Nomad
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Post by Nomad on Feb 1, 2020 4:01:16 GMT
Plenty of warning signs going back several years if one Googles Mr W / Earl C.
I saw him on some upmarket property TV programme last year and made a point of exiting his platform...
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tjtl
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Post by tjtl on Feb 1, 2020 8:34:03 GMT
The Times piece is just a rehash of earlier comments and press pieces- there is nothing I saw in it that was new (including the photo).
What is new is the level of prominence Up till now most of the concerns around Wellesley have been restricted to specialist comment pieces and boards such as this. A near full page spread in the money section of the Saturday Times will get a far wider readership and I am sure will worry both investors in Wellesley ( who up till now may have been blissfully unaware of concerns), and any prospective new investors (which I suspect are needed to meet the raft of mini bond repayments which are due in February).
Wellesley did get some rebuttal points in the piece (now positive, beter credit controls etc) , but the overwhelming sentiment of the piece is that this is a company that is in trouble- and fellow investors, we are in trouble.
It will be fascinating to see if and what response we get from GW and AT (the directors)- some detailed reassurance would be appreciated!
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pip
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Post by pip on Feb 6, 2020 19:05:05 GMT
A positive update today. Hopefully my June bond will be repaid!
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Post by carol167 on Feb 6, 2020 20:18:37 GMT
A positive update today. Hopefully my June bond will be repaid!
Indeed.
I'm waiting on two. July and Jan next year.
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jaswells
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Post by jaswells on Feb 6, 2020 22:41:18 GMT
A positive update today. Hopefully my June bond will be repaid!
Indeed.
I'm waiting on two. July and Jan next year.
I find the /story of Wellesley an interesting one. Despite being one of oldest p2p sites it is always been somewhat unloved. It has survived negative press and general apathy on this forum. Over the past few years there has been a near frenzy of excitement, followed by despair by a number of p2p sites which have now collapsed and nursing huge losses for the lenders. Yet Wellesley plods on. Todays announcement does give me confidence. There is no reason to not believe the company has now returned to an underlying profit. I am probably one of the first people ever to say this on this site, but I will be re-investing money into Wellesley, as I have done now for nearly 7 years.
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morris
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Post by morris on Feb 7, 2020 7:24:28 GMT
What is this announcement please guys
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Post by carol167 on Feb 7, 2020 8:08:28 GMT
What is this announcement please guys The emailed newsletter of 6th of Feb - which seems very positive about how their improved strategy in 2015 is paying off and suggests a promising future for the company going forward.
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tjtl
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Post by tjtl on Feb 7, 2020 10:04:31 GMT
To be fair to Wellesley they seem to have listened.
The email avoids the trap of pretending everything is, and always was, perfect. They are upfront about the difficulties with some loans, but also clear and measured abut how the business is now doing. The commentary around "independent stress testing" was particularly reassuring.
I thought the email was an example of "crisis" communication at its best (honesty, a touch of hubris, reassurance that things are sorted- so "crisis over", and enough optimism to think the business can realistically grow). If anyone hasn't got the email and wants it either contact Wellesley directly, or message me and I will send.
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pip
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Post by pip on Feb 7, 2020 11:06:16 GMT
I definitely agree that of all the sites Wellesley has probably received unfair bad press considering it has paid out all loan with interest up until now.
Still not sure I will be investing more in any of these p2p or whatever Wellesley is now termed sites in the current regulatory environment. FS has taught me that the regulators haven't made sure investors have even the most basic levels of protection in the event of platform failure. Until this is addressed I don't think the risk reward of any 'site' adds up.
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jaswells
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Post by jaswells on Feb 7, 2020 11:35:36 GMT
Agreed with comments made. One must not forget that shortly before collapse, both FS and LY released re-assurance emails. However, whereas the collapsed firms always had a feeling of chancers and BS, there has generally been a greater professionalism by Wellesley alongside excellent customer services throughout. Like others I've been badly burnt elsewhere so feel far more apprehensive these days.
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badersleg
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Post by badersleg on Feb 7, 2020 12:21:35 GMT
I definitely agree that of all the sites Wellesley has probably received unfair bad press considering it has paid out all loan with interest up until now. I invested in the 5 year income accounts that ended in Feb and March last year. They won't be paying out full capital and interest.
Tim
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rocky1
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Post by rocky1 on Feb 11, 2020 17:33:07 GMT
issues 51 and 52 now available.where are the cashbacks the ipads the colour tvs.looking on the DSE these are all part of a total £500 million raise and with a lot of previous issues raising 2/3 hundred grand there are going to be plenty more needed to pay back the earlier ones that will sone be coming to maturity.still waiting for my p2p investments to be sorted.
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2boi
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Post by 2boi on Feb 14, 2020 2:03:00 GMT
I definitely agree that of all the sites Wellesley has probably received unfair bad press considering it has paid out all loan with interest up until now. I invested in the 5 year income accounts that ended in Feb and March last year. They won't be paying out full capital and interest.
Tim
I invested in a 5 year Wellesley P2P which matures early next month. It won't be paying back what I put in and it hasn't paid all the interest that was promised. If Wellesley were less opaque about it all I would be able to tell you what the losses are as a percentage of what was promised. Despite me asking they have not told me what happened to the provisioning fund or indeed if any of it has been used against my losses. Wellesley strangely haven't sent me the email 'newsletter'. My experience with them has been dire, I wouldn't give them any more. Remember this was meant to be both asset (property) backed and backed by a provision fund. Wellesley won't even tell me who the defaulting borrowers are: "As a Lender, you will not be provided with the name or identity of the party to whom you have lent money." Has there been a secret property crash that only Wellesley invested in? Or have they used bad valuations and lent to bad lenders? Who knows? I'm not sure even they know. So reading the newsletter will be interesting.
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tjtl
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Post by tjtl on Feb 14, 2020 8:05:19 GMT
I invested in the 5 year income accounts that ended in Feb and March last year. They won't be paying out full capital and interest.
Tim
I invested in a 5 year Wellesley P2P which matures early next month. It won't be paying back what I put in and it hasn't paid all the interest that was promised. If Wellesley were less opaque about it all I would be able to tell you what the losses are as a percentage of what was promised. Despite me asking they have not told me what happened to the provisioning fund or indeed if any of it has been used against my losses. Wellesley strangely haven't sent me the email 'newsletter'. My experience with them has been dire, I wouldn't give them any more. Remember this was meant to be both asset (property) backed and backed by a provision fund. Wellesley won't even tell me who the defaulting borrowers are: "As a Lender, you will not be provided with the name or identity of the party to whom you have lent money." Has there been a secret property crash that only Wellesley invested in? Or have they used bad valuations and lent to bad lenders? Who knows? I'm not sure even they know. So reading the newsletter will be interesting
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tjtl
Posts: 232
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Post by tjtl on Feb 14, 2020 8:05:45 GMT
Have sent you the newsletter.
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