Hi everyone

 

Just found this website and I am sorry to hear that there are many in the same position as us. Firstly, as not to be too negative – we are intent on getting this sorted out as I am sure you all are – but thought it may be useful to share our dealings with instant Access in a recent, similar situation. Sorry it is a bit long, but may be worth it.

 

3 years ago we invested in an off plan property in Scotland with IAP. Shortly after this, we invested in Fortuna Hill. Over the last 3 years we have had numerous contacts with IAP about both developments, usually telling us that they were being delayed.

 

Around 9 months ago, we were officially told that the developer that IAP had introduced us to in Scotland had taken all the deposits from investors. He had then sold the land and put his company into administration. The worst was he had not paid the insurance premium that protected our deposits. Even though we have a letter from IAP saying this insurance was in place. Liquidators are now involved and have advised us that the maximum we will get back is 20% of our initial investment, and in a year’s time, hopefully. In fairness IAP did say they would pay the legal fees, although now they are in administration, who knows.

 

We have been down a number of avenues with IAP to try and get our money back, but they claim that none of it is their responsibility.  They claim that due diligence is in fact our responsibility not theirs so the buck stops with us, regardless of the situation.

 

Of course the legal situation in Spain is different, so does anyone know if the timing of instructing (and paying) Plus Advisors is important? For Scotland, we were given a deadline by the acting Solicitor to make a claim. I.e. if we wait until February and they have already agreed to apply to freeze the assets of San Antonio, will we miss the boat?

 

And if you are the other person (there is one more) who had the misfortune to buy in both Stewarton Street and Fortuna, it would be good to talk.

 

I am off to the garden to through some £50 on the bonfire – why use a middle man