27 Oct 2007 8:51 AM:

I spoke to Corvera and got a similar response; however the money will be accruing interest and assuming Calidona dont go bust and the Bank guarantees are not required, then its likely that they will receive the interest less an amount for securing the Bank guarantees in the first place. 

Community thread: Painting Courses- Christmas Presents!

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24 Aug 2007 4:50 PM:

Hi all

I feel like we've discussed this particular issue in many posts! We seem to go round the 'houses' (unfortunately not in Covera) but as a collective group we appear unable to decide on a way forward.

I have discussed the situation with my lawyer who has advised that if we withdraw from the purchase we lose our deposit and we cannot sell as there is a clause in the contract that prohibits us from doing so unless we gain approval from Corvera. The builders appear to have us purchasers where they want us as everything is linked to when the building licence is granted but I do question whether such a contract is legal without the right of the purchaser to withdraw without losing everything espcially given the delays we have experienced (its all open ended).

In one of my previous posts, I suggested that all interested parties should take collection action in writing to Calidona in formally requesting an update and if this proves to be unsatisfactory to consider further action (although this would be a last resort). I'm happy to do this but need to understand who from the Corvera forum would support this or what objections others would have. Let's be clear however - we have 2 options:

1) Take action as a group and attempt to get answers and gain some confidence that our investment is sound and that we will not be kept hanging on as excuse after excuse is rolled out by Calidona

2) Sit, do nothing and wait

Personally, I prefer option 1 but individually I can't see anything positive being achieved - this would be different if we, as a group of concerned investors, jointly strove to gain some answers and options. Option 2 is the easy way out but please remember, we have all placed large deposits of which Calidona are likely to be funding other developments or picking up a tidy sum of interest (thank you very much!).

Thoughts everyone?

Ronnie

 

This message was last edited by turnerrf on 8/24/2007.
Community thread: Deals at Polaris World

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25 Jul 2007 10:43 AM:

Hi - I have an account with the Caja Murcia Bank in Puerto de Mazarron (circa 20-30 minutes from Corvera). The staff are friendly and a number of them are multi-lingual. They provide usual banking facilities and don't charge to recieve Euro transfers from the UK. My contact is with Lola (email mdvivancos@cajamurcia.com) and she speaks good English.

If its of any help, I send regular transfers via Moneycorp - normal transfer rates are £15 per transaction but they undertake a regular transfer which can be either a fixed monthly amount for a fixed period of time at a fixed excahnge rate or a flexible monthly payment for which you need to initlaly fix the payment with an option to amend but with a 'spot' exchange rate  i..e the exchange rate at time of purchase of currency. The regular transfer option is a £4 transaction fee and of course you don't forget to make the payment! The funds are usually available within circa 3 days of the date of transfer.

I hope this helps.

Ronnie

Community thread: NIE number..........

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22 Jun 2007 11:50 AM:

Sorry - why waste time responding to the post then..........

Participation is the key not take offence when prople disagree with you........

 

Community thread: AVOID LIKE THE PLAGUE...

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22 Jun 2007 9:56 AM:

This post is in response to the post by Investor - the idea of a forum is to express views and concerns and generally talk though issues that people have with Corvera.  If you had read my post correctly you will note that I have suggested that we try and get Calidona to provide us (the investors) with some information as to progress and when completion is expected. As it stands the development is circa 9 months late, there is no comeback on the builders  and generally, whilst you might not agree, I believe that to be unsatisfactory. You might be happy to wait and wait but others are not - its not going to spoil the development by asking them for information. If its going to be as good as you say (a la Roda) then it should sell itself and therefore any threat by concerned investors will not impact on your investment. 

Its not a get out stratgey - its a hold on, I've put 85000 Euros into a property which I'm now not going to have built until Spring 2009 with further phases to be built. Interest alone on these funds amounts to over 300 Euros per month at 5% which more than eats away at any potential profit to be gained from a sale (although that was not the reason for my purchase). Who gains from the interst - the builders of course therefore what incentive to they have to complete? 1000 (guess) properties @ 300 Euros per month (average) is 300,000 Euros per month, 2.7million Euros for the 9 month delay nice if you can get it.

The main issue is that people feel vulnerable - the guarantees will run out and will require to be renewed. They have no apparent comeback on the builders and as I said in my previous post, people will have to sit tight or do something. You're deluded if you are happy to invest that kind on money in an investment and not receive any information or progress and be fobbed off when you do ask. If you bought on the Stock Exchange you would get annual reports and information.

Ronnie

Community thread: AVOID LIKE THE PLAGUE...

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