Wellesley Investment

adnylkcm

Hello,
For the first time ever, I used this company to invest £5000, five years ago. It is almost at maturity.
However I have been informed that it has now gone into liquidation as a result of the pandemic.
They have brought in another company to oversee the business affairs on it's behalf.
Does anyone know how this works and if I have any chance of getting any money back?
I foolishly intended to use this money to help pay my mortgage.😭

IvanOpinion

Sorry to hear that.  You might get some additional information at https://p2pindependentforum.com/board/60/wellesley

dunstonh

For the first time ever, I used this company to invest £5000, five years ago. It is almost at maturity.
However I have been informed that it has now gone into liquidation as a result of the pandemic.

The pandemic isn't really to blame.   It was always high risk and it just needed a negative event to push it over the edge. That's not hindsight. It was being said a decade ago that it was only a matter of time.  Nobody knew which P2Ps would go under. Just that some would.  That is why most kept clear of them or limited themselves to very small allocations (such as 5%)

Does anyone know how this works and if I have any chance of getting any money back?

You need to work on the assumption that the money is lost.   You will probably get a very small amount back. Possibly in dribs and drabs.

I foolishly intended to use this money to help pay my mortgage.😭

I'm afraid there is little you can do about it now but wait and plan for the worst.       Unfortunately, you took a very high-risk approach with your money (higher than conventional stockmarket fund investments) and that risk has not paid off.

https://www.thisismoney.co.uk/money/markets/article-8786641/12-000-savers-face-wipeout-Wellesley-Finance-teeters-brink.html

(the CVA was backed)