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  • Landlords in Distress

    Sam Eustace and Kingsman Property - Concerns

    Hi Folks

    I just wanted to post a warning about Sam Eustace and Kingsman Property.

    Kingsman Property loaned £7,290 for a 3 year term from my pension scheme.  The loan was made on a PG basis with Sam signing a separate document confirming appropriate legal advice had been taken by himself regarding the PG.

    Furthermore, I made this loan knowing the risks and rewards - I have other loans where I sit as the senior debt.  That isn't the point of this post, it's to warm folks.

    I'm one of the lucky ones, essentially with the payments received to date the principle loan amount has been repaid, but many (including some good friends of mine) are not in this position.

    Unfortunately, Sam is sending out emails spouting excuse after excuse.  Some of the excuses even conflict.... Personally I'm beginning to think he maybe running a (*Moderate note: Content removed*).

    I attempted to call and text Sam prior to posting BUT he was "too busy" to deal with this matter.....

    Sam is welcome to comment - I'm open to a dialog with him.  However he failed to keep the promises made directly to me (in writing) last month.

    If you're considering working with him, loaning to him and / or any of his companies, please carry out extensive due diligence. 

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    Thanks for the warning. Hopefully next time people google his name they will find this thread and save them from losing their money. Thats the good thing about property tribes Smile

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    Wow - shockingly unprofessional behaviour on his part.   "too busy" to speak to his concerned investors - that speaks volumes - hopefully that will be a big red flag to any other people considering doing business with him for sure.  Sounds like he is robbing Peter to pay Paul?   

    Seems like quite a number of sharks have shown their true colours recently at a high cost to investors and mentees.  Why can't these people behave in an honourable and ethical way to earn a living rather than ripping others off???

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    I have done two loan investments with Sam, my brother did one, and my father did another, so jointly as an extended family, we have a fair bit of money tied up with him. Of course it was the lure of the attractive interest rates which drew us.  

    I am now feeling more than a little foolish, because loan payments have either been late, or not paid at all. This last May I received payment for the smaller loan agreement which was the second one I did, but the other one is now three weeks overdue. Neither my dad or my brother have been paid this month.

    These last three weeks have been utter torture, with either ignored phone calls or messages, or promise of payment, or excuses such as "I forgot", all of which are clearly a tactic in prevarication.

    The repeated calls for more investors makes one wonder whether investor's money is being used to pay off other investors.  It is supposed to be used for the equipping and furnishing of new rent to rent deals. That was the original idea anyway.

    My calls have been ignored altogether for nearly a week now......

    Best draw your own conclusions about the state of affairs at Kingsman Property.

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    Kingsman Properties have four properties that they have rented for us for some time. About 6 months ago rents started to arrive late and it proved very difficult to get hold of Sam Eustace for clarification. When I did speak to him I was always told you will be paid this week or on Monday/Friday etc.

    We are now at the point where two monthS rent is owed on all the properties that is 8 months rent! Tenants have provided me with proof that they have paid on the 1st of each month so what has he done with our money?

    Something very sinister is going on at Kingsman Properties as Sam is clearly using our rent (£13,000 approx.) for his own purposes which is illegal. He has also not registered any of the tenants deposits with the required schemes which is another illegal practice - has he used all 16 deposits for his own purposes too? Probably yes!

    I am in the midst of a complaint process with The Property Ombudsman over this as Sam avoids all contact with us via phone or email - this appears to be a ... (*Moderator note: Word removed*) ....  he is running taking all rents on the 1st of the month to pay this pyramid scheme of investors that I have been told he has in place.

    Be warned this man is not an honest person and I am in contact with other landlords who are in a worse situation than we are with him - DO NOT TRUST A WORD HE SAYS.

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    https://www.kingsman-property.com/

    From their website it shows the logo's for mydeposit and TDS so they should be your 1st port of call Re: Deposits, 16 is a significant number if they haven't protected them, they could expose both themselves and you as the Landlord to hefty fines.

    From 1st June 2019 they should have joined one of the government required Client Money Protection Schemes which there is no mention of on their site, so by default are trading now illegally if that is indeed the case.

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    The tenants have called each scheme and there is no record of them.

    He does not have CMP or indeed a Client Account as he told me when questioned "He was not requested to have one with his business" - another false statement as anyone dealing with client money must have a client account.

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    Please keep us appraised - I now have a "live" court case jointly and severally against Kingsman Property Ltd and Samual Jaz Eustace.  He has until 4th July to respond.

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