damar
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Post by damar on Feb 14, 2018 8:00:19 GMT
I believe it must be four months now.................
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damar
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Post by damar on Feb 13, 2018 13:36:53 GMT
6 could be a stumbling block as removing properties from the secondary market could be misconstrued as post-sale barriers
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damar
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Post by damar on Feb 10, 2018 19:40:59 GMT
With so many to reply to, I thought they would have atleast responded to some halfway through the self imposed deadline I think if they said that they'd reply within two weeks then we should probably give them the full amount of time they asked for to repsond. However, if they can't meet their own proposal then they would be worthy of (still more) criticism. It is a bit disappointing that there wasn't at least an acknowledgement that they were now looking at the issues raised. keystone - it would be interesting to see how they rate themselves on each of those points! i think they may struggle with outcome 3
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damar
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Post by damar on Feb 8, 2018 21:18:25 GMT
It's painful to say but I consider my investment with Property Moose to be adrift now, and anything I get back in the future will be a happy surprise. I just withdraw whatever I can each month and ignore the rest of the notifications from them. That seems exceptionally negative - I dislike PM, but don't fear that my investment is adrift. I would feel happier if I had more faith in the hand on the tiller! I would agree thats very negative if the properties hadn't been off the market for the best part of 4 months, with no prior warning or meaningful update. as soon as this is back on the market I will be selling, and wishing good riddance to PM, its a shame as it could of been good.
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damar
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Post by damar on Feb 6, 2018 7:14:27 GMT
I suppose it also comes down to that saying "don't gamble what you can't afford to lose" I thought it was don't invest what you can't afford to lose, but in PM's case, gamble is definitely the right word.......................
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damar
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Post by damar on Feb 3, 2018 7:15:32 GMT
Would have filled it in, but I guess I missed the boat. I am ready to email a list of official complaints - that seems to get their attention from experience, but I think it dwindles quickly! My complaint was upheld in PM's flavour, however I would urge anybody who isn't happy to raise an official complaint.
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damar
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Post by damar on Feb 2, 2018 6:49:23 GMT
I think that there is a only a small percentage of PM investors on the forum, I think everyone else is unaware of the forum, or is not interested.
so although a high percentage of forum users are suitably underwhelmed by PM performance, they represent a small percentage of overall investors.
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damar
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Post by damar on Feb 1, 2018 5:51:28 GMT
I too am wanting out,
my only property left ia a HMO, which was doing quite well, however it has now been off the market for 3.5 months while it is being revalued.
i think the property is posted to the revaluer brick by brick, maybe thats why it takes so long
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damar
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Post by damar on Jan 30, 2018 14:47:25 GMT
Maybe FS will do the same as FC with the property loans that went south for them, change the way you bid, so you cannot pick individual loans, renew these themselves and then they will be lost to the new investors and hidden behind average returns.......
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damar
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Post by damar on Jan 27, 2018 19:09:12 GMT
i am going to wait until the middle of Feb, then it will be 4 months off the market, I don't think anyone on the planet would think that is a reasonable time for a revaluation, then i will escalate the complaint to the Ombudsman.
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damar
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Post by damar on Jan 26, 2018 16:11:08 GMT
here is the response, 3.5 months off the secondary market, over 1/4 of a year and that is acceptable apparently
Your complaint has been thoroughly investigated and I’m afraid I’m unable to uphold the complaint in your favour on this occasion.
1) Property Moose have responded via email dated 18 December 2017, and admitted communication can be improved but also explained the removal of PM SPV 41 from the secondary market was to;
• Facilitate the voting process being prepared at the time for PM SPV 41 and other properties, which involved obtaining a valuation on the underlying properties from a number of providers.
• The objective behind this was to create an alternative exit plan for investors as the secondary market only provided an exit route where there was a willing buyer, this was not always the case. Property Moose was attempting to be proactive and establish a solution for investors looking to exit where the current secondary market was not able to facilitate this. This process is on-going and the firm is aiming to provide a comprehensive update in due course.
• It was also explained that the performance of your investment was not compromised in any way as a result of being removed from the secondary market.
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damar
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Post by damar on Jan 26, 2018 11:14:53 GMT
just been updated by the "Independent Complaints Company" who have found in favour of Property moose, and the 3.5 month of the market revaluation.
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damar
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Post by damar on Jan 22, 2018 20:10:46 GMT
HI,
How do we feel about PM's response, personally I think they have had more than enough time to answer questions and provide information and I think this is a clever ploy to defuse the situation.
However, do I believe if we continue with an action group we will get a better response - no.
Do I think if we fill this form out that our issues will be resolved - no
Over 3 months to get a property revalued, in my opinion is a total disgrace, I dont think any answer they give me will answer why it has taken so long.
As soon nas SPV41 is back on the market, assuming that this happens before i shuffle of this mortal coil, I will be selling up and getting as far away from PM as possible.
I think we should fill in this form, and then give them a reasonable amount of time to respond, I think 5 days is reasonable, but this is PM, i say two weeks.
by the way, I have still not had any response from my official complaint.
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damar
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Post by damar on Jan 15, 2018 7:29:43 GMT
HI, its been about two weeks since I first posted this, so I will collate the names into a list, I think maybe a letter to one or more of the directors, asking for a high level contact to discussing our concerns and ask for a bit more transparency. Can we create a list of all the things we are not happy with? I'l start - three months to revalue a property
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damar
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Post by damar on Jan 15, 2018 7:20:02 GMT
Well, I think PM are really exploring all exit options and there are plans regarding exit votes for the following SPV (posted on 2-Jan): PM SPV 19 / PM SPV 24 / PM SPV 29 / PM SPV 18 / PM SPV 16 / PM SPV 24 Those properties will be marketed for sales and share holders will be contacted to accept or reject offers. Meanwhile PM SPV 25 requires renovation but the time is taking longer than usual due to insurance claim process. Surely as the shareholders own the property, they must first be contacted and allowed to vote to see if they want to sell? PM manage the properties, not particular well in some cases, well in others, but they do not own them. Properties being put up for sale could make some of the tenants leave out of insecurity, then if the vote is not to sell, the owner is left in a position worse than before. PM are not being transparent. I don't think many people out there would believe it takes three months to revalue some properties, its a bit of a joke. My official complaint was acknowledged on 20th December, so I am half way through the eight weeks.
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