Official statement update (07/05 2024)

This statement is based on the information available at the time of writing, the 7th of May 2024 — see previous statement below.

In summary, over a period of a few months, the renter rented various pieces of equipment from different lenders and repeatedly extended the rental agreements, claiming that film shoots required more time. This pattern was consistent with his previous rental behaviour, which had not caused any problems. However, on this occasion, he sold the rented equipment to Cash Converters and private buyers. The police are now attempting to track down the equipment and return it to its rightful owners.

As soon as we found out what the renter had done, we contacted the police and reached out to the lenders we knew were affected, to coordinate the case.

While the investigation went on, the scope of the case kept growing as more lenders came forth, both people who have rented out through Wedio, privately, and through other platforms. In total, the number of affected lenders on Wedio is 24, with a new gear value of around £170.000. We are also aware that at least 10 additional lenders outside Wedio have been impacted. We have been informed that the total police case is for gear worth more than £300.000 in new gear value.

To handle reimbursement from Wedio, we asked the affected lenders to provide a list of their missing equipment along with the receipts. We then reviewed their individual rental histories with the renter in question.

This is how we calculated the reimbursements:

Firstly, each lender was treated equally, with no exceptions. This meant that some lenders were eligible for more reimbursement than others, primarily depending on the dates when they reported their missing equipment.

We reviewed each piece of equipment individually. Lenders must report missing items or other issues no later than 48 hours after the rental agreement ends. If a lender rented out more equipment after having already reported some gear missing, they must also report any additional missing items within 48 hours of the subsequent rental end date.

In this case, many rental agreements had gaps where no payment was made, yet the equipment was not returned. When this occurs, Wedio Global Coverage considers the rental ended, and unreturned items must be reported.

Depreciation of equipment is calculated at 10% per year, starting from the first year of use (Year 0 = 10%, Year 1 = 20%, Year 2 = 30%, and so on).

Peripheral items such as batteries, memory cards, battery chargers, cases, lens hoods, etc., are not covered by the Wedio Global Coverage.

Wedio Global Coverage has a deductible of 15% after depreciation.

The equipment was treated as stolen from the first day of the initial rental. This means that any earnings a lender received through Wedio, excluding fees, were deducted from the final reimbursement calculation.

Reimbursement even when reported late:

Because we recognized that this case was unique and we wanted to help, we decided to make an exception and offer a reimbursement even on late reports.

Here’s the reimbursement percentage based on when you reported the unreturned equipment:

  • If you reported within the required time (48 hours after the last rental date): 100%
  • If you reported no more than 6 days overdue (within 8 days after the last rental date): 25%
  • If you reported more than 6 days overdue (9 or more days after the last rental date): 10%

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Official statement regarding recent events in London (22/03 2024)

This statement is based on the information available at the time of writing, the 22nd of March 2024.

This Wednesday, we received notification from a renter regarding his engagement in unfaithful behaviour towards some of our members in London.

The renter is a previously trusted member of the industry, the Wedio platform and with many years of rental experience, who unfortunately chose to turn deceitful. He has rented gear without returning it, and we are aware that he has sold rented equipment.

On Wednesday, the 20th of March, he contacted our Member Success Manager and confessed to the entire situation.

Subsequently, we have confirmed that some of the equipment remains in a pawn shop.

Due to the significant impact on some of our members, we assure you that we take this seriously and we have allocated all available resources to collaborate closely with affected lenders, the police, and a lawyer to recover as many of the rented items as possible.

We intend to keep all stakeholders updated when new information comes to light.