Car Park Investment - Is it a Scam?

eddddy

Just to add a few points to those already made.

A few years back I scanned through the 105 page legal document pack for an investment like this - mainly for amusement. (Lease agreement, leaseback agreement, maintenance fee agreement etc.)

It was a shocking set of documents.

Terms included...

• A confidentiality clause - you must not disclose the existence of the contract to anybody, or it's contents.

I assume that's to stop you publicising it when it turns out to be a rip-off, or perhaps even to stop you taking professional advice.

• You commit to pay maintenance fees of £1000 per year for the next 150 years, with no guarantee of any income, and an unsalable 'investment'

• Multiple companies are involved - e.g. You pay maintenance to one company, and receive income from another.

My guess is that is to allow the company that pays you to fold, but your liability to pay maintenance to another company continues.

• The "Guaranteed Buy Back" only applied if the company had sufficient funds. It was for the company to decide if they had sufficient funds - and they would not disclose how much funds they had, or enter into any discussion on the topic with the investor.

mrwowfactor

guarantees are few and far between in investment but if you are called out of the blue about a scheme you are 100% guaranteed to loose cash.

darkidoe

eddddy wrote: »

Just to add a few points to those already made.

A few years back I scanned through the 105 page legal document pack for an investment like this - mainly for amusement. (Lease agreement, leaseback agreement, maintenance fee agreement etc.)

It was a shocking set of documents.

Terms included...

• A confidentiality clause - you must not disclose the existence of the contract to anybody, or it's contents.

I assume that's to stop you publicising it when it turns out to be a rip-off, or perhaps even to stop you taking professional advice.

• You commit to pay maintenance fees of £1000 per year for the next 150 years, with no guarantee of any income, and an unsalable 'investment'

• Multiple companies are involved - e.g. You pay maintenance to one company, and receive income from another.

My guess is that is to allow the company that pays you to fold, but your liability to pay maintenance to another company continues.

• The "Guaranteed Buy Back" only applied if the company had sufficient funds. It was for the company to decide if they had sufficient funds - and they would not disclose how much funds they had, or enter into any discussion on the topic with the investor.

This makes me quite angry just reading about this!!!:mad::mad::mad:

mark_c_2

Hi guys,

I have a client that is in the middle east who has been scammed by park first,i also deal with a car park investment but totally secured and she wishes to invest with us however she wants to get her money back from park first.My question is can anybody recommend a solicitor, lawyer that they are working with to get their money back so i can give the details over

Malthusian

mark_c wrote: »

I have a client that is in the middle east who has been scammed by park first,i also deal with a car park investment but totally secured

Well this sounds interesting. Which totally secured car park investment would that be?

and she wishes to invest with us however she wants to get her money back from park first.My question is can anybody recommend a solicitor, lawyer that they are working with to get their money back so i can give the details over

On what grounds is she planning to sue Park First?

BanyanBkk

I have the same situation. I saw it as a high-risk punt at that time and will also be taking the buyback option. The key is to find a reliable, cheap conveyancer to minimise your losses. Let us know how that goes!

dealer_wins

This thread has taken a weird turn lol

sully1311

People should read this: https://www.fca.org.uk/news/news-stories/fca-action-respect-park-first-limited

TheTracker

pika_doh9 wrote: »

I bought a car park space at Gatwick airport in March 2016 for £25,000

I once had to park there for 3 weeks in 2016 when I needed to travel urgently.

The bill came to a similar amount. Or felt like it.

Someone is making a lot of money from car parks. It is not you.


As a rule of thumb, if you ever finding yourself asking "Is it it a scam?" about almost anything in life, it doesn't matter whether it is or isn't a scam. Just don't go anywhere near it.

TBC15

IT IS A SCAM, can we please move on.