You cannot withdraw your money. Told in Aug 2022 that withdraw is "temporarily" suspended. It is Feb 2023 now and I am still waiting for my money.
Response from Worthy FinancialMar 30, 2023
Dear Xu Jin,
As of this past December, we've begun routine disbursements of funds to redeem remaining bonds in the entity in which you still hold bonds. These funds are being released in order of maturity date, as well as date of withdrawal requests, and we use this information to make sure that everyone is appropriately prioritized. You will be notified by email when you are queued to receive your funds. While held, your bonds continue to earn 5% interest.
We apologize for this negative experience you have had with us and we hope that we can earn your trust back once your bonds are redeemed and that we will have the opportunity to serve you again in the future.
Sincerely,
Worthy Financial
CB
Conner B.
Company is a scam
This company is actively trying to sell more bond funds while their first fund is in default, you cannot withdraw your investment. They say "they are working on it" For over 6months now. I have essentially lost 20k to these scammers.
Edit: The scammers have reached out to me and said they know when they intend to pay me back but will not tell me.
Response from Worthy FinancialMar 30, 2023
Dear Conner,
We apologize for the frustration you have experienced with regard to withdrawing your funds from our initial offering. We understand your distress and we assure you that we are working diligently to make repayments on the bonds that remain. Before the withdrawal pause, we had already repaid the majority of the offering's capital on time and as promised (over 100 million dollars) and since recently pausing withdrawals we have made multiple additional repayments to customers like yourself.
We are working with those borrowers who have struggled with their repayments to us due to the pandemic. We want to assure you that our intentions are good - not malicious - and we are doing our best to work with our business partners to ensure they meet their financial obligations to us. We understand that this has caused delays, but your money is still earning interest and we’re committed to continuing to make disbursements as often as possible. And as mentioned above, there have already been multiple additional disbursements to bondholders.
It is important to note that the scenario you reference here is only affecting a small number of customers from one of our earliest offerings, and none of our many other offerings are experiencing this delay - each offering is a separate legal entity with its own dedicated loan portfolio (this is why you still see language on the website referencing bonds can be withdrawn at any time). Your experience does not represent the presently available offerings provided through our app, such as Worthy Property Bonds.
We apologize for this negative experience you have had with us and we hope that we can earn your trust back once your bonds are redeemed and that we will have the opportunity to serve you again in the future.
Sincerely,
Worthy Financial
YT
YT
WPC I is in an undeclared default
Their 1st bond tranche offering is essentially in default. My and presumably others' accounts with matured bonds are locked. No withdrawals of interest and no bond redemptions have been possible since at least August 22 in my case. I have had 2 responses to emails inquiring about the status of locked accounts which have not been helpful beyond 'they're "liquidating borrowers' inventories" and they're " working on it." One respondent said some bond holders would be repaid (by some opaque process and at some unspecified time) which they aren't detailing. I seriously doubt inventories will cover defaulted loans. Subsequently, I had no trouble liquidating the two newer bond offerings I had also bought. At this point, I have no idea if I will receive any of my principal back (~$25k) or what recourse I have. The prospectus from the offering does say that Worthy Financial will be responsible for costs associated with a collection process.
Response from Worthy FinancialMar 30, 2023
Dear YT,
As of this past December, we've begun routine disbursements of WPC funds to redeem remaining bonds in that entity. These funds are being released in order of maturity date, as well as by date of withdrawal requests, and we use this information to make sure that everyone is appropriately prioritized.
The reason that you and other investors are able to successfully withdraw from the other offerings is because each offering is a different legal entity with its own totally separate lending portfolio. While we wish bonds in other offerings could solve the withdrawal pause in Worthy Peer Capital, the other offerings are not connected in any way. Case in point, less than 5% of Worthy bonds are subject to this pause.
We apologize for this negative experience you have had with us and we hope that we can earn your trust back once your bonds are redeemed and that we will have the opportunity to serve you again in the future. Please note that your money has been earning interest even after the pause and we’re committed to resuming withdrawals for all customers in that offering as soon as possible.
Sincerely,
Worthy Financial
NI
Nicole
False advertising
They continue to advertise that you can withdraw your funds at any time. However, they have paused with drawls, and there is no word on when they will reverse that order and allow withdrawals again.
They have absolutely lost my trust and as soon as I can, I am pulling all my money out and never doing business with them again
Response from Worthy FinancialJan 5, 2023
Dear Nicole,
We apologize for the frustration you have experienced with regard to withdrawing your funds from the Worthy Peer Capital 1 offering. We understand your distress and we assure you that we are working diligently to make repayments on the bonds that remain. We have already repaid the majority of the offering's capital over the past several years and even since recently pausing withdrawals we have made multiple additional repayments to customers like yourself.
Please note that many, if not all, financial businesses have faced unexpected challenges during the pandemic and the resulting economic downturn. For this reason, we are working with our borrowers who have struggled with their repayments to us. We want to assure you that our intentions are good - not malicious - and are simply doing our best to cooperate with our business partners to ensure they meet their financial obligations to us. We understand that this has caused delays, but your money is still earning interest and we’re committed to resuming withdrawals as soon as possible. And as mentioned above, there have already been multiple additional disbursements to bondholders.
It is important to note that the scenario you reference here is only affecting a small number of customers from one of our earliest offerings, and none of our many other offerings are experiencing this delay - each offering is a separate legal entity with its own dedicated loan portfolio (this is why you still see language referencing bonds can be withdrawn at any time). Your experience does not represent the presently available offerings provided through our app, such as Worthy Property Bonds.
Nicole, we apologize for this negative experience you have had with us and we hope that we can earn your trust back once your bonds are redeemed and that we will have the opportunity to serve you again in the future.
Sincerely,
Worthy Financial
RA
Raymond
Signed up in 2021
Signed up in 2021, 1 year later they have halted withdrawals and after 2.5 months have said nothing. They also stopped responding to my emails. This feels like a rug pull. Do not invest here unless you want to lose your cash. They are not ethical in how they deal with the public.
JA
JA
This is a scam company
This is a scam company! Avoid putting any $$ into buying bonds from them. They have paused the withdrawals without any prior notice and the money is blocked.
KB
Krystin B.
You may not get your money back
This company uses your banking information to secure their bond purchases. The bonds are not purchased under your name. You cannot change your banking information after you open an account with them, even if your banking account is closed and/or compromised - which is what happened in my situation. They state that for "account security" banking information cannot be changed until you have a "transaction history", which appears to be an arbitrary rule that was not disclosed when I input my banking information into their app. I cannot withdraw my funds and their customer service response is "sorry, that's just how it is". I had to file a complaint on the CFPB, but I don't think I'll ever get my money back.
