jaswells
Member of DD Central
Posts: 254
Likes: 184
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Post by jaswells on Jun 1, 2020 10:35:58 GMT
My P2P 5 year investment matured today, and paid out in full to my cash holding account. Very welcome in the present environment. It’s remarkable that Wellesley, after their issues of recent years, have managed to maintain (or re-establish, at least) full payouts at maturity, in an environment where liquidity is failing across the P2P sector, so credit where it’s due. Ditto Five years ago I invested in seven p2p platforms. Three have now in administration, another 3 have imposed restrictions on withdrawals and/ or significantly cut returns. Today, Wellesley repaid fully with interest on a mini bond investment. The only platform to do so. Considering this has been a much unloved platform on this forum (and some un-helpful media attention) , its efforts so far have been remarkable. I hope Wellesley can keep up the good work as one of the oldest surviving platforms. In p2p world, trust is hard won but easily lost.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Jun 14, 2020 16:48:42 GMT
My P2P 5 year investment matured today, and paid out in full to my cash holding account. Very welcome in the present environment. It’s remarkable that Wellesley, after their issues of recent years, have managed to maintain (or re-establish, at least) full payouts at maturity, in an environment where liquidity is failing across the P2P sector, so credit where it’s due. I'm not in Wellesley but I'm trying to help an elderly relative who I am not allowed to visit. He has a 5 year mini-bond which matures next month. He has received an email saying: We've just launched a new feature that enables you to cancel your notice of redemption request on your mini-bond investments.
This means that if you change your mind and decide you would like to retain your investment after you give notice, you can reverse the request. Previously, giving notice on a mini-bond was an irreversible request.
He does not want to leave the cash with W. Does this mean that if he does nothing the bond will repay in full with 5 years interest at 7%? If so where does the cash go, to his bank account or to his W cash a/c, in which case he would then need to make a withdrawal.
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jaswells
Member of DD Central
Posts: 254
Likes: 184
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Post by jaswells on Jun 14, 2020 21:52:24 GMT
Hi,
Firstly, has he made a redemption request? This is an annoying but necessary step. This can be done online and W ask for this to be done within a few months before redemption date.
Secondly, as long as the first point has been completed, it will automatically redeem and cash will be returned to his Wellesley account.
Finally, he will need to make a withdrawal request from his account to designated bank account.
Hope this helps.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Jun 15, 2020 17:04:44 GMT
Hi, Firstly, has he made a redemption request? This is an annoying but necessary step. This can be done online and W ask for this to be done within a few months before redemption date. Secondly, as long as the first point has been completed, it will automatically redeem and cash will be returned to his Wellesley account. Finally, he will need to make a withdrawal request from his account to designated bank account. Hope this helps. He does not remember making a redemption request, but then he cannot remember much at all. I assume from the first sentence of their email that he has. So redemption does not mean a payout and he has to make a withdrawal. That's very helpful, thanks. Edit: Money safely in the bank.
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2boi
Posts: 69
Likes: 43
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Post by 2boi on Jun 20, 2020 0:21:18 GMT
Mine was Wellesley P2P not minibond but it will be similar, see my last post Mar 12, 2020 19:31:14, below:
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Post by carol167 on Jul 21, 2020 9:15:50 GMT
One of my 5 year p2p thingies matured today and is now winging it's way to my bank.
One down, one to go in around 5 months from now.
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iren
Member of DD Central
Posts: 302
Likes: 300
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Post by iren on Jul 21, 2020 14:52:47 GMT
One of my 5 year p2p thingies matured today and is now winging it's way to my bank. One down, one to go in around 5 months from now. Excellent. Let's hope this keeps going. My final P2P with Wellesley matures in November.
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Jul 27, 2020 7:38:50 GMT
It is encouraging that those that have had investments mature seem to be being paid out on time. What is disappointing is the paucity of any communication from Wellesley. They made the point in a communication some months ago that "communication has never been more important", and since then they appear to have taken a Trappist Monk's vow of silence. I still have circa £81k on the platform: £15k in property min-bonds expiring in the spring of next year, £47k in straight mini bonds with end dates ranging from this October through summer 2023 (one of my more stupid investment decisions), and £20k in the old P2P lending, 5 year product expiring in October of this year , and a couple of grand in a forecast recovery balance. I therefore think of myself as someone who has been a supporter of Wellesley, and I fully appreciate that recent times must have been tough- but if they want to continue to keep the support of long-term investors like me they need to up their game in terms of communication- is it too much to ask for a monthly update?
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Sept 22, 2020 6:31:41 GMT
They are winding themselves up- those who have non-property mini bonds are facing total write off. Property backed mini bonds maybe circa 25% write off. Big piece in the Times. Blooming disaster.
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