MoneyThing directors write off £354k in non-performing loans

Directors for defunct peer-to-peer lending platform MoneyThing have written off £354,879 throughout 4 non-performing loans because the begin of 2023.

In an replace to buyers, directors Moorfields reported that various non-performing loans have both been written off or have entered restoration, because the administration course of entered its fourth 12 months.

MoneyThing buyers obtained simply £36,978 in curiosity funds between December 2022 and June 2023. This got here from one borrower attributable to mature in April 2024.

Learn extra: MoneyThing administration prolonged for one more two years

The directors mentioned that by the top of June 2023, only one borrower stays categorised as a ‘performing mortgage’.

4 non-performing loans regarding 4 debtors had been crystallised with losses amounting to greater than £354,000 over the past reporting interval. The rest of the loans from 9 debtors stay in restoration proceedings the place they’re both topic to the appointment of a hard and fast cost receiver or administrator, or there are different ongoing authorized points.

Learn extra: FCA scraps £10,000 compensation restrict

Moorfields added that no additional distributions are anticipated from MoneyThing’s holding firm MoneyThing Safety Trustee Restricted.

Directors racked up a further £83,340 in charges between December 2022 and June 2023. This brings the overall value of the administration to £1,153,633. To this point, simply £406,500 has been drawn.

Andrew Pear, joint administrator at Moorfields, mentioned that because the whole time prices have exceeded the estimated time prices supplied within the earlier reporting interval and authorised by the secured creditor, the directors might require a  revised price estimate sooner or later.

Learn extra: P2P administration prices rack up

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