ParkFirst Early Redemption - Thread for any reports of successful redemptions

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  • luckysh0t
    luckysh0t Posts: 30 Forumite
    edited 21 December 2018 at 5:01PM
    I had thought that myself :)

    Further:

    The director Ruth Almond has refused to return my copy of the buy back agreement saying it's now irrelevant as I'm outside the process. Great so that means I'll be refunded ASAP as you've effectively held my money for two years now right? Nope it's still being treated as the same process.

    I.E. she wants to keep me outside the process that invokes FCA involvement (whatever protections I may have got from that I'm not sure but I'd imagine it'd make her life a bit more complicated) but inside the same "we're keeping your money" situation as the investors who actually have their deeds.

    I'm pursuing all known avenues here but in the meantime when a company is refusing to refund you £16k what is the best course of action? Small Claims Court for a max £15k civil bill or statutory demand then a potential bankruptcy request?
  • fiisch
    fiisch Posts: 509
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    Probably an avenue you've already tried, but will the Financial Ombudsman not look at this?

    I wouldn't expect them to look at lost investments necessarily given that capital is at risk, but given the technicalities around whether you actually bought.... Plus it gives the satisfaction of knowing the company will pay £550 for the privilege of the FOS to investigate.
  • 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
    Malthusian Posts: 10,898
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    fiisch wrote: »
    Probably an avenue you've already tried, but will the Financial Ombudsman not look at this?

    Nope. No FCA-regulated entity involved here. Unless you were advised to invest by an authorised adviser or invested via a pension without advice.
    Plus it gives the satisfaction of knowing the company will pay £550 for the privilege of the FOS to investigate.

    The FOS will simply reject the complaint out of hand and Park First will not be subject to the fee.
  • I emailed them on the 14th December 2018 and advised I selected the Buy Back option and confirmed this by email sent on Dec 7th 2017 over a year before. Through the year I have been bombarded with phone calls to offer us the Lifetime Lease Agreement. I sent Ruth Almond a direct email advising I had selected the Buy Back option but guess what.....no reply!! Its not looking very hopeful and I have also received another load of "legal Agreements!!!" to sign re the Lifetime Agreement. I'm very concerned about this investment and would love to hear any advise or views. I was guided to this carpark investment by an independent financial advisor who now funnily enough doesn't answer my calls. Just wondering would I have any legal grounds to maybe take against him re the investment.
  • jimjames
    jimjames Posts: 17,532
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    mb1966 wrote: »
    I was guided to this carpark investment by an independent financial advisor who now funnily enough doesn't answer my calls. Just wondering would I have any legal grounds to maybe take against him re the investment. [/FONT]

    If that was a genuine FCA regulated independent financial advisor then yes you would have a potential case as the advice should be covered. Did they definitely advise you to do this in writing? Or do you mean something else by "guided"?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Thanks so much for the reply. He visited my home about 2 and a half years ago and went through all the initial Parkfirst contract agreements with myself and my wife at the start of the investment and he signed them off as a witness. I probably have some emails as well but would have to search for them. Thanks for the reply. Who would I seek advice from regarding going this route? Would it be the Financial Ombudsman or some other help?
  • dunstonh
    dunstonh Posts: 116,040
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    I was guided to this carpark investment by an independent financial advisor who now funnily enough doesn't answer my calls.

    was that a real IFA or a unicorn?

    If it was a real IFA, you would have access to the FCA regulated complaints process and the FOS. Or the FSCS if no longer trading.

    If it was a unicorn then you do not.

    IFAs do not guide. It's either no advice or advice. What does the written report tell you about the investment and why you should do it and risk warnings about it?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thx for the reply. I'm new to all this forum stuff. I'm not sure what a "Unicorn" is!
    I had initially invested some of my mothers money with Skandia Bonds as per his advice and they had done quite well so I trusted his judgement on these carpark investments.
    His website says he is an
    Appointed Representative of ***** *****Limited, which is authorised and regulated by the Financial Conduct Authority.I deleted the company name.
  • dunstonh
    dunstonh Posts: 116,040
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    edited 24 January 2019 at 10:59PM
    Appointed Representative of ***** *****Limited, which is authorised and regulated by the Financial Conduct Authority.I deleted the company name.

    Appointed reps are mostly FAs nowadays. But that 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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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