Worthy FinancialReviews of worthybonds.com

Response from Worthy FinancialJun 3, 2024

Hi Alex, We apologize for the continued inconvenience of our redemption pause. Please note that recovery efforts are ongoing, and funds are being disbursed at the rate that liquidity becomes available to us. We have also entered into an unrelated asset sale with our parent company in an effort to cover outstanding funds owed, and are currently in conversation with the SEC to move forward with this alternative financing plan. Please feel free to reach out to us via our in-app chat, or at [email protected], for more information if you weren't aware of this and would like more information. Unfortunately the portfolios our earlier offerings invested in supported small businesses in 2019 and 2020, many of which failed in the wake of the pandemic. This was an anomaly that we could not have anticipated. While designed to be fully liquid and redeemable, we do our best to be transparent about our investment product and the risk of illiquidity is outlined in our bond letter. These terms must be consented to by all customers upon purchase. That said, we are doing everything we can to make this right and will be forthcoming with updates. Thank you for your patience in this matter; we know it's been a grueling wait (we at Worthy can empathize--a number of us have our own funds tied up as well) and we do not intend to halt our efforts until all affected bondholders are made whole.

Response from Worthy FinancialJun 3, 2024

Hi there, We apologize for the ongoing inconvenience caused by the redemption pause. Although there's little we can do to "prove" that recovery efforts are ongoing, with funds being disbursed as liquidity becomes available, we can say that we've disbursed roughly $2 million in delayed funds since the pause went into effect. In addition, we have initiated the sale of unrelated assets through our parent company to cover outstanding funds owed and are currently in discussions with the SEC to move forward this alternative financing plan. If you need more information or were not previously aware of these efforts, please reach out to us via our in-app chat or at [email protected]. The challenges faced by the small businesses we initially supported were unforeseen anomalies. Although our offerings were designed to be fully liquid and redeemable, we strive to be transparent about the potential risk of illiquidity, which is outlined in our bond documentation and agreed to by all customers upon purchase. Despite these challenges, we are committed to rectifying the situation and will keep you updated on our progress. We appreciate your patience during this difficult time. We understand the frustration, as many of us at Worthy have our own funds tied up as well. Please know that we are dedicated to resolving this matter and will not stop until all affected bondholders are made whole.

Response from Worthy FinancialApr 22, 2024

Disbursements are occurring as funds are received from our borrowers, and we'll notify you once your account is ready for disbursement. As Worthy allows for more disbursements, they'll be processed automatically and prioritized based on maturity or redemption request date. Your patience during this process is greatly valued. We've already disbursed payments and remain dedicated to recovering all funds diligently.

Response from Worthy FinancialApr 22, 2024

Brian, we sincerely regret any inconvenience you are experiencing. Disbursements are happening as funds are received from our borrowers, and you will be informed once your account is set for disbursement. As Worthy permits additional disbursements, they will be processed automatically and prioritized based on maturity or redemption request date. We appreciate your patience throughout this process. We have paid out and will continue working tirelessly to recover all funds.

Response from Worthy FinancialMar 28, 2024

Bob, We regret any inconvenience you are experiencing. Disbursements are happening as funds are received from our borrowers, and you will be informed once your account is set for disbursement. As Worthy permits additional disbursements, they will be processed automatically and prioritized based on maturity or redemption request date. We appreciate your patience throughout this process.