Key facts
Cash On Go Limited entered administration on 5 March 2020. Joint administrators were drawn from Smith & Williamson. The summary below records the key administration milestones.
Operating entity: Cash On Go Limited, trading as Peachy. Joint Administrators: Smith & Williamson. The Peachy loan book was sold to Perch Capital during the wind-down and later transferred to ACI for ongoing collection. Source: FCA news; Debt Camel record of the Peachy administration.
Timeline
Cash On Go Limited operated for approximately ten years before administration. The timeline focuses on the events from 2017 onwards, when affordability complaint pressure on the firm became material.
Cash On Go Limited incorporated
Cash On Go Limited is incorporated and begins offering UK short-term consumer credit through the Peachy brand. The firm targets the UK online payday lending market that grew rapidly in the early 2010s.
FCA assumes consumer credit oversight
The Financial Conduct Authority takes over consumer credit regulation from the Office of Fair Trading. Peachy transitions through interim permission to full FCA authorisation, which is granted under FCA reference 657299.
Growth in the post-cap UK short-term market
Peachy operates within the FCA price cap framework from January 2015 onwards. The firm builds a customer base offering short-term loans of typically £100 to £1,000. The product positioning is similar to other UK online payday lenders of the period, with marketing aimed at borrowers who needed funds quickly.
Affordability complaints rise sharply
The Financial Ombudsman Service starts upholding affordability complaints against Peachy at high rates. The redress provision rises across successive accounting periods. The financial position deteriorates as complaint volumes accelerate.
Administration appointment
Cash On Go Limited enters administration on 5 March 2020. Smith & Williamson are appointed as joint administrators. The Peachy application portal is closed and no new lending takes place. Existing customer accounts continue to be collected by the administrators.
Affordability claim window
The administrators establish a complaint notification process for former Peachy customers. The notification deadline runs through 2020 and into 2021. Claims received after the deadline are not assessed.
Loan book sale to Perch Capital
The Peachy loan book is sold to Perch Capital during the wind-down. Perch Capital becomes the new owner of outstanding Peachy customer balances. Borrowers paying off Peachy loans now make payment to Perch Capital under the original loan terms.
Final dividend paid
Distributions of approximately 1 to 2 pence in the pound on agreed claim amounts are paid to upheld claimants through 2021 and 2022. The exact percentage varies between cohorts depending on when the claim was filed and the basis on which it was upheld.
Loan book transferred to ACI
The Peachy loan book is transferred from Perch Capital to ACI for ongoing collection. ACI becomes the current owner of outstanding Peachy customer balances. Borrowers receiving collection contact in the Peachy or Perch Capital name in 2026 may now be dealing with ACI.
Brand wound down
The Peachy brand is no longer in use as an active lender. The peachy.co.uk domain is no longer an active credit application platform. Any approach to apply for credit in the Peachy name should be treated with extreme caution and verified directly against the FCA register before disclosure of any personal or financial information.
What went wrong
Peachy's administration is one of the smaller UK payday closures by company size but follows the same pattern as the wider sector closures of 2018-2021. The firm did not fail because of a single decision but because affordability complaint volumes after the FCA price cap exceeded what the post-cap operating margins could absorb. The complaints pattern resembles those seen at other UK payday lenders of the period.
Affordability complaint volumes exceeded what the post-cap operating margins could absorb
Cash On Go Limited operated within the FCA price cap framework from January 2015 onwards. The cap limited cost of credit to 0.8 percent per day of the principal advanced. These limits were appropriate consumer protection but constrained the operating margins available to absorb the cost of remediating a large pool of historical loans. As the Financial Ombudsman Service uphold rate against Peachy affordability complaints rose, the redress liability grew faster than the firm's reserves could sustain. The directors elected to place Cash On Go Limited into administration in March 2020 rather than continue trading with an unprovisioned redress liability.
FCA pressure on affordability standards from 2017 onwards
The FCA strengthened its expectations on affordability assessment evidence from 2017 onwards. Lenders were required to demonstrate documented evidence of income verification and expenditure assessment for each loan. Peachy's underwriting from earlier years did not always meet the strengthened standards. Affordability complaints against historical accounts were upheld at high rates by the Financial Ombudsman Service, since the documentary evidence of affordability was often absent or insufficient.
March 2020 timing alongside the early COVID-19 disruption
The Cash On Go Limited administration on 5 March 2020 came within days of the early UK COVID-19 disruption. The timing complicated the administrators' work, since the operational disruption affected creditor communication, asset realisation processes and collection activities. Other UK consumer credit administrations launched immediately before or during early lockdown faced similar operational challenges.
If you had a Peachy loan
The Cash On Go Limited administration is now in the final phase. The summary below covers what former Peachy customers should expect in 2026.
Successful affordability claimants
Claimants whose affordability complaints were upheld by the administrators received approximately 1 to 2 pence in the pound on agreed claim amounts. Distributions started in 2021 and continued through 2022. The exact percentage varied between cohorts depending on when the claim was filed and the basis on which it was upheld. No further dividend will be paid through the Peachy administration.
Outstanding Peachy loan balances
Peachy loans outstanding when Cash On Go Limited entered administration were sold to Perch Capital during the wind-down. Perch Capital subsequently transferred the loan book to ACI. Borrowers receiving collection contact in 2026 may be dealing with either Perch Capital or ACI as the current owner. The original Peachy loan terms transfer to the new owner. Any complaint about original mis-selling is now a matter for the debt purchaser, subject to the time-bar rules in DISP 2.8.2.
Customers who did not submit a claim
The administrator notification window has closed. The Financial Ombudsman Service is unable to consider new complaints against Cash On Go Limited because the firm is in administration. There is no further redress route specifically against the firm. Anyone who would previously have used Peachy for an unexpected expense can now apply for a same-day loan from an active FCA-authorised direct lender.
If you are in current financial difficulty
The four bodies below provide free, impartial guidance to former Peachy borrowers and other consumer credit customers. None of them charge. None have any commercial relationship with a lender, broker or claims management firm. Each can advise on disputed historical balances. Each can also advise on dealing with Perch Capital or ACI as the current owner of legacy Peachy accounts.
The regulatory legacy
The Peachy wind-down formed part of the wider closure of UK online payday lending in the post-cap era. Cash On Go Limited joined Wonga (2018), the CashEuroNet brands (2019), 247 Moneybox (2019), PiggyBank (2019), Sunny (2020), MyJar (2020) and Uncle Buck (2020) in the rolling closure of the UK online short-term credit category.
Peachy in the context of the UK payday closures
The Peachy closure on 5 March 2020 sits chronologically near the start of the COVID-19 affected wave of UK consumer credit administrations. The pattern across all the firms in the period was the same: affordability complaint volumes after the 2014 FCA price cap and the 2015 affordability assessment standards proved larger than the post-cap operating margins could absorb. Peachy is the smaller firm in the cluster but the dynamics are similar.
Perch Capital and ACI as legacy debt owners
Perch Capital and ACI are debt purchasers active in UK consumer credit. Peachy borrowers receiving collection contact in 2026 may be dealing with either firm as the current owner of the outstanding loan balance. The original loan terms transfer with the debt sale. Borrowers should request the original credit agreement and a copy of the deed of assignment before paying anything if there is any doubt about the legitimacy of the contact.
The post-cap UK short-term credit market in 2026
The post-cap UK online short-term credit market is significantly smaller than the market that Peachy operated in. Former Peachy customers needing similar credit now typically apply for small loans from one of the FCA-authorised direct lenders still active in the segment. The product structure available is broadly similar but the number of operators is materially reduced.
Where former Peachy customers borrow now.
Three FCA-authorised firms covering the short-term credit tier that former Peachy customers may now consider. None are connected to Cash On Go Limited or Perch Capital. All operate within the FCA price cap framework.
Direct lender for fixed-term short-term loans of £50 to £1,500 over up to 6 months. GAIN Credit LLC, FCA authorised since 2008. The closest active peer to Peachy in product structure and target customer.
Direct lender for short-term loans of £100 to £1,100 at 0.8 percent daily within the FCA price cap. Western Circle Limited, FCA authorised since 2014. UK-only operating focus.
Established credit broker covering short-term loans within the FCA price cap. PDL Finance Limited, FCA authorised since 2009. Useful where multiple lender comparisons are preferred over single-lender application.
Sources and verification
Administration appointment date of 5 March 2020 and the appointment of Smith & Williamson as joint administrators of Cash On Go Limited verified against Companies House records and the published Notice of Administrator's Appointment.
FCA reference number 657299 and the firm's authorisation history verified against the FCA Financial Services Register.
The 1 to 2 pence in the pound dividend range and the loan book sale to Perch Capital verified against the published administrator reports filed at Companies House for Cash On Go Limited and contemporaneous Debt Camel coverage.
The subsequent transfer of the Peachy loan book from Perch Capital to ACI verified against contemporaneous trade press coverage of UK consumer credit debt sales.
Companies House records for Cash On Go Limited and the active filing status of the administration verified on 28 April 2026.
Swift Money Limited is a credit broker, not a lender. This page is an editorial record published by Swift Money. Inclusion does not imply commercial relationship between Swift Money and Cash On Go Limited or Perch Capital or ACI. We are authorised and regulated by the Financial Conduct Authority, FRN 738569.