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  • Landlords in Distress

    How to get your money back from unscrupulous companies ...

    Issue a writ in the small claims court. If the amount is under £6k it is an informal process. It takes some time but the clock starts clicking from day one and can be issued online. https://www.moneyclaimonline.gov.uk  if you get judgement sending in bailiffs or taking money directly from their bank account (3rd party debt order). Both very satisfying.
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    Founder of Repolist Ltd, the UK's largest real time database of repossession and refurbishment properties.
    Find out more:
    RepoList Website
    There is a helpful article on Estate Agent Today about industry compliance.

    We already know that deal sourcers (as a for instance) have to be a member of an Ombudsman Scheme and also have PI insurance in place.

    Two things from the article jumped out at me:

    Whether it is the Estate Agents Act, the Consumer Protection from Unfair Trading Regulations or any of the other half dozen or so pieces of legislation that apply, compliance is required. In addition, you must be a member of redress/ombudsman scheme and be registered with the ICO and HMRC for money laundering purposes.

    A quick scan of a few ‘internet only’ sites revealed breaches almost immediately. The Estate Agents Act obligations were not being met and consumers’ cancellation rights were being flouted.

    Remember, breaches of these two alone can mean clients are entitled to their money back. Breaches of a consumer’s cancellation rights means they have a legal right to cancel the contract and be provided with a full refund for up to 54 weeks from the date of the start of the instruction or contract, regardless of whether any sale takes place.

    See also MBNA vs. Malouf with regards to how you can use Section 75 of the Consumer Credit Act (1974) to get a refund. The act provides consumers with protection in cases of misrepresentation and or breach of contract, where the credit card company is jointly liable with the supplier.

    Since I started this thread, Property Tribes has joined forces with Anthony Gold Law to provide a rescue package for distressed investors. If your claim is over £15K, Anthony Gold may be able to undertake the work on a "no win/no fee" basis.

    If you need assistance, write to clifford.tibber (at) anthonygold.co.uk for a free 10 minute consultation about your case and the chances of getting your money back.

    [Image: house.png]Related content:

    BMV mis-selling - who is liable?

    What the Property Ombudsman had to say about deal sourcers

    Property Tribes Rescue Package for people who have lost money in property
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    For all LL's with large operations adopt a bad debt/credit risk policy and review it regularly, know how much credit you have out at any one time and calc the cost to cover it (i.e factor in the gross profit you make as it might take £20k in new business to replace £10k if your GP is running at 50%) - best approach if you can't afford to do due dilligence or read compnay reports with confidence is to insist on speaking with 3 happy customers and or take personal guarantees with directors of the limited co's you are dealing with, if they refuse then walk away, let someone else take the risk. Basic web searches of sites like Scam.com are easy enough and whilst a name of the firm/person might not appear the style of scam might be similar enough to make a good comparison and raise concerns.

    It costs money to chase money - courts are charging more every year for process, note it's free to issue a statutory demand and not £800 as i read in a post made earlier in the thread, the costs kick in when you go to 2nd stage and file petitions for bankruptcy, in the first instance simply print your own off and fill it in and send to the debtor - it might work with some.

    Consider criminal sanctions such as private prosecutions for forgery and fraud this might be very fertile area to explore if you are victim of investment type deals and are getting the run around - this is a good example below and worked well with overseas based criminals. The law firm Peters & Peters might do CFA -no win no fee, try calling them for free appraisal on your case.

    https://www.petersandpeters.com/News/pres...inal-court

    I like Vanessa's suggestion to create a seperate resource guide my advice is to make sure it has a BTE (before the event) check list too and you won't need the ATE Smile
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    Chris.
    TWINPIER PUBLISHING LTD
    Specialist Debt Advice for business owners
    Exclamation Debt service overview here: http://twinpier.co.uk/
    e: admin@twinpier.co.uk
    t: 01825 830422 or schedule a time to talk with me in confidence here: Vcita

    For testimonials: http://twinpier.co.uk/testimonials/

    Even well seasoned landlords got burnt - Some creditors at collapsed stores chain JJB Sports 'got pennies'
    It meant that unsecured creditors – including landlords and suppliers – received only a fraction of a penny for every £1 owed.
    ‘Unfortunately this resulted in some creditors receiving cheques for only a few pence,’ the administrators said in their report.


    Read more: https://www.thisismoney.co.uk/money/marke...z3AmbQYu00
    Follow us: @MailOnline on Twitter
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    Chris.
    TWINPIER PUBLISHING LTD
    Specialist Debt Advice for business owners
    Exclamation Debt service overview here: http://twinpier.co.uk/
    e: admin@twinpier.co.uk
    t: 01825 830422 or schedule a time to talk with me in confidence here: Vcita

    For testimonials: http://twinpier.co.uk/testimonials/

    Martin Lewis of Money Saving Expert fame as a site called Resolver that helps you resolve issues.  There are template letters, resources, and you can create a case file to curate all your documents and correspondence.

    There is a property section along with help with such issues as parking tickets, train and flight delays, bank issues etc.  Very useful resource for anyone looking to raise a complaint of any kind against a company.

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    I used Resolver to claim flight delays from Ryanair several years after it happened and they gave up without a fight and I got compensation, so it worked well for me.

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