Yes

As you have decided to look elswhere and get your money back then do not mess about

Press Aldea very hard and if no immediate response go over and see another lawyer

I assume that you have paid a substantial sum to Aldea and it is important that you act to protect it

I can refer you to another lawyer who I am told is very good in Vera....I have no personal connection except that I am about to change my own lawyer and will be going to see them

But, and this is important, only you can decide who to use so I suggest that you go and see a couple and then make your mind up

But do not mess about...you have decided to come out of ACC/OTCC so do so straight away and if you are interested in buying in Spain not only do you have €s at a good rate but also in a position of being able to get a good buy and have it to use this summer, if not before!

This is not intended as an opportunity to gloat (we're all in the same boat, and anyone who knows me from this and other forums will know that it is simply not what I'm about)

I just want to say that I feel that certain posters (and you know who you are) are, at last, coming down to earth and realising that Huma (Mediterraneo and Indalo) are fraudsters and will do their level best to wriggle out of any moral/financial obligation that they possibly can.

I do however feel that perhaps these posters, who are also estate agents, should remove Huma properties from their websites......after all if you yourself are having problems with Huma, surely it would be ethically and morally wrong for you  to continue to attempt to sell the same properties to buyers who log on to your website.

** EDITED - Advertising ** apologies

Hi Mona Lisa,

We received an e-mail stating you had sent us a private message in response to our posting of 27 Feb.

We would be grateful if you could kindly resend the message as it does not appear on our message board.

Regards

Allan & Chris

acward

The private e-mail you may well of received from another poster notified on your own e-mail address from eye on spain is i believe a glitch in the system as the site is beng overhauled!

Regards

gary

Pilar has informed me the new building company are due to start in 4 weeks

Hi Truff

Has Pilar given any details on who the 'new building company' is?

None of my business on OCC but I would like to know...

Probable,,triang,,they have built many mystical places like Narnia,Eutopia and of course the hanging gardens ot Babilon to name but a few..!

We visited the site on Monday 10th March(yesterday). 

Site appeared locked (approx 11am) couldn't see anyone about and no building in progress. 

This is bad news as far as I can see -  even when there was no building going on at ACC, the site office was always manned during office hours (Keiko I think is her name) and guards were visible onsite.  I believe this is still the case - will check if I manage to visit ACC in the next few days

rowlandsbb said:
* EDITED - Advertising ** apologies
This message was last edited by rowlandsbb on 3/9/2009.

Would you care to post a coherent reply to my post of 2nd March?

I received some PMs as a result of my post from yesterday, so apologies for not replying direct to those who sent them.

Pilar said little else apart from the new building Co. were an international outfit and must start work within 4 weeks. Not sure if the 'must' means they are contracted to start by then or just a word in the translation? Hopefully more news will emerge soon. 

it looks as though Indalo has been credit crunched...as they say!

12 months ago no one expected that the financial situation would get as bad as it is now

Raising finance or even getting a bank to  continue with agreed finance is not easy just now  and for residential developers...well they are not the most popular people with banks!

In UK we have some.....well they were....very large international residential development companies...and they are having problems

I know Indalo have a lot of provisional sales but to firm these up they need to produce ' individual bank guarantees' 

That will only happen if the banks are satisfied that OTCC is viable in the short term

Now someone may buy in at a cheap price and take over the development...even in recessions there are buyers looking for good deals!

But it does look that Indalo may have to mothball OTCC..hope not!

Best scenario is that they give us a new completion date and BGs soon...say by April [ 2009!]

And many who have or are waiting to change to OTCC  like the location and the properties

My personal view is:- .....and everyone in a similar boat to me has to make their own decision after taking advice

If you have a ACC BG then exercise it...Indalo may keep a plot reservation for you  just in case OTCC does re start

I did  not have a ACC BG  and have changed to OTCC , I have a new contract and if they do not comply or offer me a new completion date'with a BG' then there is no choice but to take the cancellation route

Having said that If Indalo do not do a deal with this new company, they will have to cancel themselves...and it will be interesting to see how they approach that situation

April seems to be the crunch month!

Again a personal view: I expect to be talking with Indalo about a cancellation, either mine or their's by circa May 09

I do think that OTCC will be built..great location and great products....but it does need the recession to end !

Hope my personal view is wrong!

My response to a previous post was deleted for ' advertising reasons' so I can not reply

Why will Indalo have to cancel if they don't do a deal with the new building company?  Surely all they would do is the same as with ACC - offer you a property on MCC or just ignore you.

Tend to agree with Nigela.

Also if you (Brian) decide to cancel would you really be in any stronger position than you would have been if you had 'cancelled' your ACC contract?

One other thing Pilar did say is quote "Huma Indalo has close a deal with a multinational company to build the site" unquote

Correct ,Indalo can just ignore buyers and just wait for legal action but ACC was a different situation as , whilst it is complicated, planning was effectively revoked and Huma Med felt that they had been badly treated

Now I know, whether they had or not is no excuse for the approach they have taken, but business is complicated and anyone who has ever had a financial problem with a bank will know that Banks only think of themselves and frequently ignore their legal obligations....on the basis sue us...we are big you are small! 

You may also recall that up to about Sept/November 2006 Huma Med were making voluntary refunds

By the time the new application was refused in Fed 2007, the banks had restricted Huma Med: whether is is true or not  I was told late Feb 2007 that the banks were restricting what they could or could not pay.....essentially they had hit their overdraft limit

I was not surprised, as Huma Med had invested a lot of money in a site which then without planning was worth very little  

At OTCC there are less people involved and the deposit money has been transferred to Indalo

By 2007 regulations had been tightened up and it is just possible that with OTCC the deposit money has been put in a seperate account in accordance with the law- so it is possible that OTCC our money has not been used for the development expenditure so far 

There is also the overal insurance policy although when this clicks in I do not know yet [expect to find out when I go over on 18th March] 

Indalo investment so far is not large   

Just a view and if you say that Indalo will behave the same as Med then your view can be just as right or wrong as mine

Just for now I am waiting to see what happens with ' this new partner' and if they offer me a new completion date with a BG then I will probably take it as it secures my money

I think if HUMA do get the agreement with the new building company then you will be ok.  What I can't understand is if HUMA Med has no money how come they paid thjis over to Indalo when you transferred across.  I can't believe money was transferred across let alone paid into a seperate account - I expect it was just a book entry (probably Huma Med paid for the land at OCC originally and the deposits are just being offset against that cost).  If this is the case there would be no money in Indalo to pay you back.  Unless building restarts at OTCC I think you will be forced to take legal action against HUMA Indalo -  this will obviously mean substantial legal fees, a long wait for the courts etc.  Also unlike us at ACC your contract is not so badly broken as ours - you are not out of date and can only complain that you have no BG.  With the Spanish courts be very fickle it is quite possable you would not even win your case.

I hope for your sake (and others like you) building restarts soon otherwise you may be in a worse situation than ever.

Yes the transfer could only have been done with the agreement of Med's bank but turning the clock back to Feb 2008 OTCC was set up as a way out of and to mitigate the ACC situation Hence being offered a transfer at the same price with an option to transfer back to ACC if it re started before OTCC was ready

It is common for banks to dictate who gets paid when a company is in financial problems with them and these decisions are made in the banks interest...then they wanted OTCC to go forward and for ACC buyers to transfer

I think from information available in Feb 2008 this was a reasonable view to adopt

Move on during 2008 and now to 2009 and no bank wants to finance a residential development except on exceptional good terms to the bank 

UK EU and the world are in a very serious financial situation just now.

My view is that the bank has decided not to finance OTCC for the time being and want it mothballed unless Indalo can come up with extra prime security...the new partner!!...but we shall see

Agree that we will be OK if the deal is done and there is a re start...unrealistic for anyone to think of a re start now without immediate BGs

Indalo are out of date with my contract end July [ May + 2 months] and you are quite right I will then have to take legal proceedings-initial budget I have been given is 5000 € and interest will run @ 6% from 28 Feb 2008 when I did the transfer...so I miss out on the interest from when I first made my deposit at ACC.

I am advised that it does not matter if the contract date has expired by 1 month or 2 years.....if anything the longer you delay action after the expiry date the more you infer agreement to the delay

Another buyer has just received an e-mail from Pilar at Indalo saying that  she has been told by her boss that they have signed a contract with 

Aglomerados Los Serranos S.A.

Tte Gral G Mellado, 9, Murcia, MURCIA 30008 

And that they will be starting soon....no idea who they are...probably just another builder! and we will have to see what the new completion dates are

Has anyone else heard about them ? 

Let's hope Pilar is telling the truth.  I cannot see why a company would buy into this mess - to go into a partnership with Huma, a company with a tarnished reputation (that's putting it mildly) especially in the middle of a global financial crisis, makes little sense.

Can't see that this  new company would profit very much, if at all.

Guess all anyone can do is to wait and see.......no change there then

I think that the only reason a new builder would get into the mess with Huma is obviously profit,being honest if you were a large building company with large financial backing and huma approached you in there situation having pre sold many units with the balance on compleation of the build;!

You could write your own terms and conditions  and profit margins (at the expense of the failing developer) ensure your workforce along with its expensive equipment and machines is kept busy in this time of financial meltdown.

Remember whilst there are lots of loosers in a recession,especially a major one like this there are allso winners! this new builder could about to make themselves just that if the information can be believed to be true.

Gary.