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Dear All,
The SARC report has been sent out to the membership and will be posted onto the SARC website for all to access ASAP. I will avoid making comments as to its content but I will say that it further convinces me that getting your property is the best course of action.
All the best
I WANT MY HOUSE
Tony R17 18
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Hi All,
I attach below the posting where we had been trying to get proof of the deposit money and Ana statese it is there but I believe we were never shown proof. Below that I have posted a SARC document 26 July in which we raise concern that we can not find deposits only a BG deposit account. Scroll down and you can all see for yourselves our concerns that the money was not there.
Tony R17 18
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04 Jul 2008 1:06 PM
brianmags
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Hi Guys
this is from Annas site last night Muppet ask about deposits
Question for Anna re deposits
Yesterday at 18:59:23
Hi Anna.
Hoping you can clarify situation regarding deposit monies.
You stated on Antonio update thread deposits were thought to be in seperate account but Antonio was seeking confirmation.
You then stated on the key ready thread at a later date the monies were in a seperate account.
Can i assume you have had confirmation through Antonio as this obiously makes for good news if it has been confirmed.
Looking forward to your reply.
Regards Ken.
you picked the short straw then???
Yes Antonio confirmed that the owners (ie buyers for Herrada del Tollo only - you wil need to make this clear when you post on eye on spain) have their money in a separate bank account. There is 36,000 euros missing (thought to have been spent on construction and this is th element which is being further clarified / confirmed. I expect an update from Antonio today which I will post)
For info. I dont mind posting but clients of Antonios can and will make direct contact with him and those that have chosen lawyers via other groups would be better placed to take advice from their own counsel as to not do so and rely on others would be unwise. How a claim gets handled by a particular lawyer through ths process will not necessarily apply across the board at all and will only apply to those he/she represents. Owners therefore need to make sure they are pushing their own lawyer for independent information and questioning next steps etc.
hence my comments about quality not price!
Hope this helps ken
Anna
So it seems that if you purchased with Herrada del Tollo our monies are safe but we are still in the dark those who are not. but It might bee good news about the Build at SADM as they seem to have done things properly when it comes to Jumillia
regards Brianmags
R4 556
The meetings that SARC attended and are reported upon the SARC website have given some cause for deep thought as to outcomes for purchasers at SADM.
Several key points have been noted that impact upon the decisions to be made regarding whether to continue with the purchase or to stay as a creditor and try to regain the money paid.
It can be seen clearly in the report that the deposits, although auditable and appropriately accountable are not all sitting in a ring fenced client account. This is information was given with some discomfort by SJ/HDT but we needed to know the truth regarding the position of the deposits. When we attended the meeting we were not sure either way regarding the existence of a client account, as there had been two mutually contradicting postings on the EOS forum. We sought to clarify this and in doing so found that only a small proportion of the funds are kept in an account linked to bank guarantees.
Therefore, we are very concerned that if purchasers decide to try to get their deposits back that several factors need to be considered:
Only a small proportion of clients money is in a clearly identified account
Money can only come from the company trading out of difficulty or through liquidation of the company.
If agreement can be made with creditors regarding debts the company can carry on trading.
Liquidation of the company would take time and in the current economic climate not realise intrinsic value of assets.
Staff, Government, Court/Administrators, Banks come before purchasers in line of payment.
Any interest or compensation claim would come at the end of the line of payouts and as such is highly unlikely.
Taking these points into account we cannot see how it can benefit any purchasers to go down the route of trying to get back their money. We understand the wish to protect your investment in your property/ies but believe that going down the legal route will have small return, cost money and have lots of stress. As of yet no one has been able to give a good reason how it is beneficial to try to get your money back!
If on the other hand we support the continuation of SADM and we take up the offer to continue to purchase we can have, although it may have been delayed, our property. This is a much clearer and by far a better outcome for most if not all of SADM purchasers. It has been made clear to us that SADM is a legal development; the licences are there, the water is there, and that the location is desirable and not part of the coastal property bubble.
It would therefore, seem prudent for all purchasers to actively seek to get SADM built and ensure that liquidation of the company does not occur. We may not be happy with the situation that we find our selves in caused, primarily by the credit crunch and banks, but we can try to ensure that our money is safe by getting SADM built.
With regard to solicitors it is essential to realise that if you decide to continue with your purchase the legal fees should be less and thus there could be a conflict of interests. Think very carefully about what you want and what is best for you, not your legal representative who is getting paid. If you do decide to continue with your (the purchase of your property) property, it would be a good idea to ask about a reduction in your legal costs, as you will not be going through a protracted legal procedure. Why for example pay 10% of your deposit if you are not pursuing a claim through the Courts?
23 July 2008 SARC Admin.
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Tony
I am concerned that your postings of late seem to be trying to scare us into believing that the only way forward is to go for IWMH and that any other course of action is going to fail or that it is going to take us years to get a resolution.
Why are you so certain that there is no money in a seperate account?
Why should Anna show you/sarc proof of any documention she has seen?
Why the need to rehash an old posting at this time?
What are you trying to achieve other than keeping the IWMH thread to the fore?
We all know you want your house and where you stand, have you some other agenda going on I for one am puzzled you seem to ask questions of others but never reply with straight answers when you are questioned, am begining to think you are really Almuenda how else could you know the true state of San Jose/ Herrado de Tollo finances.
During the past months you have never once criticised San Jose/Herrado de Tollo for their actions nor did they do things lawfully else we would all have bank guarantees. They broke the law. Spanish law is quite clear when you leave your deposit it is to be placed in a seperate account and a guarantee is to be issued.
Ask Almuedena how many bank guarantees were issued on the 1700 houses that deposits were taken on.
Await your reply with interest
Arlene
This message was last edited by arlene2804 on 10/11/2008.
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arlene, forget jumilla for a moment , i live in dolores sj or whatever you want to call them had huge plans for a golf resort here, they bought huge amounts of land ....paying the landowners in installments, those installments have not been met, they owe lots of money, they have massive debts...if you go for your money back they will have to sell any lands they own to meet those debts...but will probably end up bankrupt, if they can get you to carry on with your purchase and even put in more money they will stay solvent, but that doesent mean you will get your house, they have projects half built that are waiting for completion before jumilla..el pinet being one of them, they havent got the licences to finish jumilla then there ie the water problem.... and believe me there is one, this whole sorry scenario could well be repeated another 5 years from now with still no house on the horizen..but dont listen to me access the web all the information you need is there. When you actually read whst sj are saying it is really blackmail....support us or else end up with nothing. is that the way of a trustworthy company ....you tell me. ?
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My experience of SJ is that they are dishonest, & dishonourable, the more I read of how they have treated not just the purchasers of SADM but also other developments tells me this company deserves to be made bankrupt and never allowed to trade again.
As to putting more money in to obtain my house SJ have seen to it that I don't have any but if I had I'd rather burn it than let them have even one cent .
ME I AM GOING TO FIGHT TO GET MY MONEY BACK
Arlene
This message was last edited by arlene2804 on 10/11/2008.
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I agree but what you need to do is decide, do you carry on with your purchase, or do you bail out now i dont envy you, whatever you decide, its probably not what you imagined when you first decided to sink your hard earned cash into your dream home and for that i am very sorry, whatever anyone tells you whatever you decide it isnt going to be easy, and thats why i despise sj and all they represent !!!!
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To decide to carry on with purchase would mean that I thought it had a cat in hell's chance of ever being built you cannot bail out of something that is never going to take place I do not for one nano second believe it's even remotely possible fir the development to go ahead.
Every time I come on to this forum I feel that I have entered La La land oh how I am going to miss the forum for members WHO WANT THEIR MONEY BACK
Arlene
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I also agree with that i dont think jumilla will happen either but thats just my personal opinion, go for the money then and all the best, you deserve to get all you can...
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sorry arlene didnt get the tail end of the post where you stated you wanted your money back ( dont know why ) or i wouldnt have suggested you needed to decide what to do.......as its clear you already have decided, i agree with all you have said and i hope that you get the outcome you deserve as for sj well i think their days are numberd goood luck !!!!
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Hi All,
I would like to make it very clear again that I and SARC are purchasers and we decided to go direct to find out information and get around all of the rumour mongering that was occuring. The information that we have supplied is done so in good faith and for all purchasers to have access to, with the aim to help them make informed decisions.
There has been no proof of any money found other than that of the BG account . There has been no proof given of the money being there and all of the posts that I* made were pushed down the threads.
I WANT MY HOUSE
Tony R17 18
Thoughts on Purchasers Options
The meetings that SARC attended and are reported upon the SARC website have given some cause for deep thought as to outcomes for purchasers at SADM.
Several key points have been noted that impact upon the decisions to be made regarding whether to continue with the purchase or to stay as a creditor and try to regain the money paid.
It can be seen clearly in the report that the deposits, although auditable and appropriately accountable are not all sitting in a ring fenced client account. This is information was given with some discomfort by SJ/HDT but we needed to know the truth regarding the position of the deposits. When we attended the meeting we were not sure either way regarding the existence of a client account, as there had been two mutually contradicting postings on the EOS forum. We sought to clarify this and in doing so found that only a small proportion of the funds are kept in an account linked to bank guarantees.
Therefore, we are very concerned that if purchasers decide to try to get their deposits back that several factors need to be considered:
Only a small proportion of clients money is in a clearly identified account
Money can only come from the company trading out of difficulty or through liquidation of the company.
If agreement can be made with creditors regarding debts the company can carry on trading.
Liquidation of the company would take time and in the current economic climate not realise intrinsic value of assets.
Staff, Government, Court/Administrators, Banks come before purchasers in line of payment.
Any interest or compensation claim would come at the end of the line of payouts and as such is highly unlikely.
Taking these points into account we cannot see how it can benefit any purchasers to go down the route of trying to get back their money. We understand the wish to protect your investment in your property/ies but believe that going down the legal route will have small return, cost money and have lots of stress. As of yet no one has been able to give a good reason how it is beneficial to try to get your money back!
If on the other hand we support the continuation of SADM and we take up the offer to continue to purchase we can have, although it may have been delayed, our property. This is a much clearer and by far a better outcome for most if not all of SADM purchasers. It has been made clear to us that SADM is a legal development; the licences are there, the water is there, and that the location is desirable and not part of the coastal property bubble.
It would therefore, seem prudent for all purchasers to actively seek to get SADM built and ensure that liquidation of the company does not occur. We may not be happy with the situation that we find our selves in caused, primarily by the credit crunch and banks, but we can try to ensure that our money is safe by getting SADM built.
With regard to solicitors it is essential to realise that if you decide to continue with your purchase the legal fees should be less and thus there could be a conflict of interests. Think very carefully about what you want and what is best for you, not your legal representative who is getting paid. If you do decide to continue with your (the purchase of your property) property, it would be a good idea to ask about a reduction in your legal costs, as you will not be going through a protracted legal procedure. Why for example pay 10% of your deposit if you are not pursuing a claim through the Courts?
23 July 2008 SARC Admin.
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I for one didn't realise that SARC was a purchaser as you mention.
I was under the impression that you set up the "sect" to try and get a house.
Are you now saying that SARC is a business and has purchased at SADM, or is this another blunder due to your lack of understanding?
Can you clarify please?
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