Capital Financial Partners Required an outlay of 500 euro for arranging a Bulgarian mortgage, did nothing, withdrew their services and kept the money. Bourgas Worldwide
I returned from holiday to receive a communication from CFP regarding mortgage arrangements for an apartment I am buying in St Ivan, Bansko Bulgaria. We were introduced to CFP by MacAnthony Realty International - the sellers, and remain MRI clients. Having made all the effort, time and expense to gather together original documents and obtaining access to credit reports to enable the mortgage application process to proceed CFP withdrew their services.
We paid 495 Euro plus taxes for CFP mortgage membership upon introduction which the CFP representative Mr Brian Smith informed us would cover the following:
Zero admin fees
Free UK/Irish mortgage review
Free bank account in country of choice
Free quarterly property and mortgage update
Free notification of interest rate changes
10% discount on all CFP insurance
CFP failed to deliver on the membership terms as set out in written information handed to us at the time of our registration. They have not returned any of the original documents supplied to them to process the mortgage despite being asked on several occasions. They have not returned any of the monies paid to them for services which they did not supply.
The reasons they gave for withdrawing services were to do with difficulties with Bulgarian banks and delays in completion of the property. However, the property will complete in the next month and other brokers have been in touch offering mortgages through the same Bulgarian banks.
Despite several e-mails and a letter I have received absolutely nothing back from these people.
Achilles
Londonderry
United Kingdom
2 Updates & Rebuttals
Madangry
Swansea,Europe,
United Kingdom
This is virtually what happened to me!
#3Consumer Comment
Tue, February 17, 2009
In 2005, I paid a 30% deposit on two seperate developments in Sunny Beach. The first development completed in June 2006, and despite a good credit rating, furnishing the completed apartment, and spending nearly a full year ringing CFP, MRI and Legal Independence, the mortgage eventually failed to come through and I lost the lot. There have been many arguements since and nothing as come of this. The second apartment completed this year, but luckily I arranged the mortgage myself. Guess what I had a phone call in January asking me how my new apartment was going, this eventually led to the possible offer of one of the Chairmans own apartments in Bansko to make up for my losses, and the chance to meet and talk with Darragh himself, this offer was not offered again when I told them what they could do with the possible Bansko offer.
I have never had an answer as to why the mortgage never came through. There is something very obvious here, at the time I was dealing with CFP, MRI and LI, there was no credit crunch, however I gave them a 20,000 euro deposit, and paid for an MRI furniture pack amongst other expenses, e.g. notary, survey etc. I received back absolutely nothing! There is no other way to put this, I gave them my savings, and they literally said, "Thank You very much for your donation fool". How many more of us have been a victim of this very same extortion.
Zelda
Here In The Uk,Alabama,
U.S.A.
MRI OWN CFP
#3UPDATE EX-employee responds
Sat, December 13, 2008
UNFORTUNATELY STORIES LIKE THIS ARE ALL TOO COMMON. THE BEST THING PEOPLE CAN DO IS NOT TO USE THIS COMPANY. OH AND DON'T USE THE SOLICITORS EITHER (MARTINEZ ECHEVARRIA) AS GUESS WHAT, THEY GET A 'KICKBACK' FROM MRI ASWELL. THE TRICK IS NEVER TO USE MORTGAGE BROKERS OR SOLICITORS WHO ARE 'RECOMMENDED' BY THE AGENT. TRUST ME I KNOW I USED TO WORK FOR THEM.