Letter from FCA going out to Asset Land Investors Update 07 July 14

As mentioned previously, the FCA have sent a letter out to all Asset Land Investors with an update.

A copy of the letter can be read by clicking on the images below.

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1.  HELP – I didn’t get a letter:

Call the FCA Consumer Helpline 0800 111 6768. State that you are an Asset Land Investor and want to ensure that your details are held by the FCA.

2. Will I get my money back?

Don’t Ask me this!!! Read the letter. It answers that question as far as it can be answered at the moment.

Within the letter there is a link to the FCA web page where they state that they will post further updates, I have copied this link before for ease:

http://www.fca.org.uk/consumers/scams/news-and-investigations/asset-land-investors

Thanks.

EDM

Asset Land Appeal Dismissed 12 May 2014

Good News first!

Asset Land’s appeal has been dismissed and they have been ordered to pay compensation to investors.

 

Bad News next….

The compensation will not be equal to the amount invested.

 

The FCA are writing to all investors in the next few weeks to explain the process from here.  If you received a refund from your Credit Card company under Section 75 then clearly you will not be receiving compensation.  The Credit Card Company become the creditors instead – but a full refund under Section 75 is preferable to a smaller amount of compensation.

The FCA have a list of investors in the thousand and will be contacting investors directly.

Please don’t ask “How much?”.  I don’t know.  The FCA don’t know exactly and the process is ongoing.

Thanks.

EDM

 

(for those that were checking the case tracker, the case result is now given as REFUSED, ie appeal was refused.   http://casetracker.justice.gov.uk/listing_calendar/getDetail.do?case_id=20131017 )

FCA updates x 2 and update to Credit Card Refund Area. 27 April 2014

A few things have been added today:

1.  Two updates from our FCA Liaison from 14 April and 24th April 2014 can be read in the Members Area – FCA Liaison.

2. Also, one of our members who successfully claimed full refund via Section 75 has some advice within the Members Area – Credit Card Refunds part of the blog regarding his hard fought  case resulting in a full Section 75 refund – he is at the bottom called Member 14.

That’s all for now.  Although a little bird told me that we may hear more on the TSA court case against Asset Land in September….

EDM

 

 

 

Asset Land Appeal Rejected 14 April 2014

Land bank firm shut down by the FCA has appeal rejected by Court.

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See the FCA Latest News below:

http://www.fca.org.uk/news/firms/land-bank-firm-shut-down-by-the-fca-has-appeal-rejected

 

and for those that can’t face reading the link, before asking about getting your money back, ……

The High Court made an order in March 2013 that David Banner-Eve, Stuart Cohen, Asset Land investments plc and Asset L.I Inc make a preliminary payment to the FCA of £21 million as part repayment for investors. That order has been stayed pending the Court of Appeal’s decision. It will remain stayed pending the outcome of any appeal to the Supreme Court.

The FCA is aiming to return as much as money possible to investors, but it is unlikely to be the full amount they invested. Unfortunately the FCA has not identified any assets of the defendants that would enable more than a small proportion of these payments to be made.

This decision follows a similar judgment against Capital Alternatives in February 2014 which also made clear that the FCA’s approach was sound.

The Defendants in CAL are seeking to take this to the Court of Appeal.

The Asset Land Appeal decision could still be appealed to the Supreme Court.

Update to Bank of Ireland Member two in the Credit Card Refunds Area. 17 March 2014

Member Two is still pursuing his claim against the Bank of Ireland.  He has successfully had a refund for one plot where Asset Land did not reach the step of changing the ownership details with Land Registry.  However, the BOI is holding out for other plots where the Land Registry change of ownership did occur.

The update is under Member Two in the Credit Card Refund Area.

How are others doing with their credit card providers?  Any new successes or updates?

Option for GROUP LITIGATION ORDER – Credit Card Refunds ONLY 12 Feb 2014

This concerns investors who:

1. Paid for their Asset Land plot(s) either in part or in full by CREDIT card.

2. Have been UNSUCCESSFUL in gaining a full refund for the entire plot(s) from their Credit Card Company.

You may have read the information I previously posted regarding another landbanking scam victim (not Asset Land but a similar scam) who took MBNA to court to get her money back under Section 75.

One investor and Site Lead, Roberta Bailey,  was in contact with Paul Tilley (the solicitor involved in the successful case referenced above) and he has presented an option that may be of interest to you.

Click the link for more information:

http://assetlandscamgroup.wordpress.com/group-litigation-order-option-for-section-75-claims-which-have-failed/