2boi
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Post by 2boi on Jan 23, 2022 13:24:38 GMT
If you have not already done the following, please do the following :
1) Complain to Financial Ombudsman re Wellesley and the non Payment of the Promised Dec 2021 payment - they are considering a response (since long though).
2) Also, please raise a Complaint against FCA re Wellesley (those who already did this, pls send an addendum mentioning the non Payment of the Promised Dec 2021 payment).
Great suggestion, seems many have done that see FOS is currently investigating 274 cases related to mini-bonds .
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mah
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Post by mah on Jan 23, 2022 13:46:05 GMT
Are all these related to the same Firm (Wellesley) ?
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tjtl
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Post by tjtl on Jan 24, 2022 9:55:06 GMT
Are all these related to the same Firm (Wellesley) ? If you go to the article you will see that 12 relate to Wellesley. Even if there is some sort of enforcement action brought against Wellesley, and action taken for the way they marketed the mini-bonds, I struggle to see how we get any compensation for the losses incurred. Seems more likely that, at most, there would be a fine on the directors, and a banning order, but no magic pot of money for those who got scre^ed. And I doubt there will be any action at all. We will have to wait till February I guess to see if the December payment gets paid- I still will have a chunk owing due to be paid in December 23 and December 24 relating to the 7 year mini-bonds I stupidly held (so if there were suddenly a magic money pot I would benefit!). I know I am not adding to the fount of human knowledge, but Wellesley has been a disaster. It would be good if action was taken and the Board held accountable.
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tjtl
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Post by tjtl on Feb 3, 2022 12:30:38 GMT
One of the failings that seems to be common across pretty well all the platforms, be they alive or in wind-up, is their unwillingness to communicate. Even those (very few) platforms that i still rate don't seem to appreciate how awful the lender experience can be, and how some form of regular communication is helpful - particularly on individual problem loans (Relendex with Evesham for example). Wellesley were never good communicators, and now it is wind-up the failing has become even more acute. As we stumble in to February the December payment has not be paid. It was indicated in December that as long as the payment was made within two months it wouldn't be "technically" in breech - since then nothing. Is it too much to expect a short update, confirming when the payment will be made? In my view investors gave Wellesley a remarkably soft time over the insolvency, and we acquiesced to the payments plans with barely a murmur (when we could have been shouting with rage)- the least they can do is to keep us informed otherwise it is too blooming easy to expect we will get screwed again. IF anyone now working on this reads this posting please take some action and post an update. And other platforms take note- at times of stress it is hard to over-communicate
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mogish
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Post by mogish on Feb 8, 2022 14:57:07 GMT
I do hope feb payment is paid as promised. The lack of comms is due I believe to the company working on behalf of Wellesley. Resolution something, the website shows they act for many other companies hence no communication until Wellesley tell them to. Being a suspicious type, still no logic to why Graham Wellesley is now back as a director...any thoughts?
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morris
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Post by morris on Feb 20, 2022 19:05:31 GMT
Final payment to be paid this week. Or will they take it to the wire and pay it next Monday 28 February. Or will they fail us completely.
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tjtl
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Post by tjtl on Feb 21, 2022 7:36:42 GMT
Who knows with this bunch- my expectation is that we will get paid by Monday, but confidence levels are only at 60:40
On a separate , Wellesley, point- did anyone else get sent a share certificate for Wellesley Finance Limited in relation to their Wellesley Mini, or Property, Mini Bond holdings?- through my stupidity I held quite a few of these, and am now the proud holder of circa £5k preference shares in WFL (the share cert was sent out last week). I must admit I haven't worked out what these are worth (other than the nominal value), how they get redeemed (if ever) , if there is any coupon - I suspect that is all in the CVA documentation where the default option on the mini bonds was to take equity (and indeed the nominal value of the preferred shares is equal to the expected repayment due in December 2023 and December 24). Interested to know if anyone else has these, and if they have any idea what rights we have.
First focus is the cash due this month- best of luck to all that my 60% confidence level is not mis-placed.
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mogish
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Post by mogish on Feb 21, 2022 11:52:53 GMT
place your bets now , another bottle of champers? , or pay the lowlife investors? Jeeves dear boy........
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tjtl
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Post by tjtl on Feb 23, 2022 13:34:33 GMT
Wednesday comes, and Wednesday goes, and still no communication or cash. Increasingly this feels like we will have to wait until Monday to see whether we have been shafted (again) . My 60/40 odds in favour of getting the cash now feels like 50/50 (or 40/60 against). Even if the cash does come the sheer lack of communication is really depressing (and for those of us who have further sums due over the next 2 years not encouraging). They know they could assuage a lot of animosity if they sent out a short note saying "cash will be paid on the 28th" but they can't be bothered, or cannot say that because the cash won't be paid- they could even just post a reply on this site. I know Graham W does get a summary of these postings- he is trying to re-enter "polite-circles" in the City- the way this is going he will be as welcome as a Russian arms dealer.
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mogish
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Post by mogish on Feb 23, 2022 18:21:56 GMT
Wednesday comes, and Wednesday goes, and still no communication or cash. Increasingly this feels like we will have to wait until Monday to see whether we have been shafted (again) . My 60/40 odds in favour of getting the cash now feels like 50/50 (or 40/60 against). Even if the cash does come the sheer lack of communication is really depressing (and for those of us who have further sums due over the next 2 years not encouraging). They know they could assuage a lot of animosity if they sent out a short note saying "cash will be paid on the 28th" but they can't be bothered, or cannot say that because the cash won't be paid- they could even just post a reply on this site. I know Graham W does get a summary of these postings- he is trying to re-enter "polite-circles" in the City- the way this is going he will be as welcome as a Russian arms dealer. Tbh i would trust a russian arms dealer more the GW. Go on prove me wrong and pay back the monies due, no more excuses .
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tjtl
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Post by tjtl on Feb 28, 2022 8:06:53 GMT
Monday has arrived (and as yet no sign of the cash also arriving).
I can see me checking every hour on the Wellesley site to see if cash has arrived, and on this site to see if any fellow-sufferer has received any news.
I know we are all owed different amounts- I was due £8k in the December payment which I assumed would be paid by end of February (or else they will be in formal default).
Has anyone got any idea what we do if they do default? I assume, at the very least, we will be notified by the third party that is managing this
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morris
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Post by morris on Feb 28, 2022 12:22:12 GMT
Monday has arrived (and as yet no sign of the cash also arriving). I can see me checking every hour on the Wellesley site to see if cash has arrived, and on this site to see if any fellow-sufferer has received any news. I know we are all owed different amounts- I was due £8k in the December payment which I assumed would be paid by end of February (or else they will be in formal default). Has anyone got any idea what we do if they do default? I assume, at the very least, we will be notified by the third party that is managing this Yes. I suggest we launch a ground assault if they don't pay.
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tjtl
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Post by tjtl on Feb 28, 2022 12:53:19 GMT
I have a couple of Ukrainian friends who live in Luton who are seriously thinking of heading out to join the fight, I will ask if they can delay a couple of days and go via Wellesley - happy to split the cash 50 to me and 50 to the rebuild of Ukraine.
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Post by belladog on Feb 28, 2022 16:42:54 GMT
If, and it’s a big if, we do get paid today, it will be after the banks close, allowing them to hang on to our money by their finger tips. I rue the day I ever heard of Wellesley. He is taking us all for a bunch of c*n*ts. I just want to get paid and then get shot of the load of them. As if we haven’t had enough to put up with. Virus, gas prices, Ukraine. Grrrrr!!! SWS
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tjtl
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Post by tjtl on Feb 28, 2022 17:44:06 GMT
Nothing credited so far- so see if it happens over night (and then when it gets credited to individual accounts). Hope is that Cloverleaf (or whoever they are called) actions transfer tonight and it gets to our accounts sometime tomorrow
They really are plonkers- any form of communication around this would have reduced animosity. (Unless, of course, the communication is "sorry, no cash")- as it is it sounds like I am not the only one spitting bullets.
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