elsee
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Retired:D
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Post by elsee on Apr 7, 2020 14:26:50 GMT
Amid exceptional market conditions, we have made the difficult decision to postpone the maturity date on upcoming peer-to-peer investments.
As you are aware, Wellesley lends funds to our trusted and experienced property developers. We continue to work closely with them to maintain the best progress possible through these exceptional conditions; however, progress has unavoidably slowed. Specifically, in recent weeks the sales process is taking more time than usual which bears a knock-on impact.
This decision was not taken lightly, but as a responsible business, we are taking a number of precautionary actions to minimise the short-term impact of such delays. We are well-prepared to weather the uncertain market that may persist over the coming weeks, however we must take difficult decisions, such as these, to minimise business disruption in the short term.
While we understand that this is a disconcerting time and empathise if you’re feeling frustrated, we would like to reassure you that this is a temporary precautionary measure and that we expect to remove the suspension once normal market conditions are resumed. Thank you for your continued support and understanding in the meantime.
As always, we aim to communicate transparently with our investors and never has this been as important as it is today. We have provided further information regarding this update below; however, if you do have further questions or queries, our customer service team remains on-hand to support. Please do not hesitate to contact them via the usual channels.
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Post by carol167 on Apr 7, 2020 18:39:43 GMT
Was ths emailed to everyone ? If so, I've not received it.
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jaswells
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Post by jaswells on Apr 7, 2020 22:20:03 GMT
Not received either......?
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morris
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Post by morris on Apr 8, 2020 7:04:48 GMT
Nor me. Last time there was an update I rang them and they told me I had opted out of communications, which I dispute. I asked them to put me back on. They have obviously ignored my request.
Thanks elsee for posting this.
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tjtl
Posts: 232
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Post by tjtl on Apr 8, 2020 7:32:09 GMT
Disappointing, but not sure they had any option- I cannot believe they are getting much/ any new funds in, and the book of developments they have invested our cash in must be being hit hard. I will be interested to see if they live up to their words of "communication never being more important' - they haven't exactly got a great track record on that front up to now.
But given the delay/ suspension of payments there is nothing to stop them now being very clear with investors how they see the picture, and how they see the loans they have performing- Wellesley have always been behind when it comes to communication , now they should make a real effort to "own the narrative" by telling us clearly what losses they are modelling, and what their exit strategy is- otherwise I suspect we will all just get frustrated and depressed- best to be upfront with investors.
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jaswells
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Post by jaswells on Apr 8, 2020 10:37:52 GMT
Does this relate to all of their products ? Is it just the old style peer to peer investments or does it also include their bond investments/?
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tjtl
Posts: 232
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Post by tjtl on Apr 11, 2020 14:43:40 GMT
I had a bond investment expire today, and it has been repaid on time with the full amount- so it looks as though the delay is just to the P2P legacy loans.
Must say, am delighted (and a little surprised) that the bond was repaid in full, with all interest owing, on Easter Saturday- maybe Wellesley are also using from the dead!
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ferdy
Member of DD Central
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Post by ferdy on Apr 27, 2020 9:59:28 GMT
Amid exceptional market conditions, we have made the difficult decision to postpone the maturity date on upcoming peer-to-peer investments. As you are aware, Wellesley lends funds to our trusted and experienced property developers. We continue to work closely with them to maintain the best progress possible through these exceptional conditions; however, progress has unavoidably slowed. Specifically, in recent weeks the sales process is taking more time than usual which bears a knock-on impact. This decision was not taken lightly, but as a responsible business, we are taking a number of precautionary actions to minimise the short-term impact of such delays. We are well-prepared to weather the uncertain market that may persist over the coming weeks, however we must take difficult decisions, such as these, to minimise business disruption in the short term. While we understand that this is a disconcerting time and empathise if you’re feeling frustrated, we would like to reassure you that this is a temporary precautionary measure and that we expect to remove the suspension once normal market conditions are resumed. Thank you for your continued support and understanding in the meantime. As always, we aim to communicate transparently with our investors and never has this been as important as it is today. We have provided further information regarding this update below; however, if you do have further questions or queries, our customer service team remains on-hand to support. Please do not hesitate to contact them via the usual channels. Anybody else get this from Wellesley? I contacted them today and they said they had n't sent out any emails re. P2P since March. I am confused.
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jaswells
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Post by jaswells on Apr 27, 2020 10:20:03 GMT
That was sent a few weeks ago, but at the time it appears not everyone received it.
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ferdy
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Post by ferdy on Apr 27, 2020 10:45:21 GMT
That was sent a few weeks ago, but at the time it appears not everyone received it. All very strange as the person at Wellesley stated that last update was March 18 and no update re. delayed payment had been sent since. Did you receive a copy? Edit Having just had another reply from Wellesley, I think it may be that I did n't receive an email, was because my investments are not quite due for repayment. As always, their reply was not terribly helpful, so I was just reading between the lines.
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iren
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Post by iren on May 1, 2020 16:09:02 GMT
I have a P2P 5 year maturity later this month, and have not received any communication to the effect that payment will be delayed.
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iren
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Post by iren on May 20, 2020 12:57:02 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.
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morris
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Post by morris on May 20, 2020 16:53:45 GMT
When you say in full, do you mean the original amount minus the suspended balance and realised loss but before the forecast recovery amount?
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iren
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Post by iren on May 20, 2020 16:57:11 GMT
When you say in full, do you mean the original amount minus the suspended balance and realised loss but before the forecast recovery amount? Yes, that is what I mean.
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morris
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Post by morris on May 20, 2020 19:15:09 GMT
When you say in full, do you mean the original amount minus the suspended balance and realised loss but before the forecast recovery amount? Yes, that is what I mean. That's good news then. I have some mature from August onwards.
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