the Joint Administrators by email, to invite them to submit a redress claim by the claim submission deadline.

On $$DATE 2020 a first and final dividend of $$X pence in the pound was declared and paid to all unsecured creditors of the Company with an agreed claim in the administration. No further claims will be considered by the Joint Administrators, as the first dividend has been finalised, and there are insufficient funds to declare and pay a second dividend.

Can I make a complaint to the Financial Ombudsman Service in relation to previous loans?

The Joint Administrators have been in dialogue with the Financial Ombudsman Service (FOS) to understand what impact the administration has on any new complaints referred to the FOS during the administration, and on any existing complaints that it may be dealing with.

Following the appointment of the Joint Administrators, all cases received by the FOS in relation to the Company were dealt with by the Joint Administrators. In addition, the FOS will not further progress any existing complaints against the Company. Whilst customers still have a right to refer an affordability complaint to the FOS, it will now be the Joint Administrators who will determine whether a complaint should be upheld and whether a customer with an upheld complaint should be treated as an unsecured creditor in the administration. The FOS have agreed to forward any complaints received against the Company to the Joint Administrators. However, please note that on $$DATE 2020 a first and final dividend of $$X pence in the pound was declared and paid to all unsecured creditors of the Company with an agreed claim in the administration.

No further claims will be considered by the Joint Administrators, as the first dividend has been finalised, and there are insufficient funds to declare and pay a second dividend.

How often will you contact me in future?

If you are a creditor of the Company, you will periodically be contacted throughout the administration. Alongside this, the Joint Administrators’ six-monthly updates to creditors on the progress of the administration are available on $$WEBSITE_ADDRESS.

DIVIDENDS

Why have I received an email from the Joint Administrators?

The Joint Administrators emailed all creditors of the Company who have an agreed claim in the administration on or shortly after $$DATE 2020. In this email, we communicated the dividend level of $$X pence in the pound, and the value of dividend that you would be entitled to.

How will I receive my dividend payment?

All dividend payments have been processed by a direct bank transfer into the bank account details that we hold on file.

If you have received an email indicating that you are due a dividend payment and that payment has been processed, and you have not received your dividend payment within 7 days of the date of that email, please contact the Customer Services team at $$EMAIL_ADDRESS.

If the amount of money paid into your bank account does not match the amount stated in the email that we sent to you on or shortly after $$DATE, please contact the Customer Service Centre team at $$EMAIL_ADDRESS.

Why haven’t I received my claim in full?

The Company entering administration on 5 March 2020 means that it is insolvent and does not have sufficient assets available to repay its debts in full. In an insolvency, all unsecured creditors receive an equal share of those funds which are remaining after the costs have been settled. The funds are distributed equally to all unsecured creditors with a valid claim, based upon the value of their claim.

The level of the dividend to creditors is set by the funds which remain available after asset realisations are complete, and the costs and expenses of the administration have been paid, together with the level of creditor claims received. The Joint Administrators have a statutory duty to treat all unsecured creditors equally.

Since the Company entered administration in March 2020, the Administrators have conducted the administration in accordance with their duties to realise assets, and have invited creditors to submit a claim, in accordance with Insolvency Law. In the Company’s case, the total value of all admitted claims received significantly exceeds the money available to be distributed to creditors.

As the value of the dividend is determined by the level of funds which are available to the Company, there is nothing more the Joint Administrators can do in order to increase the value of the dividend.

In this case, the funds available after costs have been accounted for has resulted in a distribution to creditors of $$Xp for every £1 owed. This represents an equal proportion to all creditors who were owed money at the date of the Joint Administrators’ appointment and have had claims admitted for dividend purposes.

The dividend rate of $$X pence in the pound means that, for example, a creditor with a claim of £1,000 will receive a dividend payment of £$$AMOUNT, as unfortunately there is insufficient money to pay unsecured creditor claims in full.

How did you calculate the dividend amount that I received?

The level of the dividend to creditors is set by the funds which remain available after asset realisations are complete, and the costs and expenses of the administration have been paid or provided for, together with the level of creditor claims we receive.

Further detail of the assets realised and the costs which have been paid can be found in the Joint Administrators’ latest progress report. The Joint Administrators therefore calculated the dividend rate by dividing the total amount available for distribution to creditors (after costs and expenses) by the total amount of creditors’ claims admitted for dividend purposes. This resulted in a dividend rate of $$X pence in the pound.

To calculate your payment, we then multiplied that dividend rate by the value of your agreed claim.

The formula to calculate your dividend is therefore:

– Your agreed claim amount x $$Xp in the £ (or £$$0.0X) = your dividend amount.

The amount of money I have been paid doesn’t match the amount stated on the email I received on or shortly after $$DATE 2020

If the amount of money paid into your bank account does not match the amount stated in the email that we sent to you on $$DATE, please contact the Customer Service Centre team at $$EMAIL_ADDRESS as soon as possible, providing evidence of the amount received into your account.

I have not received my dividend payment, what should I do?

If the email that we sent to you on $$DATE states that we have processed your dividend payment, and you have not received this payment within 7 days of the date of that email, please contact the Customer Services team at $$EMAIL_ADDRESS.

You should provide alternative bank account details if your details have changed, and if the first payment has bounced back to us, we may then be able to make a second payment attempt within 2 months of the declaration of the dividend on $$DATE.

If you do not provide alternative bank account details as soon as possible, we may not be able to process and verify the change of details in time to make a second payment attempt to you.

What happens if I miss the cut off for the second payment attempt?

If your initial payment attempt was not successful, and we are unable to include your payment in our second payment attempt, your dividend will be transferred to the Insolvency Services Account (“ISA”) controlled by the Government. If this happens, you will be able to claim your funds from the ISA at a later date and we will provide information on how to claim funds from the ISA on this website in due course.

Will there be any more dividend payments?

The dividend declared on $$DATE 2020 was a first and final dividend to unsecured creditors. There are insufficient funds to enable any further dividend payment to be made to the unsecured creditors.

I don’t think you have my up to date bank details.

Unless the email you received from us on $$DATE stated otherwise, your dividend payment has been processed to the bank account details we hold on file in relation to your loan account.

If this bank account is closed, the payment may be returned to us and we may then be able to make a second payment attempt to an alternative bank account at a later date.

If this is the case, please provide alternative bank account details to us by email to $$EMAIL_ADDRESS, together with a copy of your bank statement showing these details. Any sensitive information on your bank statement can be removed or crossed out before you send it to us.

Why didn’t you contact me to change my bank account details?

The Joint Administrators emailed all customers who were potentially entitled to a redress claim. This email was sent to the email address held on the Company’s records.

Within this email, you were provided instructions on how to submit your claim and during this process, you were asked to check your bank account details and update the details in case anything has changed.

Why didn’t you pay my dividend by cheque?

The Joint Administrators have received a significant number of claims in the Administration. In order to ensure that dividend payments were made to customers as quickly and efficiently as possible, to enable an efficient closure of the administration following payment, and in order to limit costs incurred, the Joint Administrators took the decision to make all dividend payments by electronic bank transfer. Unfortunately, this means that we were not able to process any dividend payments by cheque.

I would like to submit a claim now, what should I do?

On $$DATE 2020 a first and final dividend of $$X pence in the pound was declared and paid to all unsecured creditors of the Company with an agreed claim in the Administration.

No further claims will be considered by the Joint Administrators, as the first dividend has been finalised, and there are insufficient funds to declare and pay a second dividend.

I do not agree with the claim value used as the basis for my dividend payment.

The Joint Administrators previously contacted you to inform you of the agreed value of your claim. As set out in that email, under the Insolvency (England and Wales) Rules 2016, you had 21 days to appeal this agreed claim value in Court.

Unfortunately, as you did not appeal your claim value in Court during this 21 day period, your claim value was considered to be final and cannot be appealed.

I am not happy with the value of my dividend, what should I do?

Your dividend value is calculated by providing all creditors with an equal share of those funds which are remaining after the costs and expenses have been settled based upon the amount which is owed to you.

The level of the dividend to creditors is set by the funds which remain available after asset realisations are complete and the costs have been paid together with the level of creditor claims we receive.

The Joint Administrators have a statutory duty to treat all creditors equally.

As the value of your dividend is determined by the level of funds which are available to the Company, there is nothing the Joint Administrators are able to do in order to increase the value of your dividend payment.

Can I appeal against the dividend level of $$X pence in the pound?

There is no method by which you can appeal the level of dividends with the Joint Administrators. The level of dividend is determined by the funds available, and the Joint Administrators are not able to impact the level of the dividend.

Since the Company entered administration on 5 March 2020, the Joint Administrators have realised the Company’s assets and invited creditors to submit a claim, in accordance with Insolvency Law. In the Company’s case, the total value of all admitted claims received significantly exceeds the money available to be distributed to creditors. Therefore, the money is distributed equally to all creditors with a valid claim, based upon the value of their claim, resulting in a dividend to all unsecured creditors of $$X pence in the pound.

Will I receive any further payments from the Company?

The dividend that was declared on $$DATE 2020 was a first and final dividend, and you will not receive any further payments in relation to your claim against the Company.

Any other queries

Should you have any other queries relating to your dividend payment, please contact the Customer Service team on $$EMAIL_ADDRESS.

COG’S SALE OF ITS LOAN BOOK

Has my loan been purchased by someone else?

Part of the Company’s customer loan book has been sold to $$DEBT_PURCHASER_NAME. If your loan has been sold, you should have received an email from the Joint Administrators to confirm this, as well as a welcome email from $$NAME.

Can you transfer my loan without my permission? – depends on whether debts are sold

Under the standard terms and conditions that accompanied the loans made prior to the Joint Administrators’ appointment, the Company is able to transfer a customer loan to a purchaser without prior consent from the customer. If you were a customer of the Company and your loan has been sold to $$NAME, you should have received an email from the Joint Administrators to confirm this.

Can I continue to pay off my loan by bank transfer or standing order?

If your loan has been purchased by $$NAME, you should contact them with any queries regarding the payment of your loan. The Company is no longer accepting any payments against loans that were sold.