Car Park Investment - Is it a Scam?

SSGT1605

I have not even managed to get my buyback documents signed yet, in nearly a year, first they changed solicitor, then say there are issues in that the spaces where registered under StoreFirst, then say there is issues with the land registry, then say there solicitor says they have to be the final signatories on the buy back agreement, so we have to go through the whole signing crap again. so I don't expect my agreement to be complete this year, or do I expect to see any monies returned.

FISHERGE

I have just found this post searching for Park fIRST related items.

I have still got 3 spaces at glasgow airport and accepted the revised 2% rental plus dividend and I was promised the 2% payment by 14/12/18 which has not materialised. They have fobbed me off claiming they want to pay it together with the dividend but they clearly have cash flow problems as i have now realised and had been beginning to suspect.


Looks like a group action will be needed against directors and get administrators in to protect assets before they disappear.


Anyone interested in forming a group or if there is anyone already doing so - please contact me on
tslfxt@aol.com

Malthusian

There will be no dividends. Park First makes massive losses, as disclosed in its last accounts. No profits = no dividends, by law.

If Park First are claiming they're in profit this is an extraordinary claim requiring extraordinary evidence, namely the management accounts for the current financial year.

By contrast the 2% you are owed as per the agreement you signed up to (for reasons I can't fathom) whether Park First makes a profit or not. However they can't pay if there is no money left.

Be very wary if people contact you off-forum as it is highly likely you will be targeted by recovery fraud.

spartan91

Victims should initiate and present a collective front to deal with the dilemma.

spartan91

I have just joined and have noticed that there are more victims like me of this scam on the MSE forum. I have signed up for the BuyBack option rather than the Lifetime Lease.

I believe that we can find confidence and relief if we confront this issue collectively whatever line of action we pursue. Class action is a possibility.

Let us communicate and discuss the issues and update each other of the latest scheming by the offending company and prepare a strategy.

We can canvass others to join us in confidence and commence a group. We have to ensure that Park First does not plant a 'mole' in the group.

fwor

To anyone reading recent posts in this thread: Be aware of the significant potential for "Fraud recovery fraud" - please treat any contacts that you make off-forum with suspicion.

One technique that has been used in the past is to pose as another victim and ask for a contribution to legal fees for a future class action - which never happens...

Katiewhy2

I agree- It would be good to get a group together to see what everyone else has heard - Are we being told the same thing?
Has anyone managed to get any of their money back?
Happy for anyone to PM me.

Katiewhy2

Yes I am interested- I have emailed you and I am happy for you to contact me on this forum.

Pruksa

Hi,
I am one of the many victims in this scam from Asia, and have chosen the early Buy-Back for my Gatwick units.



Can someone please tell me whether it is true that I should only use large and famous law firms for conveyancing ?



Some people from Taiwan told me that Park First used different tricks to make the buy-back transition a failure, or at least as difficult as possible. Hence an ordinary solicitor who constantly deals merely with straight-forward sales of property may not have the expertise or experience to identify pitfalls.



Thanks.

Malthusian

This goes well beyond conveyancing. If you are sure you want to go down the legal route you need a lawyer who knows how to pursue a delinquent debtor through the UK courts.

It is highly likely that if you do so you will be throwing good money after bad.