Just curious, what is the annual management fee and the rate (and fees?) that they charge on arrears?Also the management fees owed have escalated from 23,000 to now 44,000 in the space of three years when I assumed the management company was dragging its heels implementing the PIA . They are compounding the interest like the mafia.
Yearly fee is around €550 and interest appears to be around 20%...I will get exact figure then I get my GDPR Information from the management company. I’ve had mental issues for a period of time and I let it slide and now the interest is nearly 5000 a yearJust curious, what is the annual management fee and the rate (and fees?) that they charge on arrears?
Like I said there’s a long history with mental illness and I was always playing catch up. That is why my finances got so bad I needed a personal Insolvency resolution. When I have all the GDPR from every area I’ll decide my next course of action. Thanks for your adviceDoes that mean that no management fee was paid for c. 15 years or so and the arrears and interest have been accumulating all that time?
Whatever about that I guess that you still need to get further clarification from the PIP, make a formal complaint if necessary, try to get it resolved with them, and if that doesn't work, pursue the ISI PIP complaints process?
Re interest rate, take a look at the lease, here is an exampleYearly fee is around €550 and interest appears to be around 20%...I will get exact figure then I get my GDPR Information from the management company. I’ve had mental issues for a period of time and I let it slide and now the interest is nearly 5000 a year
Happy New Year to everybodyFroma PIP perspective these fees are hard to get rid of. Most opt out unless they forget. Should a deal be reached they are bound by the result.
There's ways to get rid of them like Mortgage to Rent in a property sale but also in Bankruptcy where they are unsecured debt.
Surcharge interest of 20% is often and possibly illegal on numerous grounds such as unfair terms.
I've seen 44k bills on these and it's basically a form of blackmail. They need greater regulation.
Hello I don’t know how they could be illegal I’m just referring to what raging Bull said. That’s why I asked a question of him for some pointersWhatever about the issue of whether or not the management fees should've been dealt with by the PIA/PIP, why do you think that they might be classified as "illegal"? Surely the fees and any possible penalties/interest for non payment are set out in the management company lease and/or other official documents (e.g. AGM minutes, annual reports etc.)?
In a nutshell if the voting rights of omc vest in subscribers till developer gone form estate not on title then MEMBERS OWNER MEMBER simply do not have the power
Thanks for this information I am awaiting a GDPR request from the management company so I’ll look into all the meetings and minutes and voting over the years. I’ll look into this alsoHave u checked arts of association of the management companies on voting rights of members cos under ours the voting rights vest in the subscribers to the arts of association developer solicitors until 60 days after the developer has no interest in the estate and the common areas transferred to the management company? Under S188 of the Companies Act as applied by S1206 member voting right are set out by in S1206 but in the event of conflict between S1206 and Arts of Assoc the arts of assoc prevails. In a nutshell if the voting rights of omc vest in subscribers till developer gone form estate not on title then MEMBERS OWNER MEMBER simply do not have the power
In what circumstances is compound interest illegal?There are two ways you can tackle these firstly the rate itself being extortionate under unfair terms regulations...but the compounding of interest being Interest on Interest is Surcharge interest and not permitted
I have dealt with Grant Thornton in proceedings against MPH Ltd and Tom Kavanagh in respect of the MUD Estate at Chapel Farm. Assuming the member who set the service charge had the power to do so under the art and companies act they also have to be set by MEMBERS in accord with S18 of the MUD Act and sinking fund in accord with S19 of the MUD Act. . Under S18 of the MUD Act service charge require agreement of 75 per cent of the members and even this will have no effect for service charge for expenditure that is or WAS the responsibility of the developer (captures a developer not trading) and until three years after the common areas transferred to the omc. So question were service charge u are being charged for plus interest set in accord with S18 of the MUD Act and C Act that give precedence to arts on voting rights .. both in our case C Farm agree .. if common areas not transferred and developer still on title in estate then member of omc just do not haveThanks for this information I am awaiting a GDPR request from the management company so I’ll look into all the meetings and minutes and voting over the years. I’ll look into this also
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