MoneyThing enters administration
With the tough trading conditions for many in the financial services market, there are a lot of challenges coming up in 2021. For MoneyThing, the turbulent market became too difficult to take as they went into administration towards the end of 2021.
2020 turbulence cited as a reason for the decision
This is a big blow to the peer to peer lending market however other platforms still appear to be showing plenty of resilience. MoneyThing claims the decision was made to protect the interests of the company’s creditors as a whole. The difficult market conditions were cited as one of the reasons for the decision.
The move by MoneyThing could have shown a lack of proper risk management and control in 2020 and the knock-on effect for the peer to peer lending industry could be an overall drop in trust and potentially new customers.
If you are at all worried about the safety and performance of your peer to peer lending, it is always best to consult with the relevant advisors and experts in the field. feel free to get in contact with Peer to Peer Lending if you want further information on how to make an informed decision.
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