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Post by scepticalinvestor on Jul 30, 2019 8:53:54 GMT
What is this stuff about the FCA restricting selling prices? It feels like a con if I have to sell at 10% off the latest share valuation. What's this about?
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Post by scepticalinvestor on Jul 30, 2019 9:21:27 GMT
PP are responding to 1 star reviews on Trustpilot now. To give credit where it's due, they are being polite and at least pretending to understand. As far as I can see they aren't attempting to take reviews down, unlike L*ndy.
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Post by shootingstar on Jul 30, 2019 10:09:52 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario
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SteveT
Member of DD Central
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Post by SteveT on Jul 30, 2019 10:30:23 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I will be if they decline to acknowledge that I am rejecting their new T&Cs by ceasing use of their website from 5th August (as a "Premium Client" since the day I joined, they've been happy enough to seek and take instructions from me via phone and email until now). Worth reading clause 14.2 of the old T&Cs and comparing it to the equivalent but expanded clause 17.4 of the new T&Cs, which now links acceptance of any new T&Cs to using "the Website and/or our services", not just "use of the Website" as currently. I've requested Property Partner's agreement to their transferring any cash balance to my bank account each quarter (plus sending me an updated "Statement of Current Holdings") and I'm waiting to hear back from the CEO after a lengthy phone conversation with him last week.
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snowmobile
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Post by snowmobile on Jul 30, 2019 10:46:58 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I will almost certainly be going down the financial ombudsman route. I'm still waiting for PP to actually bother to reply to my complaint. If they send the same 'like it or lump it' response (that others on here have received) then I'll be escalating the complaint to the FOS for sure.
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Post by kyle1873 on Jul 30, 2019 11:22:46 GMT
That's me fully out. With an average of around 7% profits per year. If it wasn't for me throwing a disproportionate chunk of cash at the Hill Fort it could have been bad. That saved my ass.
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pom
Member of DD Central
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Post by pom on Jul 30, 2019 13:28:49 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I will be if they decline to acknowledge that I am rejecting their new T&Cs by ceasing use of their website from 5th August (as a "Premium Client" since the day I joined, they've been happy enough to seek and take instructions from me via phone and email until now). Worth reading clause 14.2 of the old T&Cs and comparing it to the equivalent but expanded clause 17.4 of the new T&Cs, which now links acceptance of any new T&Cs to using "the Website and/or our services", not just "use of the Website" as currently. I've requested Property Partner's agreement to their transferring any cash balance to my bank account each quarter (plus sending me an updated "Statement of Current Holdings") and I'm waiting to hear back from the CEO after a lengthy phone conversation with him last week. Well I guess they do still value you as I've heard nothing.
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Post by scepticalinvestor on Jul 30, 2019 14:19:16 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I have complained formally to PP. They've acknowledged the complaint, shrugged and said they will send a final response in the post. Once I get that, I take it to the FOS.
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carolus
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Post by carolus on Jul 30, 2019 15:27:00 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I have complained formally to PP. They've acknowledged the complaint, shrugged and said they will send a final response in the post. Once I get that, I take it to the FOS. Yep, this is exactly what they've done with mine. They refunded my pending investment, at least.
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Post by scepticalinvestor on Jul 30, 2019 19:43:32 GMT
I have complained formally to PP. They've acknowledged the complaint, shrugged and said they will send a final response in the post. Once I get that, I take it to the FOS. Yep, this is exactly what they've done with mine. They refunded my pending investment, at least. Keep at it and take it to the FOS once you have a final response or 8 weeks elapse. At least we can make PP pay the FOS £550/complaint (after the first 25) for the privilege of screwing us over with these retrospective double dipping fees on existing investments.
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SteveT
Member of DD Central
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Post by SteveT on Aug 4, 2019 10:59:58 GMT
seems like most people here are responding with their feet rather than go down the financial ombudsman route. is anyone pursuing that? interesting with the £ being so weak, foreign buyers may be getting incrementally interested in high quality property assets but I can also see a case where all the assets get marked down hard in a no deal scenario I will be if they decline to acknowledge that I am rejecting their new T&Cs by ceasing use of their website from 5th August (as a "Premium Client" since the day I joined, they've been happy enough to seek and take instructions from me via phone and email until now). Worth reading clause 14.2 of the old T&Cs and comparing it to the equivalent but expanded clause 17.4 of the new T&Cs, which now links acceptance of any new T&Cs to using "the Website and/or our services", not just "use of the Website" as currently. I've requested Property Partner's agreement to their transferring any cash balance to my bank account each quarter (plus sending me an updated "Statement of Current Holdings") and I'm waiting to hear back from the CEO after a lengthy phone conversation with him last week. Just to follow up on this, the CEO emailed me back (after another nudge from me) to reject my request and reiterate his intention to apply the AUM fees and account fee to my Property Partner account anyway, despite my rejecting the new T&Cs under clause 14.2 of the old T&Cs and ceasing use of their website. As soon as I get a clear morning, he'll be receiving my formal written complaint and, once I receive Property Partner's Final Response (or after 8 weeks, whichever is sooner), so will the Financial Ombudsman Service. Frankly the money involved is much less important to me that the fundamental principal that a company cannot retrospectively change the terms on which a financial investment was made, nor reinterpret their existing T&Cs to decide they mean something that they very clearly don't say. [Btw, if anyone else feels like adopting the same approach, I'd urge them to download a "Statement of Current Holdings" today and then not to log into the Property Partner website from midnight tonight]
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IFISAcava
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Post by IFISAcava on Aug 5, 2019 12:49:02 GMT
The aum took nearly 40% of my dividend payments. Better be tax deductable otherwise I'm losing 85% now!
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bigfoot12
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Post by bigfoot12 on Aug 5, 2019 13:55:39 GMT
The aum took nearly 40% of my dividend payments. Better be tax deductable otherwise I'm losing 85% now! Aren't the AUM fees being charged at the SPV level? I can't see anything on my account.
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Post by sayyestocress on Aug 5, 2019 14:11:03 GMT
With the new fees and dividend changes my monthly income from pp has dropped by ~60%. Granted my portfolio is small now after I sold off what I could earlier this year at what I deemed a reasonable price after getting cold feet, but it just shows how badly the little guy gets hit with the new fee structure. My remaining properties won't sell on the sm at a price I'm happy with so roll on the 5 exit and hopefully won't get shafted then. I used to really like this platform...
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IFISAcava
Member of DD Central
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Post by IFISAcava on Aug 5, 2019 14:16:54 GMT
The aum took nearly 40% of my dividend payments. Better be tax deductable otherwise I'm losing 85% now! Aren't the AUM fees being charged at the SPV level? I can't see anything on my account. yes, I think that's right. So it will be tax deductible. so net I am "only" losing 66% of my dividends to tax and fees then.
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