Property Mentor Scam!

[tingting]

Dear everyone,

I joined Property mentor January this year. They have a very nice website.I was excited because i thought i could 'buy a property without puting capital down' like they said.

After the course in milton keynes i began hard work of analysing, research, viewing property and negociations. I found a property with asking price 209k. I believed the property was undervalued and it should worth 290k. It was dificult to negociate and finally the vendor agreed 204k. I was happy and contacted a guy in Property Mentor who could help me.

Jason agreed to help me. I told Jason clearly i dont have money to pay deposit. Can i can bridging loan or something. He asked me to pay 1,200 pounds as introduction fee. I paid by card. Then he recommended me a solicitor and a mortgager broker.

I told Jason clearly the purchase price will be 204k but i thought the property potentially should worth 290k. I paid mortgage broker 495 pounds in advance. The mortgage broker later contacted me and agreed to apply for a mortgage of 289,950 for me(property mentor told them to do so). I was surprised but did not say anything. However when I accidently told the mortgage broker the purchase accutally is 204k then he said: no i cannot help you. the mortgage must be based on the purchase price rather than the potential value.

In the meantime. The solicitor told me they could not work for me because they have not reach a deal with PM on the commission fee. I was shocked and tried to contact Jason but he did not reply me(as he said later he was not in the office for some days). The estate agent phoned me everyday and asked me to complete the purchase within one month. I had to pull out in that instance.

I felt exhaused and finally realised that purchas of properties is rich people's game. I am just an electrician and at moment not so many jobs. I told Jaosn i just want to quit property mentor.

The problem i keep receiving letters asking for money of 150 pounds every month(pay 4 years of total 7,200). I really feel should not pay this money. Is this fair?

What shall I do? I know they will continuely send me letters asking for money. I dont have money to find a solicitor. Shall I go to police? Do they have time for this small amount of money dispution?

Thanks everyone.

[Dougie_tps]

I know it's not much consolation for you at the moment, but this is such a scam. Regardless of what people might have you believe, it's not possible to purchase a house without spending some of your own money.

Think about it, the mortgage company needs security against the amount you would be borrowing. Why would they be happy about effectively taking on all the risk in your venture? And yes, the mortgage price must always be based upon the purchase price, not the 'potential' one. To obtain a mortgage based upon manipulated figures is simply fraud.

In this instance, if you are concerned over the outstanding debt, I recommend you seek help from the Citizens Advice Bureau.

In relation to going to the police, you might well find that PM have covered themselves within the contract in the terms & conditions. If not, then you might have a case against them.

[tingting]

it is called property mentor, i tried to talk to someone, but nobody would like to talke to me, made me feel very stupid, so i am a gullible people and i deserve it?

[Walker Fox]

Tingting,

Feel free to get in touch, no strings, no cost other than if I need to incur any expenses (postage and the like) I'll help as much as I can.

Rob

[tingting]

hi Walker Fox, how to contact you, i cannot send PM at the moment,

cheers

[tingting]

anyone can help?