Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ashpan
    • By ashpan 8th Jul 19, 11:38 AM
    • 174Posts
    • 21Thanks
    ashpan
    NPD MBI {Edited by Forum Team}
    • #1
    • 8th Jul 19, 11:38 AM
    NPD MBI {Edited by Forum Team} 8th Jul 19 at 11:38 AM
    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!
    Last edited by MSE Tine; 10-07-2019 at 7:42 AM. Reason: {Edited by Forum Team}
Page 1
    • zx81
    • By zx81 8th Jul 19, 11:51 AM
    • 22,980 Posts
    • 25,385 Thanks
    zx81
    • #2
    • 8th Jul 19, 11:51 AM
    • #2
    • 8th Jul 19, 11:51 AM
    If they're insolvent then no, there's virtually no chance of you getting anything back.

    You will just be one of many creditors.
    • sourcrates
    • By sourcrates 8th Jul 19, 1:37 PM
    • 17,676 Posts
    • 16,633 Thanks
    sourcrates
    • #3
    • 8th Jul 19, 1:37 PM
    • #3
    • 8th Jul 19, 1:37 PM
    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, and
    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 forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • WhenIam64
    • By WhenIam64 8th Jul 19, 2:01 PM
    • 541 Posts
    • 299 Thanks
    WhenIam64
    • #4
    • 8th Jul 19, 2:01 PM
    • #4
    • 8th Jul 19, 2:01 PM
    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.
    • TheGardener
    • By TheGardener 8th Jul 19, 2:54 PM
    • 2,854 Posts
    • 2,874 Thanks
    TheGardener
    • #5
    • 8th Jul 19, 2:54 PM
    • #5
    • 8th Jul 19, 2:54 PM
    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.
    Originally posted by WhenIam64
    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?
    • ashpan
    • By ashpan 9th Jul 19, 6:54 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    • #6
    • 9th Jul 19, 6:54 PM
    Lost Thread
    • #6
    • 9th Jul 19, 6:54 PM
    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?
    • JCS1
    • By JCS1 9th Jul 19, 8:04 PM
    • 3,919 Posts
    • 7,917 Thanks
    JCS1
    • #7
    • 9th Jul 19, 8:04 PM
    • #7
    • 9th Jul 19, 8:04 PM
    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?
    Originally posted by ashpan
    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.
    • WhenIam64
    • By WhenIam64 10th Jul 19, 6:54 AM
    • 541 Posts
    • 299 Thanks
    WhenIam64
    • #8
    • 10th Jul 19, 6:54 AM
    • #8
    • 10th Jul 19, 6:54 AM
    @ 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.
    • Brock_and_Roll
    • By Brock_and_Roll 10th Jul 19, 8:45 AM
    • 957 Posts
    • 963 Thanks
    Brock_and_Roll
    • #9
    • 10th Jul 19, 8:45 AM
    • #9
    • 10th Jul 19, 8:45 AM
    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_Roll
    • By Brock_and_Roll 10th Jul 19, 8:49 AM
    • 957 Posts
    • 963 Thanks
    Brock_and_Roll
    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
    • ashpan
    • By ashpan 11th Jul 19, 6:07 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    contract
    "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!
    • ashpan
    • By ashpan 11th Jul 19, 6:12 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    Strangely i have a document from the land registry saying that i own 'room 101' or similar - the administrators have today informed . me that no work was ever undertaken on the Atlantic Bay Hotel despite planning consent being obtained. Where would i stand with my land registry document?
    • ashpan
    • By ashpan 11th Jul 19, 6:16 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    NPD investment
    @ 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.
    Originally posted by WhenIam64
    Im feeling pretty out of my depth here, i did challenge MBI as to the original contract and that they were breaching it, even spoke to the original solicitors who informed me there was no breach of contract just a variation which i could either agree to or not
    • ashpan
    • By ashpan 11th Jul 19, 6:50 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    For other investors out there, (admin please note these are FACTS which are out there in the public domain for all to read, not my personal opinion)
    https://www.theguardian.com/business/2019/jul/11/serious-fraud-office-assesses-gavin-woodhouse-businesses
    • Moneyineptitude
    • By Moneyineptitude 11th Jul 19, 7:04 PM
    • 24,024 Posts
    • 13,424 Thanks
    Moneyineptitude
    For other investors out there
    Originally posted by ashpan
    I think you've misunderstood the purpose of this section of the board. It's not a place to "warn" people about dodgy investments you have made in the past. This section is for support and help for those who are or about to be bankrupt.

    Do also take note of the administrator edits of your original post on this thread..
    • ashpan
    • By ashpan 11th Jul 19, 7:19 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    Itís highly likely that some people who have invested will become bankrupt. These are large sums of money £400k from one individual alone and as the news sinks in there will be more who realise just how much they have lost.
    • Moneyineptitude
    • By Moneyineptitude 11th Jul 19, 7:22 PM
    • 24,024 Posts
    • 13,424 Thanks
    Moneyineptitude
    Itís highly likely that some people who have invested will become bankrupt.
    Originally posted by ashpan
    That's irrelevant.

    It would surely be more appropriate to discuss this on the investment board or the "Praise, Vents and Warnings" section..
    • WhenIam64
    • By WhenIam64 12th Jul 19, 12:03 AM
    • 541 Posts
    • 299 Thanks
    WhenIam64
    even spoke to the original solicitors who informed me there was no breach of contract just a variation which i could either agree to or not
    Seems #2 applies in that there was a clause allowing a change in direction. And if you signed the paperwork, you'll have been deemed to have read, understood and agreed it. (point #3)
    Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
    • ashpan
    • By ashpan 15th Jul 19, 7:46 PM
    • 174 Posts
    • 21 Thanks
    ashpan
    can anyone explain what an 'assured investor' is, ive been told this applies to me as the Ltd company is now in administration
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

107Posts Today

1,500Users online

Martin's Twitter