The FSCS have upheld one of our clients complaints within 3 days of submitting it!
We placed a deposit on an off-plan apartment in Dominican Republic in 2011 and were thrilled at the prospect of owning and renting a property overseas. We paid our initial deposit and had hoped that the deluxe suite would be ready in April 2015. However, as time has passed the developer has communicated with us less and less, the project remains unfinished and we don't know who to turn to for advice?
This is regrettably a familiar scenario being encountered by literally hundreds of thousands of UK clients who, in recent years, have looked to capitalise upon the perceived growth in overseas property.
The actual destination of Dominican Republic can be substituted for Cape Verde, Bulgaria, Cyprus, Spain or Portugal, but also destinations as far afield as the Turks & Caicos Islands where developers have taken funds and failed to deliver the projects.
El Cupey promised a dream lifestyle in the sun. Deliberately targeting timeshare owners and potential investors with equity in property. A seemingly simple process with no or little cash investment seemed a dream for their clients, giving them 'bricks and mortar' and an actual property that could be left as an inheritance for their children.
Most developers when challenged by investors to return their deposits will attempt to convince the client there are simply a few funding issues and the development will ultimately be delivered; albeit slightly delayed.
When pushed further by the client the developer’s position usually begins to centre upon the lack of funding which they claim is preventing the developer from returning the clients’ deposit. Pushed further still, the stance hardens in some cases and the developer will break of all contact and threaten to enter bankruptcy should the client legally pursue him for the return of the advanced amounts.
All of these exchanges gradually increase the frustration and feeling of helplessness, ultimately leaving the investor with the perception that their investment (which at times is their life savings) is lost and any legal challenge would be a fruitless and expensive exercise.
The project was not even started and building work not undertaken. The developers and the promoters have promised and stalled their investors with broken promises and continued to mislead their introducers. The FSCS have finally considered the development to be NIL VALUE, which means that there are grounds for complaint and potential redress for investors. This means that you could be entitled to your money back.
The Claims Bureau are a Claims management company (with offices in the UK, Spain and Ireland) who have already helped hundreds of investors recover their money with over £30 million successfully claimed.
All of our work is NO-WIN-NO-FEE, which means that a simple telephone call will tell you if we can help you make a claim for redress. It will not cost you any more than a few moments of your time.