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  • Landlords in Distress

    YPC - how to get refund for failed deal?

    Hi,

    I have just discovered this site.

    I have a lot to say about YPC, nothing good though.

    I bought 3 properties from them in 2009/2010.

    They are great when you are looking to invest but should something go wrong they ignore you and hope you'll go away..

    For 2 of the properties, there was actually bricks and mortar which is a pretty good start but there were many problems even with those which I will not go into here as it's the 3rd property I want to discuss.

    I paid finders fees for all properties.

    The 3rd property was supposed to be completed in 2012. This date came and went and I have been fighting to get my money back since then.

    I have paid about 8,000 between a 5% deposit and finder's fees for this property. There were many lies told to me in the buying of this property, information retrieval has been really difficult since and solicitors and YPC and very distant and almost impossible to get email replies from.

    YPC informed me that they had a good relationship with the developer and had dealt with them before.

    I managed to contact the developer in 2016 and he informed my that this was the 1st dealings he had with YPC. He also said he had to pay a large part of the deposit to YPC and he has very little of the deposit left and he would return it to me. He has not done this and several follow-ups.

    I have asked YPC to return the finder's fee which they gloss over and answer with something else or just in 95% of cases just do not reply.

    So I am in a dilemma...

    The solicitors seem to be also dealing with YPC as well as me which surely is a conflict of interest.

    I have paid YPC Finder's Fee + 1000 Reservation Fee (3423.83 + 1000)

    5% less 1000 reservation fee = 3502.90 so 7,926.73 TOTAL

    You will not believe the amount of emails etc. I have sent to pursue this but I keep getting fobbed off or blanked. I am really annoyed with this.

    I would really appreciate advice on this matter from other users..

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    There are a number of things you can do Kelly.

    1.  Contact the Ombudsman scheme that YPC are a member of and register a complaint. They can offer up to £25K compensation, so you could potentially get your money back.

    2.  If you made the purchases on credit cards, contact your credit card provider quoting Section 75.  See - Malouf v MBNA – Section 75 makes Credit Card company liable for refund in scam

    3.  Seek legal advice from an expert in this area of law.  Property Tribes recommends Clifford Tibber of PT partner Anthony Gold Solicitors.  Cliff can be contacted at clifford.tibber@anthonygold.co.uk

    4.  See - How to get your money back from unscrupulous companies ... 

    There does seem to be a conflict of interest with a the same solicitor representing both parties and this is surely an angle Clifford Tibber would be able to explore.

    Hope that helps and please report how you get on.

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    Kelly, sorry to read this.  I have made a comment along these lines on property tribes already today - in my view you should, in this day and age, be using escrow accounts and not paying for these things in advance.  A finders fee could be paid to an escrow account and released on completion / delivery of the service. 

    To my mind there really is now reason to be paying in advance.

    I know this is after the horse has bolted for you, so sorry to be saying this, but hopefully its something to think about as your property journey continues. Best of luck with your recovery.

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    There have been a number of posts from people who have lost money after making advanced payments for services.

    Given your suggestion of using Escrow accounts to protect investors I wonder if you would mind starting a thread to explain the process, protections people have from this process. Also the protection / regulation you are subject to as a provider of these services.

    Thanks

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    Hi Ian, I would be delighted to do so.  I don't want to upset anyone on here by promoting our site or services against Property Tribes protocol, as I am delighted to be an active and compliant member, but if Vanessa is happy for me to do so then I will. 

    We have had a "fees escrow" service in place for a long time for Sourcer Fees and are now extending this to other payments, particularly builder payments.  Very happy to go into detail if its OK with property tribes.

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    A thread of this topic would be welcomed and does not need to refer to your own business (other than you have set up this facility for clients) - just your knowledge of the topic and how escrow accounts work and protect consumers.

    Thanks in advance if you decide to write up some information on this topic.

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