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NPD MBI {Edited by Forum Team}

edited 10 July 2019 at 8:42AM in Bankruptcy & Living With It
18 replies 2.7K views
ashpanashpan Forumite
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edited 10 July 2019 at 8:42AM in Bankruptcy & Living With It
i posted a couple of years ago on the savings forum as i had concerns about my investment with (then) MBI carehomes, a director of which was {Edited by Forum Team}. his maladministration of MBI has now been brought to light in the courts, some two years ago my investment was 'divested' into a hotel room with NPD (northern powerhouse developments) called the atlantic in woollacombe.
i am now coming to the conclusion that i may well have lost £50k to this {Edited by Forum Team} - and i know im not the only one - there must be others out there surely ( i read of a doctor who had invested £400k, basically his pension and life savings) - very few people have contacted me, despite the now massive publicity
ive had some suggestions as to how to proceed, some helpful, some not at all so i guess im looking for legal advice as to where i stand should the NPD arm of {Edited by Forum Team} wrongdoings also be put into insolvency - what is the process, what do i need to do and is there any chance whatsoever of me getting any of my money back
ive contacted the insolvency company dealing with MBI carehomes and await their response
no need to respond if you have already done so on the savings and investments thread!
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Replies

  • zx81zx81 Forumite
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    If they're insolvent then no, there's virtually no chance of you getting anything back.

    You will just be one of many creditors.
  • sourcratessourcrates Forumite, Board Guide
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    Any assets that can be realised, would be distributed amongst the creditors, but usually in such cases, very little may be left to find, in which case you will have lost the lot i`m afraid to say.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
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    Any views expressed are mine and not the official line of MoneySavingExpert.com.
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  • WhenIam64WhenIam64 Forumite
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    so i guess im looking for legal advice

    Legal advice is usually regulated and given people who are appropriately authorised. If you are seeking advice from a public forum from people you have never met, you may find yourself parting with even more cash.
    Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.

    The law is like an ocean - have a swim but don't drown.
  • TheGardenerTheGardener Forumite
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    WhenIam64 wrote: »
    Legal advice is usually regulated and given people who are appropriately authorised. If you are seeking advice from a public forum from people you have never met, you may find yourself parting with even more cash.

    I think the important thing here is that the OP understands this forum board is not generally for creditors to seek advice about BR - its more a support and guidance for people who are going/are personally BR themselves.


    Have you tried the investments board? They are pretty knowledgeable folk on there?
  • ashpanashpan Forumite
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    Interestingly i posted about my concerns 2 years ago on the savings and investments board and there was a lot of new and important information on there
    up until this morning i could view this thread but i now find im unable to locate it - any ideas?
  • JCS1JCS1 Forumite
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    ashpan wrote: »
    Interestingly i posted about my concerns 2 years ago on the savings and investments board and there was a lot of new and important information on there
    up until this morning i could view this thread but i now find im unable to locate it - any ideas?

    This one?

    https://forums.moneysavingexpert.com/showthread.php?p=73198628#post73198628

    If you click on your name on the left hand side of this forum, you can view all your posts.
  • WhenIam64WhenIam64 Forumite
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    @ ashpan

    If you would indulge me with this one. I'm going to put up a couple of comments for you or others to shoot down. Your situation appears to be common as it relies on buyer inertia and wishful thinking.

    1. When the original deal went south, you were offered a contract variation in terms of switching to another investment. If you did nothing, there could have been deemed acceptance but you engaged and agreed the variation.

    2. Unless there was a term in the original paperwork you signed, the original contract was breached and you should have or could have sued for your money back. At a cost though.

    3. Courts are loathed to interfere with contracts between consenting parties but in this case, an early challenge may have saved (some of) your cash and others.

    Any thoughts as to why you didn't challenge the breakdown in the original deal?

    The questions should be taken at face value. Not trying to make points other than trying to understand how these people are able to shift investors from contract 1 to contract 2 to contract 3 etc.
    Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.

    The law is like an ocean - have a swim but don't drown.
  • Brock_and_RollBrock_and_Roll Forumite
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    Funnily enough I remember this post from 2017 and did some digging as I have decades of family experience in the care home sector.

    Anyone "investing" in a project such as this around 2017 would need their heads examining as the writing had already been on the wall for the sector for a number of years.

    Hit by a perfect storm - huge pressure on local authorities to reduce/freeze their bed rates, rising minimum wage, rising energy, rising pension costs, rising food & insurance costs, huge increase in rules & regulations, ageing population (actually a bad thing for the business in many cases as increasing frail patients need more care, but often no additional fees are generated.

    Frankly for a doctor friend to invest all of his life savings in such a plan was either utter madness or some kind of wheeze to generate a tax loss.
  • Brock_and_RollBrock_and_Roll Forumite
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    And this is the (rather predictable alas) news that probably triggered the post:

    https://www.devonlive.com/news/devon-news/devon-hotel-investors-lose-least-3068120
  • ashpanashpan Forumite
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    "If you did nothing, there could have been deemed acceptance but you engaged and agreed the variation".
    Im confused here, i did 'something' in that i accepted the variation, but if i did 'nothing' it would also have been deemed acceptance?
    I asked an IFA what i should do and he declined to advise me, i really didnt want to accept the hotel room variation in the deal but felt i had no option, from what you are saying it seems that i did have a choice!
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