morris
Member of DD Central
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Post by morris on Feb 28, 2022 17:51:06 GMT
I quote 'The Loan Book Sale agreements allow for repayment to occur 60 days from the specified payment dates and therefore please note that provided full repayment is made by the end of February 2022, no events of default will have occurred.' So they are now in default.
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Nomad
Member of DD Central
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Post by Nomad on Feb 28, 2022 18:06:11 GMT
I quote 'The Loan Book Sale agreements allow for repayment to occur 60 days from the specified payment dates and therefore please note that provided full repayment is made by the end of February 2022, no events of default will have occurred.' So they are now in default. Email received: The final payment is now subject to delay but is currently forecast to be paid in full by Thursday 14 April 2022.
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mogish
Member of DD Central
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Post by mogish on Feb 28, 2022 18:08:22 GMT
Apologies for the following..... I'm absolutely sick of these ers bullshit. These guys are taking the piss . No doubt the next message(sent at the final hour) will be the same until someone else gets blamed for the debt whilst they continue to take a massive salary. I could really do with the cash at this moment, as do other investors with a larger stake. Apologies once again, I'm absolutely fuming.
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Post by belladog on Feb 28, 2022 18:11:28 GMT
Read my previous post. They really are treating us like . SWS
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Post by belladog on Feb 28, 2022 18:12:35 GMT
I wrote , it was censored. The word is s*i*. Work it out. SWS
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mogish
Member of DD Central
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Post by mogish on Feb 28, 2022 18:15:16 GMT
W&co really are predictable. Check out how many companies these directors are involved in. No doubt using the same tactics over and over.
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Nomad
Member of DD Central
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Post by Nomad on Feb 28, 2022 18:39:00 GMT
I quote 'The Loan Book Sale agreements allow for repayment to occur 60 days from the specified payment dates and therefore please note that provided full repayment is made by the end of February 2022, no events of default will have occurred.' So they are now in default. Email received: The final payment is now subject to delay but is currently forecast to be paid in full by Thursday 14 April 2022. One of my smallest P2P investments, but probably the most anger-inducing .
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Feb 28, 2022 18:44:04 GMT
Some of their text
They are a miserable bunch- why were we not given prior warning? What happens to the future payments- are they going to be mucked about with too?
The remaining loan book payment due to you from Cloverleaf 376 Limited has been delayed
The remaining loan book payment due to you from Cloverleaf 376 Limited (“Cloverleaf”) is delayed and is expected to be paid over the course of the following weeks, in instalments, as loans are repaid to Cloverleaf.
In line with the terms of the Loan Book Sale, 25% of your December 2021 payment was paid in December 2021, the remaining 75% was expected to be paid in full by 28 February 2022. The final payment is now subject to delay but is currently forecast to be paid in full by Thursday 14 April 2022.
We wish to highlight that these payments are due from Cloverleaf 376 Limited in relation to the Loan Book Sale (“LBS”) and are distinctly and legally separate from the obligations of Wellesley Finance Limited created under its Company Voluntary Arrangement (“CVA”) which have been satisfied in full.
We understand that this is disappointing news and Cloverleaf wishes to explain the circumstances that have led to the delay. Cloverleaf was established for the sole purpose of working out the loan book which enabled investors to receive a better outcome than would have been realised from a third party sale. This has required working with the borrowers to manage or refinance their loans, and this work out activity has largely progressed well, with 63% of the total loan book payments being made on time. Regrettably, two loans have suffered material delays which in turn has led to Cloverleaf deferring its final payment to you. The underlying activities that enable the repayment of the two loans are well advanced, albeit have not completed within the originally anticipated timeframe. As the loans are repaid over the coming weeks, these proceeds will go directly and immediately to Cloverleaf meeting its remaining payment obligations. This may mean that you will receive more than one payment and all remaining payments currently forecast to be paid by Thursday 14 April 2022.
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tjtl
Posts: 232
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Post by tjtl on Mar 1, 2022 7:23:07 GMT
See you all again as we get close to April 14, for another fun-filled game of "F8cked up by Wellesley"
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Post by belladog on Mar 1, 2022 7:38:02 GMT
I’m surprised they didn’t say April 1st. More fool us for being taken in by their . SWS
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Post by belladog on Mar 1, 2022 7:39:03 GMT
C*AP
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2boi
Posts: 69
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Post by 2boi on Mar 1, 2022 22:56:14 GMT
So technically they are now in default, something they seemed keen to avoid. I assume there is some reason they feared doing it, anyone know why? I.e. is there anything we can do now they are in default that we couldn't before?
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2boi
Posts: 69
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Post by 2boi on Mar 1, 2022 23:15:18 GMT
So technically they are now in default, something they seemed keen to avoid. I assume there is some reason they feared doing it, anyone know why? I.e. is there anything we can do now they are in default that we couldn't before? To assist here are the terms of the CVA (password is Wf3&Jr5) static.wellesley.co.uk/CVA-Proposal.pdf . Here is what they said to us by email in December: " Cloverleaf has paid 25% of the amount due in December 2021, which is available in your holding account now to withdraw, the remaining 75% will be paid in full by 28 February 2022. The Loan Book Sale agreements allow for repayment to occur 60 days from the specified payment dates and therefore please note that provided full repayment is made by the end of February 2022, no events of default will have occurred." I'm not sure what or where the "Loan Book Sale agreements" are, hopefully someone else will have a copy. There is no reference to "60 days" in the CVA. Or "sixty". Or "2 months". Section 16.8 mentions "two months" but I don't think it is relevant. Ditto page 122 mentions "February 2022" but is not relevant.
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2boi
Posts: 69
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Post by 2boi on Mar 9, 2022 14:02:04 GMT
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Post by snowman on Mar 10, 2022 11:18:38 GMT
Does anyone have any idea what is the latest with the property bond payments due Dec 21?
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