Preheat the oven to 425 degrees F. Very lightly grease 8 small ramekins or 1 large pie tin with nonstick spray.
If desired peel the peaches (I love leaving the skin on!), pit and thinly slice the peaches.
Toss in a large bowl with lemon juice and vanilla extract and set aside.
In a separate small bowl, combine 2 tablespoons white sugar, 6 tablespoons brown sugar, cinnamon, nutmeg, and cornstarch.
Gently toss the dry ingredients with the peaches and divide evenly among the 8 ramekins or in the pie dish. Bake the small dishes in the oven for 8 minutes and remove. Bake the large dish for 12 minutes and remove.
Meanwhile, in another bowl, mix together the flour, remaining 4 tablespoons white sugar, remaining 4 tablespoons brown sugar, baking powder, and salt.
Using 2 knives or a pastry cutter, cut in the butter until well combined with the other ingredients.
Pour in the hot water and vigorously stir until well combined.
Drop over the slightly cooked peaches in large spoonfuls. Smooth just so the mixture is even. Sprinkle a mixture of cinnamon and sugar (3 tablespoons sugar to 1 teaspoon cinnamon) over the crusts and bake the ramekins for 15-20 minutes and the large dish for 25-30 minutes.