paradise lakes B2-B9 pdc
hi guys, am new to this forum.
wanna check with u all, regarding pdc, sweethomes has all my pdc, now they have not deposited June 01 (I pay monthly basis, not quarterley) cheque till now,as they say according to ARRA, they have to deposit in escrow a/c.
but my cheque is in Sweet Homes Real Estate name
diff peoplein sweet homes ans to my qs-
1) we will get approval from ARRA, then we can deposit same cheque in your escrow end-user a/c
2) we have sent list to bank with ur cheque also, they will deposit in sweet homes a/c and then deposit in ur end user escrow ac/c
3) bank has approved to transfer all sweet homes real estate cheques to end user a/c
4) we are in process of transferring all cheques to end user acc with bank approval?
they r not returning cheques.
if i ask to replace cheques, they say no need, as they are doing already,
if i still demand to replace all cheques, they say as each cheque will come one by one, we will call u to replace?
what is happening, anyone in B2-B9 paradise lakes facing same problem, any suggestions, or just wait and see?
anybody's a/c has not been debited yet for this month,
it seems to me that they r following arra's instruction by not depositing in Sweet homes real estate a/c
i would like to hear from pdc cheques guys who are in same problem? pls advice
maree
I had the same issue - in
I had the same issue - in the end had to cancel my purchase. This seemed to be the only way to stop Sweethomes. They even promised to switch me from PDC's to a wire transfer payment system, only to renege. Having said that, they still have not returned the uncashed cheques - even though I've cancelled and they've accepted the cancellation.
By the way, Sweethomes claims that all Post Dated Cheques are held at the bank, which leads me to believe, that they may have used the PDC's to show project cash flow &/or may have even borrowed against them.
Just to be safe, I even wrote to the bank (Dubai Islamic Bank), where the new escrow account was being opened - via email/fax - asking them to not cash any cheques that were made to a non-escrow account. The Bank (DIB) wrote back to say that they are unable to help.
Maybe yet another option for me to try - would be writing to the UAE Central Bank. How Sweethomes can take a cheque originally made to them...and amend it - to be presented into another account, different payee - is beyond me.
Whatever they are scheme is, based on their track record so far, I am sure it will exploit some sort of loophole in the law.... won't be straightforward.
Sorry, I don't have any solution per se....
( http://ajmanuptown.wordpress.com/category/post-dated-cheques/ )
Re SWH b2-b9
Dont know Bro, what to do. But I am aslo stuck in same conditions and paid 60% and still they demand continue flow of money. worst is Arra supporting them. I feel all clients should cancel there contracts, then they will have the pinch.
pdc swh b2-b9
how arra is supporting them? they told me that bank will be approving the cheque each month at a time, they will not change the name on the cheque, they cannot add or delete anything, i don't think anything has been done till now, as they did not cash my this month cheque, i asked them for a letter from the bank regarding this, as they r infamous for general letters, but they don't have any, i asked them to locate where my cheque is, as they atleast have to have some tracking system like an excel sheet, they just give me vague answer, so what is happening?
in my logic, no bank will ever approve a cheque for 1 party and then transfer that amount internally to my escrow a/c, anything on the cheque they need my consent, i think they r just waiting for the arra thing to die down, and then start depositing in their s/h real estate a/c again.
Got a letter from Sweethomes
Got a letter from Sweethomes (June 21st). Correspondence as part of an ongoing dispute and the following is - the portion about the PDCs.
- The post dated cheque which you have given us was under the normal account of Sweethomes. Hence, under the new regulation by ARRA, we have secured and duly registered by ARRA to open the escrow account with Dubai Islamic Bank. The complete detail of instruction regarding escrow account was sent via email on April 18, 2009. Furthermore, the Management has arranged with Dubai Islamic Bank to get transferred all the remaining Post Dated Cheques to be deposited under the respective escrow account.
I wrote to Dubai Islamic Bank (both old & new accounts are held here) - and they said to contact the Developer.
I wrote to ARRA - they dont get involved with Post Dated Cheques.
I've now written to the UAE Central Bank - Fax & Email. (http://www.centralbank.ae/complaints/complaints.php)
If I find out something, will posted here.
b2-b9 paradise lakes pdc
thanks investorcsi, i await ur update.....
Maree: FYI - They accept a
Maree: FYI - They accept a complaint online - and provide an auto response. I wrote mine - and both faxed and attached it online. If urgent I suggest you make your own complaint - as it takes days for them to query the bank and get an official response. You will get an automatic acknowledgement by email....see below
"Your complaint has been registered with Complaints and Suggestions Section at the Central Bank under Ref No _________.
For follow-up please contact the said Section via: 02-6915290/6915453 or Fax No.: 02-6916004 "
Essentially, I wrote that allowing endorsements of the cheques, instead of us having to write new ones takes away any remaining leverage that we have. As it is developers have been cashing it without regard to construction progress. Besides, there is no guarantee that endorsements will only go to escrow accounts.... if allowed, anyone can endorse to any account.
I also gave them both the old account, payee name & new account, payee name & the Bank (in my case DIB).
Not expecting much, but it is good that the Central Bank is aware.
thanks for the update!
investorcsi i will also go to the website....