MoneyThing provides first assets update since administration

Closed-down peer-to-peer lender MoneyThing has £971,186 of assets available to secured creditors but information on the status of its P2P loanbook has not been published publicly yet.

MoneyThing was pushed into administration at the end of last year after revealing it could not afford to defend future litigation from a borrower.

It was already in wind-down since December 2019, blaming lower investor confidence and fierce competition in the lower-risk business loans market.

Moorfields Advisory was named administrator of the company in December 2020.

A statement of affairs published today (9 February) shows that MoneyThing has £971,186 of assets available to preferential creditors.

The largest creditor is Rapid Finance Trust, which is owed £384,980.

MoneyThing secured cashflow finance from Rapid Finance when it first closed to new business in 2019.

P2P investors are not treated as creditors so the document does not detail money owed to them.

Read more: How P2P lending administrations are progressing

However, it does show that MoneyThing has £211,304 of loan assets and £119,000 to realise, and £2.3m of interest income, with £80,904 to realise.

MoneyThing said at the end of last year that the appointment of administrators is not expected to have a material impact on lenders or borrowers and the directors will provide their full support.

Investors will continue to be credited capital and interest as per the terms they have signed up to with updates continuing to be provided through the lender portal.

The administrator had said an update on loans would be provided at the end of January but it is unclear if this will be made public.

Moorfields Advisory has been asked for comment.