sd2
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Post by sd2 on Nov 3, 2019 11:35:38 GMT
Email arrived Thursday
Hello big boy We have an exciting new development in C***** M***, Lincoln. As a shareholder in C***** M***, Lincoln, we are writing to inform you that we have received an unsolicited offer to acquire the property for £1,200,000. This is £100,000 above the property’s September 2019 independent revaluation of £1,100,000. We are writing to seek your approval to sell the property for an 11% net capital gain on equity to investors who bought shares at the new listing price. We have temporarily suspended trading in the shares of C***** M*** until the outcome is decided. The vote closes at 1pm on Thursday, 14 November 2019. C***** M*** has performed well since our purchase, currently paying a dividend yield of 6.7% against the new listing investment cost. If shareholders vote to accept the offer, we will work toward exchange and completion as soon as possible. This would deliver investors who bought shares at the new listing price a total return of 20%, including the dividends earned. A shareholder mandate is now sought to proceed with sale - a 75% majority vote is required.
I have changed my name to protect my identity
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on Nov 3, 2019 11:46:44 GMT
Not acceptable as far as I am concerned I'm already trying to sell but this is going to make it extremely difficult. I did not sign up to these new terms and I'll be making it very clear I do not wish to accept them. I don't see how they can deem acceptance by continued use of the platform. Does that apply even if just logging on to make withdrawals? There needs to be some sort of opt out procedure for existing investors who do not wish to accept the new terms. I would suggest that this could be illegal (unless it's buried in the terms and conditions) under the fair contract law. Basically a retrospective change in terms and conditions are illegal. In fact a change in t&c without a clear explanation of what that might entail is also illegal. Sorry if someone else has also pointed this out. There would be no problem if it applied to property investments after the announcement.
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Post by shootingstar on Dec 5, 2019 15:02:47 GMT
I have this week received a letter from the ombudsman indicating they have requested info from Property Partner regarding my complaint. Glad to see that they are at least starting their investigation
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Post by scepticalinvestor on Dec 10, 2019 11:54:25 GMT
I have this week received a letter from the ombudsman indicating they have requested info from Property Partner regarding my complaint. Glad to see that they are at least starting their investigation Same here. That just prompted me to get my mate to (finally!) put in his FOS complaint as well, based on the text of my complaint. Unfortunately, it was me that referred him to PP so I kind of feel responsible. That's one more to the complaint pot.
Hopefully it's well above the 25 number by now, where the £550 case-fee kicks in and PP feel our pain as well! I just had a look at (what's left of) my portfolio and it was depressing to see shares trading at 65-75% of the price that I got in at, and 10-15% below their "latest share valuation"
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Post by mitosan on Dec 20, 2019 0:38:50 GMT
Is it too late to start complaining to PP about the new fees?
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Post by scepticalinvestor on Dec 21, 2019 8:32:49 GMT
Not at all! Step 1 is to send a complaint email to PP, clearly stating what you are unhappy with and. how you would like them to put it right Step 2 - wait for PP to send you a final response to the complaint (they'll probably throw up their and say meh) or 8 weeks to elapse (set a reminder on you phone) Step 3 - escalate the complaint to the FOS, it's a very simple process on their website. Please do go ahead and do it. The more complaints that go in, the likelier it is that PP either offers some remedy on its own or is forced to do so by the FOS. Is it too late to start complaining to PP about the new fees?
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Post by mitosan on Dec 21, 2019 10:03:45 GMT
Thank you, I drafted something yesterday but I wasn't 100% sure if there would be some one month deadline from the date the fees came in or something like that, I'll get it sent before Christmas.
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Post by mitosan on Jan 9, 2020 20:16:26 GMT
Do they generally make you wait the full 8 weeks before replying?
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benaj
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Post by benaj on Jan 10, 2020 1:02:36 GMT
Do they generally make you wait the full 8 weeks before replying? "they"? You mean guys from PP or businesses who are generally unwilling to resolve to the way you wanted? Speaking from my experience, RS & LW have been responding complaints "quickly" without any involvement of the FOS and RS in particular treats investors fairly, other complaints ended with Final Response replies. FOS states their service isn’t "right" for all situations. www.financial-ombudsman.org.uk/publications/ordering-leaflet/leafletSome practical tips here: p2pindependentforum.com/post/332142
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Post by mitosan on Jan 11, 2020 12:04:32 GMT
Thanks, yes I was wondering specifically about PP. My complaint is likely very similar to the ones everyone else in this thread will have submitted. Are PP sending out standardised responses almost as soon as they get them or are they dragging it out?
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Post by scepticalinvestor on Jan 22, 2020 11:31:25 GMT
Thanks, yes I was wondering specifically about PP. My complaint is likely very similar to the ones everyone else in this thread will have submitted. Are PP sending out standardised responses almost as soon as they get them or are they dragging it out?
It took about 3-4 weeks at the time for my complaint (soon after they announced the change). They might well respond sooner now (since they've arrived at an agreed response to the kind of complaints they got about the changes) or they could well delay it as long as possible in the hope that it drops off the complainant's radar and it doesn't go any further.
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sd2
Member of DD Central
Posts: 621
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Post by sd2 on Jan 28, 2020 11:11:28 GMT
Anyone had an actual reply? As a small investor £3600 it will hit me hard. Getting out by selling at large loss will hurt me harder. I will therefore have to stick with them.
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Post by scepticalinvestor on Jan 29, 2020 11:48:47 GMT
Anyone had an actual reply? As a small investor £3600 it will hit me hard. Getting out by selling at large loss will hurt me harder. I will therefore have to stick with them.
Reply from PP or the FOS?
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on Jan 29, 2020 18:58:08 GMT
Anyone had an actual reply? As a small investor £3600 it will hit me hard. Getting out by selling at large loss will hurt me harder. I will therefore have to stick with them.
Reply from PP or the FOS?
FOS
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Post by scepticalinvestor on Jan 31, 2020 17:20:13 GMT
Reply from PP or the FOS?
FOS Just this. I have this week received a letter from the ombudsman indicating they have requested info from Property Partner regarding my complaint. Glad to see that they are at least starting their investigation Same here. That just prompted me to get my mate to (finally!) put in his FOS complaint as well, based on the text of my complaint. Unfortunately, it was me that referred him to PP so I kind of feel responsible. That's one more to the complaint pot.
Hopefully it's well above the 25 number by now, where the £550 case-fee kicks in and PP feel our pain as well! I just had a look at (what's left of) my portfolio and it was depressing to see shares trading at 65-75% of the price that I got in at, and 10-15% below their "latest share valuation"
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