ExperienceInvest

Mis-selling

25th of Aug, 2014 by User95412

The above company has recently changed it's name from Experience International, they still operate from their offices in central London, just off Trafalgar square. Their business is selling property, mainly dealing in investment developments which they claim will give high returns on the on vestments. Previously they "specialised" in overseas property. This seems to have ended I believe because they have lost their licence to deal in overseas property. Their methods of dealing haven't changed. They look for investment property mainly being sold by larger more professional companies. Their most recent deals include student accommodation where investors buy refurbished property which will be rented to students. Unfortunately like their previous overseas property sales they are non too careful about their portfolio. For example their web site shows pictures of refurbished accommodation for sale in the original Hydes Brewery in Manchester with claimed returns in the region of 10%. The main problem is this development hasn't got planning permission yet.

This is the same process they employed in selling overseas property. I was contacted by Stuart Williams offering high return investment in Condotel property in Blue Coral Cebu, Philippines. As I was in the market for a property this seemed ideal. Their information showed a high quality hotel in Boracay and presented testimonials from happy investors. The idea being that this would be replicated in Cebu. This was 2009. The promise was that the new hotel would be finished in 3 years if not all my deposit of £27000 would be returned plus interest. I was told that there was only one unit left so buy soon. This was a complete lie! I was told that a holding deposit of £2000 would secure it. This is their commission. I was told due diligence would be completed on the legality of the project. This was another lie! The original project didn't even belong to Paradisya Land, the Philippines developer.

You can imagine the rest, no building, no guarantee, no refund more rubbish advice to transfer to another project which again wasn't owned by the developer. No answer to calls and emails in short no help.

Be warned, this company is not registered with regulatory bodies, therefore it's buyer beware and no comeback. My advice would be be shop around and not be taken in by their slick, false sales people. They are not investment advisers they are sales people with only one aim, their commission. Do not part with any money until you have seen the contracts and preferably talked to the developer. These people are middlemen who are not needed, do the checks yourself and do them out of commision for nothing.

If any of the company read this and want to challenge my viewpoint I'll be glad to debate it anywhere anytime as would my co-investors who together lost £2,000000 because of their inacurate, unprofessional, slip-shod advice.

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