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Ounapuu Limited ( in Liquidation)
[Previously Ferratum UK Limited – “Ferratum”]
“ Ounapuu / the Company”

Where financial firms enter into Liquidation, experience is that fraudsters may sometimes approach customers and investors claiming to be able to assist them to recover their investment in return for an advance fee. Sometimes the fraudsters claim to be from the company or the Liquidators. You should be wary of any unexpected call, email or other contact which asks you for money in this manner. FCA guidelines are available at:

www.fca.org.uk/consumers/protect-yourself-scams

Q&A

Who are Ounapuu, I thought my loan was with Ferratum?

Ferratum was established in 2011 and was a provider of HCSTC loans. Ferratum was sold in November 2021 to new owners and changed its name to Ounapuu that same month. Therefore, Ferratum and Ounapuu are the same company.

1. Liquidation

What is a Liquidation?

1.1 A Liquidation is an insolvency procedure regulated by the Insolvency Act 1986.

1.2 The Joint Liquidators’ role is to realise the assets and distribute them for the benefit of creditors.

1.3 The Joint Liquidators will provide regular updates to creditors, this includes customers that are owed redress as they will be creditors of the Company. Any persons or companies who believe they are a creditor, or who believe they are owed redress from the Company, should send their claims to the Joint Liquidators.

Why has Ounapuu entered into Liquidation?

1.4 The director of Ounapuu formerly Ferratum has made the decision to place the business into Liquidation due to external factors that have placed financial pressure on the business and its ability to trade through these challenges.

1.5 Mindful of ensuring the business satisfies certain threshold conditions and the difficulties associated with raising additional funding in this economic environment, the director of Ounapuu has placed the Company into Liquidation.

Who are the Liquidators?

1.6 Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery & Insolvency (London) Limited (“Harrisons”), were appointed as Joint Liquidators, following a deemed consent process, on 31 December 2021.

1.7 The Joint Liquidators are qualified insolvency practitioners, regulated by the Institute of Chartered Accountants in England & Wales. The Joint Liquidators act independently of the Company for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to the Company’s creditors as a whole.

When will I receive what I am owed?

1.8 After your claim has been assessed, if your claim is agreed by the Liquidators, you will be an Unsecured Creditor of the Company and will be owed a distribution once all assets have been sold or realised.

1.9 Distributions to creditors are made in the following order:

• The costs of realising assets will be paid first.
• Any amounts owing to secured creditors ( if any ) are then settled, followed by;
• Employee preferential claims, preferential HMRC claims and then;
• Unsecured Creditor claims - such as providers of goods and services and redress claims.

1.10 If, after paying the costs of realisation there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.

➢ Please be aware, if your claim is successful, the payment you receive is highly likely to be significantly smaller than your accepted claim amount.

1.11 This is because the total value of all claims received will exceed the money available to be shared out. The money available to be shared out will not be known until all of Ounapuu’s assets have been sold or realised and certain costs and deductions have been taken into account.

➢ It is possible that once the costs of dealing with the Liquidation are paid, there will be insufficient funds to make any payment to the Unsecured Creditors

Are the Joint Liquidators in contact with the FCA?

1.12 Yes. The Joint Liquidators are in regular contact with the FCA and Ounapuu remains authorised and regulated by the FCA during the period of the Liquidation.

How will my data be protected in the Liquidation process?

1.13 As part of our role as Liquidators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements. Information about the way we will use, and store personal data can be found at: https://harrisons.uk.com/privacy-policy. It is important that you read the terms and conditions so that you are aware of how and why we are using your data.

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

1.14 We would be pleased to receive from any stakeholder, including redress creditors or those owed redress, any useful information concerning Ounapuu , its dealing or conduct which may assist us.

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

1.15 If your question has not been answered in this FAQ section or in the FAQs section of the websites, please email your query to ounapuu@harrisons.uk.com. The Liquidators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

2. Customers

Do I still need to repay my loan?

2.1 Yes. The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement with Ounapuu. This applies to all loan products.

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

2.2 The terms and conditions remain as agreed when the loan was taken out. For further information please go to https://www.ounapuu.co.uk/faqs

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

2.3 No, the Company is unable to provide further lending

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

2.4 If you can’t repay your loan on time, please call Customer Support straight away on 0151 808 1372

2.5 For further information please go to https://www.ounapuu.co.uk/faqs. The organisations below offer free debt advice and may be able to help you too:

How do I repay my loan?

2.6 Your loan should be repaid as arranged when it was taken out. For more information on repayment arrangements, and alternative payment methods, please go to customercare@ounapuu.co.uk. There will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, prior to making any payment, please inform our Customer Support team straight away on 0151 808 1372.

2.7 Never give personal or account details to anyone who contacts you unexpectedly.

2.8 We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.

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

2.9 Please check the FAQs section of the website https://www.ounapuu.co.uk/faqs.

2.10 If your question is not covered, please contact Customer Support on 0151 808 1372 or customercare@ounapuu.co.uk.

2.11 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. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

2.12 If your question is still not answered, please email your query to ounapuu@harrisons.uk.com. The Liquidators’ team will look at all individual queries.

➢ Please note that the Liquidators’ team does not have online access to customer accounts and is therefore unable to deal with queries relating to the servicing of individual accounts, including current account balance, making repayments and change of bank or address details.

➢ These queries should be directed to the customer support centre. The contact details are either by telephone on 0151 808 1372 or email at customercare@ounapuu.co.uk.

2.13 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 Liquidation?

2.14 The Liquidators will continue to provide access to the website. Customers will be able to access their accounts through the web on an ongoing basis. They will have a portal to log into, being: https://www.ferratum.co.uk/account/one-time-login in the Customer Online Account Area.

What should I do if I have information about Ounapuu?

2.15 We would be pleased to receive from any stakeholder, or customer, any useful information concerning the Company, its dealing or conduct which may assist us.

3. Complaints

I have a complaint which I have not yet submitted, what should I do?

3.1 If you are a customer and you have a complaint regarding the service provided by Ounapuu, please contact Customer Support on 0151 808 1372 or by email customercare@ounapuu.co.uk.

3.2 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.

4. Redress Complaints

Am I eligible to make a claim?

4.1 If you believe that you were provided with an unaffordable loan(s) through Ounapuu / Ferratum you may have an eligible claim. The Joint Liquidators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process.

What is an “unaffordable loan”?

4.2 The unaffordability of a loan will be assessed by the Joint Liquidators, looking at criteria of the loan at the time it was taken out by the customer and referring to FCA rules and the Financial Ombudsman’s approach.

For more information, we suggest you visit guidance notes from the Financial Ombudsman: https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html.

How do I make an unaffordability claim?

4.3 As advised above, the Joint Liquidators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process . If you believe that you are eligible, you can make a claim through the Customer Support team at customercare@ounapuu.co.uk or via phone at 0151 808 1372.

I have an unaffordability claim which I have not yet submitted, what should I do?

4.4 If you are a customer and believe you were sold an unaffordable loan or lent to unaffordably, but have not received any communications from Ounapuu, please contact Customer Support on 0151 808 1372 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.

Do I need to use a Claims Management Agency (CMA) or Claims Management Firm (CMC) to make my claim?

4.5 A CMA/CMC can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMA/ CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.

4.6 The Joint Liquidators 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. Customers do not need to use a Claims Management Firm (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

I have previously submitted an unaffordability claim to Ounapuu which has not yet been finalised nor agreed. What will happen to my claim? Do I need to resubmit my claim?

4.7 Any unaffordability claims which were being handled by Ounapuu will now be assessed by the Joint Liquidators. You will not need to re-submit a claim, however, it is important to note that the claim may not be wholly resolved within the usual eight-week timeframe.

4.8 Due to the volume of claims that have been and will be received, the Joint Liquidators are working with Ounapuu to finalise the assessment methodology. Further updates on unaffordability claims will be posted here when available: https://harrisons.uk.com/ounapuu.

4.9 Should your unaffordability claim be upheld, you would 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.

4.10 Please do note that any payment is highly likely to be significantly smaller than the accepted claim amount. This is because the total value of all accepted claims will exceed the money available to be shared out. The money available to be shared out will not be known until all of Ounapuu’s assets have been sold or realised and certain costs and deductions have been taken into account.

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

4.11 Any unaffordability claims which were being handled by the FOS will be handed back to the Joint Liquidators. You will not need to re-submit a claim. Your FOS claim will now be assessed by the Joint Liquidators in due course. It is important to note that the claim may no longer be resolved within the usual eight-week timeframe.

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

4.12 The Joint Liquidators will assess all redress claims during the course of the Liquidation. No payments will be made until all of the assets have been sold or realised.

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

4.13 Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (“FRL”) and have accepted the offer within it will now be considered as an Unsecured Creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. Any payment you receive will be significantly smaller than your claim amount. Further updates on unaffordable claims will be posted at https://harrisons.uk.com/ounapuu when available.

4.14 After establishing redress, if it is identified that a customer has made any form of repayment of their loan after the date of our appointment, the element of redress applicable will be returned to customers. To cover this situation all receipts since our appointment, will be separately identified and held in a separate bank account pending the completion of the redress process.

Will the FSCS pay my claim if Ounapuu does not?

4.15 No, the FSCS do not cover claims under consumer credit agreements. See https://www.fca.org.uk/publication/consultation/cp16-42.pdf.

If I have previously received a redress payment from the Firm, can I claim again?

4.16 No, you cannot be redressed twice for the same loan. If you previously received a redress payment from the Company, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from Ounapuu / Ferratum after your previous redress payment, then you may now submit a claim for these new loans, if you believe these were unaffordable loans.

➢ Please be aware, if your claim is successful, the payment you receive is highly likely to be significantly smaller than your accepted claim amount.

What should I do if I am approached by someone saying they work for Ounapuu or Harrisons or the Joint Liquidators and want to help me submit a claim?

4.17 Customers will not be approached by any Harrisons or Ounapuu staff directly to assist in submitting a claim. We will be in touch in the coming months to let you know how you can submit your claim.

4.18 Do not give details of your claim to anyone who approaches you, alleging that he or she work for Harrisons or Ounapuu , or otherwise. If you do require assistance or are unsure as to the validity of any correspondence, you have received please contact the Customer Support Team at Ounapuu.

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?

4.19 The Joint Liquidators 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 Firm (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

Will anyone ask for my bank details?

4.20 We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.

5. Suppliers

I am owed money by Ounapuu, what should I do?

5.1 Check your contract. If your contract was with Ounapuu and you have not been paid for goods or services provided, please provide details of your claim by post to the Liquidators at:

The Liquidators of Ounapuu Limited
Westgate House
9 Holborn
London EC1N 2LL

Or

Ounapuu@harrisons.uk.com

What should I do about orders that were placed before 31 December 2021 but not yet delivered?

5.2 Please make contact with your usual contact at Ounapuu in the first instance.

Do I need to continue to supply Ounapuu?

5.3 The Joint Liquidators’ representatives will make contact with you if supply is required. Any goods or services which are supplied after the date of appointment will be subject to new terms, agreed with the Joint Liquidators.

What should I do if I have information about Ounapuu?

5.4 We would be pleased to receive from any creditor any useful information concerning the Company, its dealing or conduct which may assist us.

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

5.5 If your question has not been answered in this FAQ section, please email your query to Ounapuu@harrisons.uk.com. The Joint Liquidators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.