markr
Member of DD Central
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Post by markr on Mar 17, 2014 11:15:58 GMT
Same here, all my first toe-dip now on loan, second toe dip now en route.
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 17, 2014 15:24:44 GMT
My second investment has now also been allocated to a loan; about 5 weeks after making the funds available. Glad the funds are now working for Wellesley rather than sitting idle. Not sure yet whether I will add more. As far as I'm aware the funds start earning as soon as they are deposited whether they are allocated to a loan or not.
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Post by wellesleyco on Mar 17, 2014 16:19:19 GMT
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oldgrumpy
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Post by oldgrumpy on Mar 28, 2014 9:20:40 GMT
Strange that funds I put in on Feb 19 have been allocated, while funds I put in on 17 Feb (in the same term) haven't. Still, as interest is from day one, it doesn't really matter.
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shimself
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Post by shimself on Mar 28, 2014 10:05:34 GMT
Strange that funds I put in on Feb 19 have been allocated, while funds I put in on 17 Feb (in the same term) haven't. Still, as interest is from day one, it doesn't really matter. They've made promises on this thread that this will get fixed; it does give me the heeby jeebies, and until it's fixed I've stopped.
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Post by wellesleyco on Mar 28, 2014 12:22:37 GMT
oldgrumpy and shimself this issue and some more reporting requirements are being raised on the New thread titled 'Information Flow' We shall, by the end of the day write a detailed response to this all and clarify our standing on all the points raised. We will try and take as many points today from today and any that are brought up this afternoon and include them all.
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Post by Yorkie on Mar 28, 2014 12:31:51 GMT
My investments have gone back to being 0% loaned out, and have had that status for a number of days now. I know that I am getting interest paid regardless, but that is not the point. The point is that it is not a sustainable business model for Wellesley to pay for funds that are not being used! I am getting worried now. They have had the funds for nearly two months, first they were un-allocated, then allocated for a couple of weeks, now un-allocated again. What is going on?
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Post by wellesleyco on Mar 28, 2014 13:24:47 GMT
Dear Yorkie
Thank you ever so much for your comments however please rest assured that our business model is sustainable and we are in positive cash flow with an expectation of reaching profitability within a matter of months. Furthermore we are in the process of increasing our team and will shortly be notifying our customers that we are moving to a larger office on Baker Street. This being said, we understand your concern however I would like to explain to you the wider picture as opposed to your individual investment position which I will do below.
Your funds were assigned to a loan that has subsequently been repaid or reassigned to another party and therefore you have been un-matched and this is why you have seen your matched funds go from 100% to 0% on the platform. This is however not reflective of our entire customer base and is merely reflective of the loans you were matched against. We are introducing a new auto-matching system which will automatically re-balance every customer against every loan that we have in our loan book and therefore we will eliminate our inefficient system whereby one lender could be 100% and another could be 0% matched. We are in the second round of testing this software update which I believe will be released in around 7-10 days time and naturally we will be notifying all of our customers.
Please note that the loan origination process for property loans usually takes around 4 weeks from enquiry to drawdown and therefore it is sometimes necessary for us to hold some excess cash in anticipation of the next loan that we have committed to. Furthermore, as our loans increase in size, this dynamic increases.
It is worth noting that we are a highly capitalised 'small' start up in that we have £5M of our own capital and we often take the preference of putting a greater portion of our funds at risk as opposed to using customer funds despite their being no financial incentive to do so.
I trust this helps and if you would like to speak about your concerns we would be delighted to speak with you today or better still have you into the office if appropriate.
Kind regards
Wellesley & Co
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Post by mill750 on May 10, 2014 11:46:43 GMT
Interest credited on a weekend and instantly reinvested - no messin', and how it should be. I also had an email telling me i had money ready to take out as it was not earning interest , thought that was good !
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Post by mill750 on May 10, 2014 13:11:15 GMT
I also had an email telling me i had money ready to take out as it was not earning interest , thought that was good ! Yes - very impressed with Wellesley's simple yet effective business model and their all important customer service to date. When they stop aiming rewards at less deserving newbies, and more towards their committed members, I'll be chucking a few more grand in. I must be easy to impress ! They had some more from me on the strength of the update .... Happy so far !
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webwiz
Posts: 1,133
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Post by webwiz on May 10, 2014 16:23:41 GMT
On Mar 10th, ie 10 weeks ago Wellesley said in this thread that the new system would go live in 3-4 weeks. Any news?
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