Car Park Investment - Is it a Scam?

OliverTwist

First of all, thanks to everyone who contributed to this thread. I live outside EU and I have been lured into this 'investment' too back in 2014 by some local 'financial advisers'. Both car parks and self-storage. When they announced this 'early buy-back' thing on car parks I had no hesitation I should try to dump this sh*t. You can imagine how many calls I recieved both from the Group First and their local accomplices trying to drag me back. Recently they even had a guy come here and meeting investors in person. He was prepared to offer nearly everything for me to withdraw from the early buyback (which, by this time, had went through the legal paperwork and had been signed and submitted). Additional self-storage lots, guranteed rentals, etc. Feels like they are desperate to minimize payouts now, and hell with what comes next. By the way he stayed in on the most luxurious and expensive hotels....

As it has been said here a few times, write this off and consider any gain as a bliss. Fully agree.

Malthusian

Very interesting, thanks. So did you get any money out of them in the end?

jimjames

Katiewhy2 wrote: »

I don't know- And can it be sold to give us back our money?
Its a big bit of valuable land.

If such an event happened it depends who gets the money from the sale, there may be many other people ahead of you in the creditor queue.

It's tragic reading the stories of people who have lost their pension money with Store First, I hope the same isn't happening with Park First

https://damn-lies-and-statistics.blogspot.com/2015/11/store-first-storage-pods-scam-complaints.html

OliverTwist

Malthusian wrote: »

Very interesting, thanks. So did you get any money out of them in the end?

It's a long run, they have 1 year to pay back under this 'early buy-back' contract. So we will find our next summer

Malthusian

Next summer? The FCA shut down Park First's illegal collective investment scheme, which was what triggered Park First to offer the "buy-back", in December 2017. So in theory, if you put in your instruction as quickly as possible, the deadline should have been December 2018...

But of course that's not how it works and the FCA has washed its hands of it now.

Dalriada Trustees (who wind down fraudulent pension liberation schemes to try to recover as much as possible for their victims) revealed in August 2018 that they are among the investors trying to get out of Park First.

Dalriada has taken independent investment advice on the options. Having done so Dalriada has been advised to pursue the “Buy Back” option. We have communicated this to Park First Ltd. and we have had a number of discussions with them regarding aspects of this offer. We are now awaiting the documentation to formalise our exercise of this option. It should be noted, however, that even by getting the Buy Back option agreed there is a 12 month period for Park First Ltd. to make payment.

That reference to "awaiting the documentation" suggests to me that Dalriada has not even managed to get the 12 month clock to start ticking yet, ten months after the "buy back option" was supposedly made available. So your situation doesn't actually surprise me.

Katiewhy2

Has anyone received any money back yet? Apparently, according to group first, the first people have been paid out.....

eskbanker

Katiewhy2 wrote: »

according to group first, the first people have been paid out.....

I hadn't realised until just now that there was a recognised slang term applicable to quotes like that: MRDA!

Katiewhy2

What does that mean?

eskbanker

Katiewhy2 wrote: »

What does that mean?

Not sure if you followed the link, which explains that "MRDA, an abbreviation for Mandy Rice-Davies Applies, is Internet slang meaning "well he would say that, wouldn't he?" It is used to indicate scepticism of a claim due to the obvious bias of the person making the claim."

In other words, to spell it out completely, in the context of all that's gone before it's hardly unreasonable to treat Group First's claim that "the first people have been paid out" with some scepticism....

badger09

eskbanker wrote: »

Not sure if you followed the link, which explains that "MRDA, an abbreviation for Mandy Rice-Davies Applies, is Internet slang meaning "well he would say that, wouldn't he?" It is used to indicate scepticism of a claim due to the obvious bias of the person making the claim."

In other words, to spell it out completely, in the context of all that's gone before it's hardly unreasonable to treat Group First's claim that "the first people have been paid out" with some scepticism....

eskbanker, when you posted your link, I did wonder whether anyone who wasn't around in the 60s would understand the context, even if they could be bothered to follow the links in the Wiki article.:cool: