03/07/2020

Sunny Loans goes into administration

Elevate Credit International Limited (ECIL) which traded under the names of Sunny, 1 Month Loan and Quid went into administration on 29th June 2020. Sunny was one of the largest payday lenders in the UK.

Sunny now joins an ever-growing list of payday lenders which has appointed administrators. The list includes’ QuickQuid, Swift Sterling, Moneybox 247, Peachy, NextCredit, Piggybank Loans and Uncle Buck. There has been an increase in these companies having to give refunds to customers who have complained about being given unaffordable loans.

The company has appointed KPMG as administrators who are looking to perform an orderly wind down of the business. The administrators have stated that anyone with an outstanding loan should continue to pay it as normal.

If you believe that you are eligible to make an affordability complaint and haven’t yet done so, you can still do so through their website here. All complaints will be logged and held until the administrators have determined if there are funds to pay any claims.

The Administrators have stated that customers will not be approached by KPMG, the Administrators, or the Company regarding any complaints, so it’s important that you don’t give any personal or bank details to anyone who approaches you claiming to be from the Administrator, Company or KPMG.

The Administrators have stressed that the terms and conditions of loans remain in place, therefore if a you fail to make repayments to your loan, action can be taken in line with the terms and conditions. Interest will also be charged at the standard rate. If you have a loan from either Sunny, 1 Month Loan or Quid and are a customer of ours, we will continue to pay them as normal until we hear any instruction to the contrary.

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