ParkFirst Early Redemption - Thread for any reports of successful redemptions

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  • dunstonh wrote: »
    Appointed reps are mostly FAs nowadays. But there is neither here or there. The key thing is that he is authorised and is a network member. You raise a complaint the network he belongs to. So the ***** *****Limited is the one you complain to.

    Unlike the majority of others, you may have a chance of getting your money back.


    Thank you for your advise. I hope so.
  • GRL are still around trying to scam park first (and Store first) investors. Avoid them,
  • I am in a similar position to you Luckysh0t, I was also given a date by Park First for a refund (because the paperwork on the initial purchases was never completed). I was originally given a date in Mid January 2019, this was pushed back to 25th Jan 2019, the date passed with no refund.
    I contacted Ruth Almond - to be told that PF were selling assets to be able to honour the buyback / refund payments. She has assured me that PF still intend to pay, but has given me no date. The difference in my case was that I am acting as the executor to a deceased relative, who actually made the investment. As such I had to declare (and pay inheritance tax on) the money owed by Park First, which I can only get back if I can prove to HMRC that PF are not going to pay... Have you made any progress since your last post?
  • Malthusian
    Malthusian Posts: 10,898
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    I contacted Ruth Almond - to be told that PF were selling assets to be able to honour the buyback / refund payments.
    According to luckysh0t (post #10), Almond has told others that they will not be refunded unless Park First can find new investors.

    In reality there are no grounds to think that Park First will pay up even if they do manage to find new suckers.
    As such I had to declare (and pay inheritance tax on) the money owed by Park First, which I can only get back if I can prove to HMRC that PF are not going to pay..
    I would ask HMRC how long Park First has to hold on to the money before they recognise that the investment is in reality of no value (being an asset that cannot be sold to anyone and generates zero yield).

    By handing HMRC the money you put them in an extremely strong position. Did your solicitor really advise you to pay Inheritance Tax on a worthless asset and try to get it back later?
  • I'm fully aware of the vanishingly small chance of getting any money out of Park First.
    I spoke directly to HMRC on this issue. This is a quote from the Inheritance tax manual "The valuation of debts owed to a person is dealt with by IHTA84/S166. This provides that a debt, or rather ‘a right to receive a sum due under any obligation, is to be valued on the assumption that the obligation will be duly discharged." At the time Park First were laying out a very specific formula for payment and a timeline over which that would happen; and Group First had (apparently) set aside 62 million pounds to pay back investors. Difficult under those circumstances to 'prove' that money will never appear. As for my putting HMRC in a strong position... I think you overestimate my influence, the strong position of HMRC is pretty clearly enshrined in law. So yes I followed the rules as HMRC laid them out, and will have to claim the tax back.
  • Malthusian
    Malthusian Posts: 10,898
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    I'm fully aware of the vanishingly small chance of getting any money out of Park First.
    I spoke directly to HMRC on this issue. This is a quote from the Inheritance tax manual "The valuation of debts owed to a person is dealt with by IHTA84/S166. This provides that a debt, or rather ‘a right to receive a sum due under any obligation, is to be valued on the assumption that the obligation will be duly discharged."

    Did they not quote you the second part of Section 166: except if or to the extent that recovery of the sum is impossible or not reasonably practicable and has not become so by any act or omission of the person to whom the sum is due.
    At the time Park First were laying out a very specific formula for payment and a timeline over which that would happen; and Group First had (apparently) set aside 62 million pounds to pay back investors.

    If this was after mid 2018 they'd also made clear that they didn't have the money to back this "provision", which makes their timescale irrelevant.

    If you haven't consulted a solicitor and there are other beneficiaries of the estate you really need legal advice without any more delay, for your own protection.
  • Has anybody heard anymore on Park first buy back? I had a company on the phone saying Park First have cancelled there buy back, their sister company store first that they bail out is going into liquidation in April and then park first will follow.
    Also read on here that the car park space are not being used and they have blocked the entrance up.
    I had a couple of scammer calls saying the interested in buying the spaces but I need to pay approx. 8% up front to sell them....
  • Katiewhy2
    Katiewhy2 Posts: 76 Forumite
    I have also been approached by GRL- A bit of google searching unfortunately shows its a scam.....why would anyone want to buy them from us for 'more than they are worth' (that's what the guy told me) when they are turning out to be pretty worthless.
  • Katiewhy2
    Katiewhy2 Posts: 76 Forumite
    At the moment, GRL are offering (but they say don't quote them on that) £71k for my two spaces - That would be nice ! They are getting back to me tomorrow with a formal offer - They say that PF have given them their data base of all those who want early buy back - Beware..........what they are telling me makes no sense- PF now hold all my documents /land registry etc as I have exchanged all docs with them- So how I am supposed to sell to a 3rd party is beyond me!
  • sully1311
    sully1311 Posts: 375
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    Please don’t fall for this too....

    It’s going to be another scam!!! Haven’t you learnt your lesson by now?!:mad:
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