Cash On Go Limited (in administration) – "COG" or the "Company" trading as uploan.co.uk
Adam Stephens, Gilbert Lemon and Henry Shinners of Smith & Williamson LLP were appointed as joint administrators (the "Administrators") of Cash On Go Ltd on 5 March 2020.
The secured creditor, Avole Holding AS, has consented to the extension of the period of administration for 12 months, until 4 March 2022, pursuant to Paragraph 76(2)(b) of Schedule B1 to the Insolvency Act 1986
Cash On Go Ltd traded as uploan.co.uk in the UK and provided lending services to the UK consumer market.
Updates from the Administrators can be found on the following dedicated website:
Following the appointment of the Administrators:
- There will be no new lending activity; and
- All outstanding loans remain subject to the terms agreed with COG and borrowers should continue to make payments in the usual way according to the agreed terms and conditions.
More information can be found here.
The Administrators are working with the Company to facilitate an orderly wind down of the business and start the process of identifying all creditors, in accordance with their statutory obligations.
A copy of the Administrators’ proposals can be found here
Following a detailed review by the Joint Administrators and the Company into possible inappropriate lending to certain customers, the Joint Administrators have now started a redress exercise in order to provide compensation to certain customers.
Please be aware that the value of customer claims is expected to be very high and the amount of cash available to share amongst customers and creditors to pay those claims is, by comparison, very limited. Although not yet finalised, the level of dividend is likely to be only a couple of pence in the £. This means that if you have a claim for £100, it is likely you’ll only receive between £1 and £2.
It is not necessary for you to instruct a Claims Management Company (or CMC) in order to submit a claim in the administration and, if you do, it is likely that a portion of any compensation payable to you may go to the CMC.
If you wish to submit a claim for compensation, please log into your online account in the usual way and follow the links to the online form. If you need any help or assistance, please contact us by calling 0800 0239 209 or emailing [email protected].
The Joint Administrators will be writing by email to all those customers impacted by the redress exercise and we would therefore encourage customers to ensure that their contact details are up to date by logging into their online account.
Please note that the deadline for submitting claims is 12 December 2020.
The Company remains regulated by the Financial Conduct Authority ("FCA") and the Administrators will continue to liaise closely with the FCA as the administration process progresses.
If you receive any requests to make payment to any other bank accounts, please inform the Customer Support team immediately on 0800 0239 209 for uploan.co.uk
Please remember, never give personal information or account details to anyone who contacts you unexpectedly. Neither the Administrators nor the Company will ever ask for your bank details.
We recognise the financial impact coronavirus is having and we’re doing everything we can to help. You can find our coronavirus guidance here.