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  • Peer to Peer Lending

    Glenn Armstrong and his (investors) millions

    Anything is worth trying ... (*Moderator note:  Content removed*).

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    I am a human bean.

    Hi there,

    I am in a very similar situation! Can I ask if you have any updates? I am owed money with Glenn as the guarantor but he seems to keep coming up with excuses. I might look at going down the legal route on this to get the money back, did you go down this route also?

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     Mark,

    Are you suggesting if I am 2nd charge holder and 1st charge holder repossesses, that the 1st chargeholder might sell the property to me for the price of there debt and costs?nI thought that they had and obligation to raise as much as possible?

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    Happy,

    About 10 years ago a group of about 30 investors formed "The Glenn Armstrong Creditors Group". There is a lot of folklore about the detail, whether they were satisfied with total repayment etc etc, but they did go quiet, and some were repaid. I'm suggesting that you may make better progress teaming up with others in your position, sharing costs, and working together.

    Your position is pretty weak - you handed over money to a company (though I doubt if the company saw much of the money) without security. Your legal challenge is to show that he benefited from the money, there is little point in suing the company. 

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    Glenn Armstrong owes me £7200 as I withdrew from being one of his "Mentees", which I signed up for in January 2018 after one of his 4 day courses, but then decided it wasn't going to suit my property investing strategy.

    I asked for my money back within the standard 14 day "Cooling Off" period over 5 weeks ago and received no reply from either Glenn himself or his so called "assistant" Tracey and no refund either to date. Very angry, but will pursue this via the legal route if I have to.

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    Did you by any chance and good fortune pay your mentee fee by credit card or cards!?

    If you did S75 applies!

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    Yes! Paid £4200 via credit card and £3000 via Visa Debit card so I'm trusting they will intervene to recover my money from Glenn Armstrong.

    Many thanks for taking an interest and advising. I'll post an update once I resolve matters.

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    You stand a chance at least of charge back on your debit card and a refund from the credit card.

    Be interesting to see what the outcome is.

    Anyone going for these courses  etc should ideally use a credit card

    I have successfully used S75 on two occasions

    Most retailers  don't  understand  S75

    A powerful clause which is why I try to use my credit cards for everything.

    If quite a few S75 claims are successful  the banks will stop the GRQ Gurus from operating merchant retailer credit card facilities.

    Any major institution that refuses to accept a credit card is a warning bell being sounded.

    Having such facilities is a sort of credit rating for that institution.

    S75 is a very powerful consumer weapon.

    I wonder how  many of those ripped off have considered using the S75 weapon if they paid just £100 of the total amount.

    Because just paying £100 makes the credit card company jointly and severally liable for the full transaction!

    Up to £35000!!!!!

    Not a lot of people know that!!!

    See the MSE site where S75 is fully explained.

    (*Moderator added link to MoneySavingExpert guide to Section 75 for ease of reference - Section 75 refunds *).

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    Thanks again Paul for your extremely helpful advice. I was unaware of the S25, but will resort to envoking this if need be.

    I'll definitely post here the eventual outcome.

    Another tip is when attending these "taster" events is to leave your debit/credit cards at home until you're 1000% sure it's for you.

    The "persuasion" to hook you in is they offer a "pay now" so called discount or the price increase after the presentation.

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