By: friendship_with2000
3 days ago (Monday, 7:02 pm) Yahoo! Profile:
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ozblokewa
what makes you say that they have gone into liquidation?
Do you know who Propel Consolidated Holdings is? Why would someone buy a company if it was so bad and had gone into liquidation? I'm puzzled..... |
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By: friendship_with2000
3 days ago (Monday, 6:56 pm) Yahoo! Profile:
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ozblokewa
can you name me one company that doesn't take money from it's clients/customers to increase it's profits? (not including charities ofcourse)
It sounds like you would prefer to live in a Socialist society?
What I am trying to say is that perhaps you really need to let this go, because from the amount of time that this forum has been going it seems that you are quite obsessed with it?
By the way, have you lodged a complaint with ASIC or FOS? What did they say? |
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By: ozblokewa
6/11/2009
6:00 pm Yahoo! Profile:
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The previous directors of WPS namely Mr Craig Core and Mr John Atkinson have resigned and new directors have been appointed.
Propel Consolidated Holdings Pty Ltd have purchased WPS assets.
www.wpscapital.net.au/sam /images/userupload/PROPEL -12%20AUGUST-FINAl.pdf |
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By: ozblokewa
6/11/2009
4:43 pm Yahoo! Profile:
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G Day t_scarf
Unfortunately every bad thing said about WPS is 100% true. You won't be able to read alot of the post that had the real dirt on WPS because they keep censoring them so people don't find out the truth.
All I can say is my wife and I were once WPS clients but so far they have cost us alot of money and we are way behind the eight ball so I suggest you steer well clear of them.
Take their idea's and do your own research, then if you want to proceed do it without WPS otherwise you will get burnt. |
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By: t_scarf
5/11/2009
4:20 pm Yahoo! Profile:
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| hey - we've just gone and had a fin. plan done by WOS and we thought they sounded great - and are thiking of signing on with them - so please tell me if your complaints are true or not - and anyone else if yu could please weigh in that would be great... |
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By: ozblokewa
1/11/2009
11:58 am Yahoo! Profile:
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friendship_with2000
WPS are a company that takes money from it's own clients to increase their profits. They are not the nice company they make out to be. Lots of people have lost lots of money by dealing with this company. They have just gone into liquidation and will continue to operate by changing their name. ASIC should have closed this company down but unfortunately they don't care about the little old investors. |
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By: friendship_with2000
27/10/2009
3:36 pm Yahoo! Profile:
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| do you have nothing better to do than to keep track of what WPS are doing? |
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By: ozblokewa
4/08/2009
5:45 pm Yahoo! Profile:
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| WPS have just had their assets bought by another financial company so they can keep afloat, will post more info later. |
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By: baulko1@rocketmail.com
14/04/2009
1:34 pm |
Message deleted. Reason: Breach of terms of service |
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By: lasty49
24/02/2009
12:06 pm Yahoo! Profile:
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Here we go.
http://www.smh.com.au/national/judge-tears-up-1m-p roperty-contract-20090223-8fta.html
Your luck maybe changing |
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By: baulko1@rocketmail.com
7/01/2009
4:11 pm Yahoo! Profile:
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| Interesting entry about Craig Gore in Wikipedia. Certainly has fingers in a lot of pies. His late father (a white shoe wearing Queensland property developer) would certainly be proud of him! |
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By: baulko1@rocketmail.com
7/01/2009
3:18 pm Yahoo! Profile:
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| The white shoes may no longer be worn, but they certainly haven't been thrown out! WPS is very much the creation of certain members of the old white shoe brigade, and their tactics are pretty much as you spelled out in the first paragraph of your posting. The only thing now missing are the free trips to view the property. A number of us have been caught out by this type of marketing and are now wiser (but considerably poorer) for the experience. As I said in a previous posting: caveat emptor. |
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By: dpthts999
28/12/2008
9:44 am Yahoo! Profile:
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This sounds like a variation on the old property marketing schemes on the Gold Coast. A property developer would pay a "marketer" $50k commission to sell property and that amount would be added to the price. The marketer would advertise interstate where the local market wasnt known, they would offer free trips to the Gold Coast and then pressure people into signing. Typically all involved, including financiers and professionals were referring work to each other which is not illegal.
While I am sure there is no longer the same type of pressure tactics (hence the new waiting periods) there is probably some connection between various parties involved (in answer to where was the legals) and a bit of non-disclosure rather than misrepresentation. Legally, its a fair bet that everything is above board to the extent there is evidence. Morally, there are probably questions.
Yes, they were supposed to represent you and they did. They actually gave you everything you wanted but you were disappointed that their arrangements meant you paid $50k more than most people. Also remember they approached you. It may sound surprising but it also means you should have done some background checking yourself to find out more about the firm and what was involved, not to mention checking the market yourself.
It is very much a "buyer beware" society and you need not only to research your products whether they are mobile phones or houses but also the businesses and professionals you are dealing with, even if its only searching blogs. They may not be overly balanced but sometimes you can tell when its one persons bad experience or a general pattern of discontent.
Learn from the experience & take heart from the fact that even people from the old marketing schemes would have made money from the property they bought in the early 90's if they hung onto it.
Sympathies for your bad experience.
White shoes are no longer worn but the people who wore them are still around. |
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By: kennedys.home
23/12/2008
9:45 pm Yahoo! Profile:
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An appraisal and a valuation are not the same thing; You will find that the said property was possibly appraised at the contract price. I dont know of a bank who will lend 100% on a property that has been undervalued by nearly $50k. You should request copies of the valuation, the bank will own this so are not obliged to provide you a copy but you can always ask. Curious to know who provided the valuation of $370k. And again; where is the solicitor who handled the conveyance on your behalf?
Collateral contract; not the kind of thing you can go into in just a few words on a forum. Agreed with popstermick regarding solicitor, this is the first thing that should have been done.
Fact is there are so many issues with this whole transaction that I find bewildering, I've tried to help without providing any legal advice as that's impossible for me to do on this forum. |
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By: popstermick
23/12/2008
3:33 pm Yahoo! Profile:
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"We asked them what the bank had evaluated the property at and they told us the bank had valued it to be the same amount we were being asked to pay. $412 000"
This is called a collateral contract, a contract before a contract and if they fraudulently answered this question then both contracts could be voidable. There are numerous cases where this has happened and not surprisingly the majority are to do with real estate purchases.
Don't worry about verbal conversations they are just as binding as a written contract. What makes their word better than yours anyway? I would see a solicitor and if you dont get any satisfaction see another one until you are sure you cannot go down the legal path (coud be expensive though) |
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By: kennedys.home
20/12/2008
8:07 pm Yahoo! Profile:
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ozchickwa; for me its just been frustration reading your posts and replying with some information for you & then having you argue with me. You need to go and see a solicitor, you should have done this at the very beginning. Maybe you did and you were told there is no legal avenue for you to go down so you have resorted to posting on this board.
You say the bank provided you with a copy of the valuation and this val stated $370,000? Im assuming you borrowed close to 100% of the property's value, if so why did the bank lend you more than what the property is worth?
The one fundamental problem you have is the one you are not prepared to address, you dont answer the questions regarding the solicitor and the fact that you say you made the offer and then contacted wps to pull out; you must have signed a contract somewhere along the lines; where is this contract and where is your solicitor?
This is the only legal avenue open to you based on the information you have provided on this forum. Unfortunatley you do not have legal grounds for paying to much for a property, there are many issues involved with this and really Ive asked the questions many times but you dont provide me with the answers. The fact is a lot of people pay more than what a property is worth, it costs around $300-400 to have your own valuation done.
QUOTE: They were being paid by us to act in our best interests, they only looked out for themselves. As far as I'm concerned that's a major breach of trust and a breach of their contract, to act on our behalf for our benefit
Did you sign a contract with wps? If they are real estate agents the only legal contract they have is that with their Vendor. You say that you paid them a fee? when and how was this paid? You as the purchaser should have a solicitor as your legal representative. Never use a recording device without someone elses knowledge, it would not be entered as evidence in a court of law this is not the movies |
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By: ozchickwa
20/12/2008
12:23 pm Yahoo! Profile:
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Now that it's the weekend I can answer and know the post will stay for a couple of days at least.
popstermick, we did ask them questions and they were deliberately misleading, but not having that in writing makes it our word against theirs.
We asked them what the bank had evaluated the property at and they told us the bank had valued it to be the same amount we were being asked to pay. $412 000. We asked a straight question and they told us a lie. How do I know that? Because we did send the bank a letter asking for a copy of the valuation and guess what? $370 000.
But it's only our word that PS told us a lie, we have no proof as we didn't think we would have to record all phone calls and office meetings. If we had they would be in court right now.
They were being paid by us to act in our best interests, they only looked out for themselves. As far as I'm concerned that's a major breach of trust and a breach of their contract, to act on our behalf for our benefit.
But thank you for answering my question honestly. You're the only one who has here. It seems that everyone else here wants to puff up their own self importance by being condescending and a little insulting in their responses, as if we should have known all the pitfalls and things to look out for when buying an investment property. Unlike many here this is the first time for us and that is why we chose to take the help that WPS offered, don't forget they approached me looking for my business.
I feel that some people have been rude to me here instead of actually reading the posts(which have been deleted now) and answering what was in them they chose to point out that we didn't know what we were doing and it's pretty much our own fault. Pfft! We PAID WPS to act on our behalf and they acted on their own.
Legally we don't have a leg to stand on, but we can warn people not to trust WPS blindly, but to ask questions and get every little thing in writing. I also suggest you use a recording device. |
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By: baulko1@rocketmail.com
19/12/2008
11:46 am Yahoo! Profile:
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| The real problem with WPS is that they simply don't have their client's financial wellbeing as their number one priority. If they were truly independant financial advisors they would be bending over backwards to get their clients the best possible deals. The reality is that maximising their own profits is their real priority, and improving the financial position of their clients is only a secondary consideration. |
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By: popstermick
17/12/2008
1:40 pm Yahoo! Profile:
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"Would you then assume that the company has greatly overinflated the price to maximize their profits at your expense? Not forgetting that you have already paid the company and so they already have their commission on top of the overinflated price?"
I agree with you but they may be able to hide behind something called (from memory) "caveat emptor" or "let the buyer beware". Someone else may have a better understanding of this than me but it essentially means that the buyer is assumed to have all knowledge about the purchase they are making and cannot hold the seller responsible for anything unless you specifically asked them a question and they were misleading or fraudulent in their answer. |
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By: ozchickwa
17/12/2008
10:17 am Yahoo! Profile:
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And I'd reallt like an answer to my question;
Regardless of the company, you've paid a company to find a unit for you to invest in and they showed you one and told you it cost(for example) $400 000. You think it looks good so you put an offer in. Because it is in another state they tell you the rules are different and you have to put an offer in for what they are asking, you can't put in a lower offer. So you think they know what they are doing and go along. Then you come home and do a google search for the property and get the real estate agents website advertising the exact same unit for $50 000 less.
Would you then assume that the company has greatly overinflated the price to maximize their profits at your expense? Not forgetting that you have already paid the company and so they already have their commission on top of the overinflated price? |
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By: ozchickwa
17/12/2008
10:14 am Yahoo! Profile:
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Well Kennedy I would say it is because of one out of two possible reasons.
1: What we are claiming is true and could actually get WPS in serious trouble if people realised what was going on with them. Think about it, if we had no claim then we are no threat so there would be no threat to leaving the posts up. IF it's all BS then they have nothing to fear.(But I think they are afraid, not of us but the facts that we are putting out there that is putting off potential marks/clients.)
2: The fact that WPS sponsors Yahoo. Yahoo has stopped advertising for WPS but they can't stop discussions about them. They can however delete any post that is not favourable to WPS(that they know about) as Yahoo is supposed to be promoting them.
Once again it comes down to money and ethics get thrown out the window.
Good on ya Yahoo!! |
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By: ozblokewa
11/12/2008
12:21 pm |
Message deleted. Reason: Breach of terms of service |
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By: ozblokewa
11/12/2008
12:09 pm |
Message deleted. Reason: Breach of terms of service |
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By: kennedys.home
11/12/2008
11:46 am |
Message deleted. Reason: Breach of terms of service |
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By: kennedys.home
11/12/2008
11:39 am Yahoo! Profile:
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unbelievable that my last post has been deleted. I really have to wander just what is going on here with yahoo. What is the purpose of having this forum if the topics can not be discussed. I am absolutely certain that my last post was not in breach of terms, so I guess we can only assume what is going on here.
No doubt corporate censorship is alive and well. Curious to know why RHG home loans thread is still alive and going strong, those messages are a lot more deflamatory than thess posts relating to WPS.
Good on ya Yahoo!! |
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