greatmarko
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Post by greatmarko on Dec 11, 2020 7:54:58 GMT
By the way, which borrower is this, do we know ? Loan number will suffice of course, to keep within the forum rules....
Answer is in DD Central
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Post by bracknellboy on Dec 11, 2020 17:02:41 GMT
thanks. Matches with my guess.
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mah
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Post by mah on Dec 12, 2020 21:36:44 GMT
I guessed what it said before I opened it , Another Financial ombudsman case I had open that they couldn't finish before the administrators appeared  Same here. Ombudsman is actually praying that it goes into Admin, so they can straight away close tens / hundreds of cases relating to MT (not that they would have done anything for the Lenders / Investors rather than painting it whiter than white for MT)
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shimself
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Post by shimself on Dec 14, 2020 15:16:36 GMT
For all the fine words Administrators are legally obliged to maximize return to the creditors not to us. And seem to have the habit or rewarding themselves mightily while they do so. afaik they don't have any obligation (or incentive?) to maximize our returns?
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boundah
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Post by boundah on Dec 21, 2020 18:10:38 GMT
Just In:
The directors of MoneyThing Capital Limited (‘MoneyThing’) have appointed Tom Straw and Milan Vuceljic of Moorfields Advisory Ltd as Joint Administrators of MoneyThing and MoneyThing Security Trustee Limited (“the Companies”), effective today, 21st December 2020.
The directors of MoneyThing have taken this decision in order to protect the interests of the Companies’ creditors as a whole. We have taken into account the tougher trading conditions experienced in 2020 as well as litigation by a MoneyThing borrower.
The Joint Administrators will assume responsibility for managing the Companies’ affairs. They will continue the orderly wind-down of the remaining MoneyThing Peer to Peer loan book, return monies to lenders and conclude the firm’s business activities.
The appointment is not expected to have a material impact on lenders or borrowers.
MoneyThing’s existing Directors will continue to provide full support to ensure a smooth handover and will remain involved in the business’s operational activities, reporting to the Joint Administrators.
Further information has been provided to MoneyThing’s lender customers in the support area of the website including FAQ’s.
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corto
Member of DD Central
one-syllabistic
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Post by corto on Dec 21, 2020 19:22:27 GMT
My mind goes out to the Things in these exceptional times.
We were on their side for a long time and thought them on ours.
Tough environment.
Have a merry Christmas all! Times could be much worse
C
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cwah
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Post by cwah on Dec 21, 2020 19:35:53 GMT
MT was the last P2P platform I still have performing loan... as well as defaulted loan that has decent security (paisley loan)
I just want to cry now as I fear my loss is going to get even bigger... 😭😭
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travolta
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Post by travolta on Dec 21, 2020 20:29:19 GMT
'The appointment is not expected to have a material impact on lenders or borrowers.'
In my experience this means nearly all the recompense is hovered up by Admin Fees.
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travolta
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Post by travolta on Dec 21, 2020 20:30:20 GMT
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greatmarko
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Post by greatmarko on Dec 21, 2020 20:50:32 GMT
Don't Moorfields have an existing "very close connection" with MT?
Can't help thinking this feels a little bit like when Collateral first went into administration with their "chosen" administrator, before the FCA quickly stepped in and forcibly imposed different administrators because they thought the original administrators wouldn't be "impartial" as they were too closely linked to Col?
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Post by Achilles4777 on Dec 21, 2020 20:53:00 GMT
You're correct greatmarko.
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iRobot
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Post by iRobot on Dec 21, 2020 20:56:48 GMT
Don't Moorfields have an existing "very close connection" with MT? Can't help thinking this feels a little bit like when Collateral first went into administration with their "chosen" administrator, before the FCA quickly stepped in and forcibly imposed different administrators because they thought the original administrators wouldn't be "impartial" as they were too closely linked to Col?If I recall correctly - and it is such a looooong time ago now - it was at least in part because the original Insolvency Practioners didn't hold the correct regulatory permissions to undertake the task at hand. (But neither did the platform, so COL probably thought it would be OK ....  )
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Greenwood2
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Post by Greenwood2 on Dec 21, 2020 21:19:23 GMT
Don't Moorfields have an existing "very close connection" with MT? Can't help thinking this feels a little bit like when Collateral first went into administration with their "chosen" administrator, before the FCA quickly stepped in and forcibly imposed different administrators because they thought the original administrators wouldn't be "impartial" as they were too closely linked to Col?If I recall correctly - and it is such a looooong time ago now - it was at least in part because the original Insolvency Practioners didn't hold the correct regulatory permissions to undertake the task at hand. (But neither did the platform, so COL probably thought it would be OK .... ) Wasn't it that Col should have got the FCA to approve their administrators but they didn't (and the FCA didn't approve them so challenged it?) As said a long time ago now.
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copacetic
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Post by copacetic on Dec 22, 2020 0:19:00 GMT
Don't Moorfields have an existing "very close connection" with MT? Can't help thinking this feels a little bit like when Collateral first went into administration with their "chosen" administrator, before the FCA quickly stepped in and forcibly imposed different administrators because they thought the original administrators wouldn't be "impartial" as they were too closely linked to Col?
I can't help but think MT have their lenders in mind from eveything they've done/said previously which would make me think this is a positive. That said, my experience with administrators of any kind, whether from business or P2P, is that they are vultures and ready circling to pick the carcas clean as soon as they have a window of opportunity.
I do hope MT's admin pick gets a fair chance though because the FCA didn't exactly pick a winner with collateral (2 years to sell a bunch of gems, gold and jewellery so far for me which probably would have taken anyone else under normal circumstances anything up to a month).
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rocky1
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Post by rocky1 on Dec 22, 2020 4:20:54 GMT
I thought moorfields were already the administrators on most of these loans anyway. Will the 2% per annum fee still apply now ? I don't think it should really what with exit fees, interest,default interest,etc.as with the other failed platforms MT can just sit back now and leave to the professional hyenas.moorfields haven't done to good up to now on these defaulted loans so will there be renewed enthusiasm to put an end to another farcical plundering of lenders funds under the, FCA,authorised and regulated banner that is called P2P. in many ways when a platform folds and it all starts to come out it feels like you really been caught up in a somehow legal p*nz* scheme where the only losers are the people who funded everything in the first place.
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