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Post by batchoy on Sept 17, 2020 9:22:47 GMT
Has no-one else had this then: 'Wellesley has made the decision to suspend interest payments on all upcoming investments amid ongoing market challenges. This means that the next interest payment on your 5 Year Income xxxxxxxxx will not be paid into your holding account tomorrow as scheduled. Wellesley will be making an announcement with further information your regarding investment in the next seven days. Please keep an eye out for this email in your inbox. In the meantime, we would like to thank you for your patience.' I am not expecting that it will be good news. Received this morning I received it yesterday for an investment that was due to pay interest today, but haven't received a similar one (yet) for an investment due to pay interest tomorrow. I note that this is just interest payments and not maturities that were being suspended.
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tjtl
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Post by tjtl on Sept 17, 2020 15:01:14 GMT
Thanks batchoy. It looks like there isn't a general email to all , but probably specific emails sent out just before some/all interest payments.
I have two of the old P2P loans due to repay in the next two weeks- one next week and one the week after, both for around £10k- I will be more than interested to see if these are affected.
I also have two mini-bonds due to expire a month from today totalling over £25k. Again will be keeping a watch out for any communication- so far nothing received on any of my holdings.
Assuming that what I was told was true, and that there have not been any widespread distribution of a notice to defer interest (and capital?) payments, why are they doing these piecemeal emails - is it that they hope it is just a temporary measure and they don't want to scare all investors? Not working very well if that is the strategy!
If someone from Wellesley is reading this could they please give an update on what is happening- as said on another post I spoke to someone last week and was assured there had been no mailing that I had missed- this may have been strictly true but sounds now as being perhaps disingenuous if I should expect one in the next few days ahead of when my P2P and mini bonds expire.
Come on Wellesley- be open in your communication
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Post by batchoy on Sept 17, 2020 15:38:04 GMT
Thanks batchoy. It looks like there isn't a general email to all , but probably specific emails sent out just before some/all interest payments. I have two of the old P2P loans due to repay in the next two weeks- one next week and one the week after, both for around £10k- I will be more than interested to see if these are affected. I also have two mini-bonds due to expire a month from today totalling over £25k. Again will be keeping a watch out for any communication- so far nothing received on any of my holdings. Assuming that what I was told was true, and that there have not been any widespread distribution of a notice to defer interest (and capital?) payments, why are they doing these piecemeal emails - is it that they hope it is just a temporary measure and they don't want to scare all investors? Not working very well if that is the strategy! If someone from Wellesley is reading this could they please give an update on what is happening- as said on another post I spoke to someone last week and was assured there had been no mailing that I had missed- this may have been strictly true but sounds now as being perhaps disingenuous if I should expect one in the next few days ahead of when my P2P and mini bonds expire. Come on Wellesley- be open in your communication Just to confirm that I received a second identical email this morning for the investment that is due to pay interest tomorrow so it looks like they are sending out the notifications individiually on a per investment basis the day before the interest payment is due.
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iren
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Post by iren on Sept 18, 2020 16:11:32 GMT
Speculating as to the reasons that investors are being notified only when immediately affected, it could be simply that W are trying to limit the number of complaints/queries they receive at any one point, or before they are in a position to issue more detailed clarification on the issues concerned. It could be that payment suspension is a temporary measure while they reassess their books and capacity to pay at the current rates (this could be what happened previously when there were suggestions from some investors that payments were being stopped, but others of us were never affected by it). It could be that there is a more fundamental issue with W’s future, that results in it going the same way as other failed P2P operators.
From the list of holdings in my one remaining P2P bond, the portfolio may be so concentrated that the possible fate of any one large borrower may determine the viability of the current operating model.
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Post by exbanker on Sept 18, 2020 21:35:02 GMT
I haven’t got any investments in Wellesley currently, but I do follow them from afar. Including tracking them at Companies House, from where I had a notification pop up earlier this week to advise of a new Charge being provided by Wellesley Finance plc in favour of a related Company. This charge appears to relate to a sale of all or part of the Wellesley loan book to a related company - Wellesley Security Trustee is a party to that agreement. Would seem a little odd at the best of times, but equally there could be a rationale explanation BUT given the wider issues that now appear to be coming home to roost finally, with their inability to pay out interest instalments, then somebody with a direct interest may wish to ask them some questions. Noted that the Loan Book Sale Agreement referred to isn’t publicly available so we can’t see the details of which loans have been sold, but the Security Trustee should be disclosing that to investors I would have thought. link to the charge document at Companies House below :- beta.companieshouse.gov.uk/company/12868859/charges/S6fTsj9PYgcK-PBmlU2Ue4VOYSAAs an aside, another festering question of mine is how does Trustpilot allow them to massage their reviews so easily - lots of reviews saying how great the staff work helping to change a password (who leaves a review for that and in such volume ?!) but anytime anyone leaves a review saying they haven’t been paid out in full, it gets flagged as “reviewer contacted” and then a few days later the review is deleted. Plain manipulation. lots of others anecdotal examples but won’t leave those here. But these two points are factual. Good luck to those of you invested here.
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Post by HMS Ardent on Sept 20, 2020 9:57:09 GMT
My apologies to elsee, her original post was accurate...sorry.
I have received the dreaded email notification from Wellesley this morning.
" Wellesley has made the decision to suspend maturities on all upcoming investments amid ongoing market challenges. This means that the final interest payment and capital on your 3 Year Wellesley Mini-Bond - Series 1 13******** will not be paid into your holding account tomorrow as scheduled.
Wellesley will be making an announcement with further information regarding your investment in the next seven days. Please keep an eye out for this email in your inbox."
elsee's original post on this was on the 14th, so in theory those of us affected should hear from Wellesley tomorrow. We'll see!
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Post by HMS Ardent on Sept 20, 2020 10:01:22 GMT
I have just spoken to someone very senior at Wellesley- given the amount of money involved I want to get this sorted. They were robust in saying no such communication as quoted by Elsee has been sent out. So either the Wellesley Director is lying or misinformed, in which case I intend to go back and hammer him, and Wellesley, or else Elsee is spreading deliberate misinformation aimed at both depressing Wellesley investors, but also slandering Wellesley. Given Wellesley cannot prove a negative (they cannot prove something wasn't sent), the burden of proof lies with Elsee to show what they have received. Hi tjtl, it does seem the "very senior person" at Wellesley did lie to you. I have just received the dreaded email.
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tjtl
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Post by tjtl on Sept 20, 2020 15:40:26 GMT
I have also received it, as commented earlier they told me there was no general email which had gone out, so at best they were being very, very, economical with the truth. I really cannot work out what the flip they are doing, sending out very short, uninformative emails saying they will be in touch in7 days. I suspect they had hoped to have this clarified before now, so had intended just to have a few days of confusion. My initial reaction of, this is blooming awful, looks to have been the right one.
I will be trying to track them down tomorrow, if I get anything worth passing on of course I will.
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morris
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Post by morris on Sept 21, 2020 11:24:14 GMT
Now had an email from Wellesley saying that they have decided to suspend all maturities on investments. Thanks a million. I have 5 year bonds maturing tomorrow, Wednesday, and next week. They have also repeated that an announcement will be made in the next seven days about my investment.
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iren
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Post by iren on Sept 21, 2020 11:46:11 GMT
So have they suspended maturities on their listed bonds? My concern since their change of business model is that bad debt could be dumped onto P2P investors.
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Post by docw27 on Sept 21, 2020 13:25:29 GMT
Had the email about capital and interest not being paid last Wednesday (payment was due on the Thursday), so very interested to see if anyone has anymore information after the 7 day wait for more information.
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rocky1
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Post by rocky1 on Sept 21, 2020 14:04:25 GMT
why are wellesley not fulfilling their debt obligation to lenders ? when a bond matures the capital +any outstanding interest should be repaid.i have had a look at the irish stock exchange and wellesley have a good few bonds maturing over this and the next few months.i withdrew from wellesley when my bonds matured i think 2 years ago when the p2p side went tits up and the imaginary PF and first loss baloney went out of the window.i am still waiting for returns from my historical P2P loans but from what i can see i will have lost a fairly large sum.good luck to every one waiting for return of funds and i hope wellesley come good on the wellesley way.
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tjtl
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Post by tjtl on Sept 22, 2020 6:29:03 GMT
They are winding themselves up- those who have non-prperty mini bonds are facing total write off. Property backed mini bonds maybe circa 25% write off. Big piece in the Times. Blooming disaster.
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Post by docw27 on Sept 22, 2020 7:18:27 GMT
From the Times article.
"If the firm goes into administration, investors with about £30 million in bonds that are not secured against property will get nothing. Those with bonds that are property-backed will get up to 78p per £1 invested.
Under the CVA, investors would have the option to take a cash lump sum, likely to be paid over 18 months. Under this arrangement, unsecured bondholders would get back 1p per £1 invested and secured investors would get up to 84p per £1.
They can get a slighter better return if they accept an equity stake in Wellesley instead. Under this option, unsecured bondholders may get back up to 25p per £1 while secured bondholders may get up to 90p per £1. The payments are likely to be made over three years."
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Mucho P2P
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Post by Mucho P2P on Sept 29, 2020 16:17:01 GMT
From the Times article. "If the firm goes into administration, investors with about £30 million in bonds that are not secured against property will get nothing. Those with bonds that are property-backed will get up to 78p per £1 invested. Under the CVA, investors would have the option to take a cash lump sum, likely to be paid over 18 months. Under this arrangement, unsecured bondholders would get back 1p per £1 invested and secured investors would get up to 84p per £1. They can get a slighter better return if they accept an equity stake in Wellesley instead. Under this option, unsecured bondholders may get back up to 25p per £1 while secured bondholders may get up to 90p per £1. The payments are likely to be made over three years." No point in taking an equity stake, who the heck will buy it from us, its akin to dead locked-in money in the Wellesley nightmare. 10p in the £ is better than an equity stake, at least its liquid capital.
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