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Post by Proptechfish on Aug 27, 2018 22:47:25 GMT
Just seen the new tv ad. Not personally invested but considering the platform. Claims '4% return or 6% for longer term'. How realistic is this, especially in light of some recent hefty defaults ?
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Aug 29, 2018 13:55:20 GMT
I have been in for 4+ years and I am selling up. I had made this decision long before the 7% haircut was applied to all loans. You should research very carefully, including this forum and mainstream media before you invest. And then you need to be really precise with the terms and conditions because when I invested there was a provision fund to cover losses, but now there are losses this seems to have gone. I wouldn't mind if losses are actually 12% and the provision fund took a 100% hit on the first 5% and was wiped out, but I now see no mention of it.
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2boi
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Post by 2boi on Aug 30, 2018 23:45:52 GMT
Just seen the new tv ad. Not personally invested but considering the platform. Claims '4% return or 6% for longer term'. How realistic is this, especially in light of some recent hefty defaults ? I have a bad feeling about my Wellesley investments, eg they have now hidden their webpage that showed their performance (having not updated it since April, coincidentally just before the defaults). I wouldn't risk any more money with them. I used to think unsecured P2P was going to be the first to fall now I think it will be Wellesley. It will be bad. Update: I re-checked the new website for their performance figures, eventually found it in FAQ: www.wellesley.co.uk/general_faqs/#how-large-is-the-loanbook where it helpfully says "You can view our most recent Lending Statistics by clicking here ( www.wellesley.co.uk/about-wellesley/lending-statistics/)". Oh yeah? try it! It says "Ooops!
The page you’re looking for is lost!"Anyone looking at the new website can surely detect this is a company in trouble, looking to promote itself rather than be open and transparent.
Update 2: with the assistance of a gentle web hacking tool I located directly this page www.wellesley.co.uk/about-wellesley/loan-performance/. It still has the April figures only, i.e. before the defaults. So no updates for 4 months eh....
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jaswells
Member of DD Central
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Post by jaswells on Aug 31, 2018 0:07:14 GMT
Respectfully, Wellesley has always chosen a more black box style of investing. Whilst loans have always been somewhat hidden, they have made a move to publish their loan book however i don't believe this is updated that regularly. It is a shame the present website does not presently display more information on loan statistics.
Negativity and moaning about Wellesley has been common in the past , in fact i would put it down as one of my 'least loved' p2p platforms (at least here on p2pindependentforum ). BUT they have survived so far and customer service has always been outstanding. In fact trust pilot indicates an overwhelming positive response from customers. You certainly cannot say that about the likes of FC,FS and Lendy.
My main gripes with Wellesley has always been how they have run their own internal finances. I will be interested to see their latest published accounts, but as we should know ALL p2p firms are now under scrutiny in this new era of investing.
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2boi
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Post by 2boi on Aug 31, 2018 0:16:50 GMT
to my mind 'but they have survived so far' is not a recomendation to give them your money. A simple excercise in reading between the lines is this review from p2x.co.uk/report/wellesley
"Wellesley has been in the news recently as some questions have been asked by journalists at the FT, Daily Mail and other media outlets. It may be useful to search for the latest news as part of balanced due dilligence before making a new investment with Wellesley."
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 31, 2018 0:45:24 GMT
to my mind 'but they have survived so far' is not a recomendation to give them your money. A simple excercise in reading between the lines is this review from p2x.co.uk/report/wellesley
"Wellesley has been in the news recently as some questions have been asked by journalists at the FT, Daily Mail and other media outlets. It may be useful to search for the latest news as part of balanced due dilligence before making a new investment with Wellesley."
If by recently you mean a year ago, then yes they were definately in the news. Stories on stopping P2P lending, switching to bonds, binning their crowdfunding, failing to file accounts, losing their finance director, and a loan book showing significant potential defaults, declining rates etc - wasnt any need to read between the lines, took the interest hit & sold out.
Oh and its not P2P or entirely FCA regulated anymore AIUI (Bond issuer isnt, platform (Wellesley & Co, and promoters BDO/ShareCentre) are)
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jaswells
Member of DD Central
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Post by jaswells on Aug 31, 2018 1:30:06 GMT
to my mind 'but they have survived so far' is not a recomendation to give them your money. A simple excercise in reading between the lines is this review from p2x.co.uk/report/wellesley
"Wellesley has been in the news recently as some questions have been asked by journalists at the FT, Daily Mail and other media outlets. It may be useful to search for the latest news as part of balanced due dilligence before making a new investment with Wellesley."
I am not necessarily trying to defend Wellesley as I have my issues with some aspects of their operations (in particular their high salaries at such an early stage of the business) BUT one really cannot single them out and the media attention (some while ago) , in that respect was unfortunate. IMO negative observations and unwelcome business practices could pretty much be assigned to every P2P site in existence. This is an industry with growing pains.
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Post by Proptechfish on Sept 1, 2018 0:01:42 GMT
I appreciate the feedback guys, Wellesley & Co were on my watch list of nearly 50 potentials, i have now bumped them as i'm spoilt for choice and they just sound too risky for the effort. I'm always naturally sceptical when i see a platform hitting the TV ad's, one they are mega money and two all too often they seem to be attempting to repair a damaged reputation by drawing in a new mainstream unknowing customer base. 2boi It's interesting you highlight the discrepancy between secured and unsecured P2P i personally have about twice as much secured P2P investments by platform number and monetary value than i do unsecured, yet my unsecured returns are out doing my secured returns by 2 to 1. It's a trend i recognise. |
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2boi
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Post by 2boi on Oct 9, 2018 18:06:02 GMT
...It's interesting you highlight the discrepancy between secured and unsecured P2P i personally have about twice as much secured P2P investments by platform number and monetary value than i do unsecured, yet my unsecured returns are out doing my secured returns by 2 to 1. It's a trend i recognise. Other things being equal I would expect a better return from unsecured lending because the risk is more. Except that Wellesley seem to be busy disproving the last part of that....
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