French Leaseback Scandal
Many Irish, UK and European citizens have purchased a French Leaseback property over the past 15 years.
Enticed by extensive marketing campaigns and the promise of “Guaranteed Rent”, consumers were sold a “dream in the sun”, which has turned into a nightmare.
Complicit in this sale process were the vendors, the vendors agents, the conveyancing solicitors and the banks.
Across numerous resorts in France, the purchasers of these properties are now left to pick up the pieces as guaranteed rents have failed to materialise, costs of maintenance and upkeep have spiralled out of control and supposed “hands off” 9 or 10 year leases have turned into lifelong commitments to 3rd party resort operators.
As a result, many of those impacted have struggled to make the mortgage payments associated with the properties, and some owners, have just had to cease payments altogether due to the deficit between rental income and the expenditure involved.
Now one of our number is being challenged in the courts by the same institution that has been reported recently by Moody’s, the ratings agency, as being guilty of reckless lending practices in the past. The bank in question is attempting to pursue this individual to Ireland for an unpaid mortgage.
We are now hoping to raise funds to support this individual and to defend a case in an Irish court which may become a test case for many others. We want to stand united with this victim of this debacle and support him to mount a defence to the charges of the bank.
The funds will be used totally to fund legal expenses.
With this support we can seek to set a precedent in the Irish courts which will hopefully assist in the future in defending any action by the banks involved in pursuing such debts.
There are over 1,700 owners who have signed the petition on Change.Org….
The case is currently with the CCPC (Irish Consumer agency), the CMA ( UK Consumer agency), The DGCCRF ( French consumer agency)…see www.frenchleaseback.info
For further details view…. https://www.irishtimes.com/business/hundreds-of-irish-allege-abuse-of-french-leaseback-scheme-1.3072886
About the fund raising: The treasurers of this fund raising effort are Mr. Noel Cocoman, Dublin, and Mr. Enda Eiffe, Co. Meath. Both are involved at a high profile level, working with victims of this scandal, particularly those with properties at the Les Jardins De Saint Benoit Resort near Carcassonne. All funds raised will be used in the support of mounting this legal defence. There will be full disclosure on the use of any funds raised. The individual involved will be represented by solicitor Mr. Eugene Carley at Carley & Associates Solicitors, Dublin. Should funds be raised and not utilised, contributors will be advised and an agreement reached on rebates etc.