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

Administrators for defunct peer-to-peer lending platform MoneyThing have written off £354,879 across four non-performing loans since the start of 2023.

In an update to investors, administrators Moorfields reported that a number of non-performing loans have either been written off or have entered recovery, as the administration process entered its fourth year.

MoneyThing investors received just £36,978 in interest payments between December 2022 and June 2023. This came from one borrower due to mature in April 2024.

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The administrators said that by the end of June 2023, just one borrower remains classified as a ‘performing loan’.

Four non-performing loans relating to four borrowers were crystallised with losses amounting to more than £354,000 during the last reporting period. The remainder of the loans from nine borrowers remain in recovery proceedings where they are either subject to the appointment of a fixed charge receiver or administrator, or there are other ongoing legal issues.

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Moorfields added that no further distributions are expected from MoneyThing’s holding company MoneyThing Security Trustee Limited.

Administrators racked up an additional £83,340 in fees between December 2022 and June 2023. This brings the total cost of the administration to £1,153,633. To date, just £406,500 has been drawn.

Andrew Pear, joint administrator at Moorfields, said that since the total time costs have exceeded the estimated time costs provided in the previous reporting period and approved by the secured creditor, the administrators may require a  revised fee estimate in the future.

Read more: P2P administration costs rack up