MoneyThing’s Action Group surpasses 300 members

The Moneything Action Group has reached over 300 members, as it prepares for an upcoming court hearing with the administrators of the collapsed peer-to-peer lending platform.

A judge has granted 21 investors, who are planning to speak on behalf of the group, a six-week extension to file evidence and arguments.

The MoneyThing Action Group was set up in October to represent investors in the platform who are concerned about the level of costs incurred in running down the loanbook.

Read more: MoneyThing administration extended until 20 December

The group is currently considering whether it should seek legal advice to help write a witness statement ahead of February’s court hearing on fees and the distribution of loan realisations.

“Over 300 lenders have come in and are actively engaging in the Facebook page that the group has created,” a member of the group told Peer2Peer Finance News.

“We do have a filter to try to make sure they are true lenders and we’ve gone from circa 30 to over 300 in almost two weeks. The fightback really is all about the level of costs being incurred in running down the loanbook and who pays for them.

“As an active group if the objective was to allow people to join other like-minded people, I think we’ve achieved it, but what we haven’t achieved yet is a full consensus on how we might go to the next stage, because everyone’s situation and experience is different which can result in differing opinions on the position that should be taken.

“Lenders have no choice in all this, we were served court documents and had no voice, now we have a voice, but the questions are what can we do and what do we do next?”

MoneyThing originally entered into a solvent wind-down, but it was pushed into administration in December 2020 after announcing that it could not afford to defend itself against future litigation from a borrower.