On 21 December 2020, the Directors of MoneyThing Capital Limited, a regulated Peer-to Peer (P2P) firm, placed the firm into administration and appointed Tom Straw and Milan Vuceljic of Moorfields Advisory Ltd as Joint Administrators.
MoneyThing Capital Limited operates a P2P lending platform through a website (https://www.moneything.com/) facilitating crowdfunded loans which are used to fund business loans secured against assets such as property, as well as pawn-broking style loans secured on items of value. MoneyThing’s activities have been in wind down since 5 December 2019.
The Joint Administrators’ function is generally to act in the interest of the company’s creditors as a whole, and this must be done as quickly and efficiently as is reasonably practicable. The Joint Administrators will contact all affected parties in due course. For more information please see MoneyThing’s website, or contact MoneyThing in the usual way.
The Joint Administrators can be contacted as follows:
- visit: www.moorfieldscr.com/moneything
- email: [email protected]
- write to: Moorfields Advisory, 88 Wood Street, London EC2V 7QF
What should investors do now?
There is no need for investors to do anything. Investors should shortly receive an update from the Joint Administrators through the MoneyThing platform with further information.
The Joint Administrators, Tom Straw and Milan Vuceljic of Moorfields Advisory, are now responsible for the business of MoneyThing Capital Limited. Among other things this means that they will seek to operate the P2P platform and manage loans as normal. Information on the progress of the administration will be available on Moorfield’s website.
Investors will continue to be credited capital and interest as per the terms they have signed up to. Updates will continue to be provided through the MoneyThing Capital Lender portal.
Who to contact if you are an investor
Investor queries should be directed through the P2P platform as normal. If you have any specific queries regarding the administration please contact the Joint Administrators using the contact details above.
I have invested in an Innovative Finance ISA (IFISA) on MoneyThing’s platform – will the administration impact on the tax-free status?
The FCA is unable to comment on the tax status as this is a matter for HMRC. If Investors have questions regarding tax on their investments they may wish to contact HMRC or seek independent financial advice. It is important to remember that IFISAs do not have Financial Services Compensation Scheme (FSCS) protection.
As a borrower, do I have to continue to repay my loan(s)?
Borrowers continue to be bound by the terms of the loan agreement facilitated by MoneyThing. If you have any questions please direct them to the Joint Administrators.
Do I need to use a third party to get my money back?
We are aware that some companies may approach customers of MoneyThing, offering to help them bring claims against the company. Be cautious if you are approached by one of these companies. For the vast majority of MoneyThing’s clients, there is no benefit in involving a third party in making a claim. Any customer who believes they have a complaint against the firm should contact the Joint Administrators in the first instance.
Will investors be able to get compensation from the FSCS?
The activities of P2P firms are not covered by the FSCS.