[CHEVRON]

Does anyone have experience of getting out of / walking away from a signed contract for ski apratment in Bansko? I have paid 40% so far and I am due to pay next 40% in Feb 2009. I just want to walk away and will forsake the 40% paid as a bad investment. However, can I do this and will there be any future implications? Could I be sued, chased for the 60% etc?
Am I better to continue with the "investment" (ha ha!)

Getting desperate for guidance

[penbat1]

CHEVRON, on Jan 14 2009, 01:57 PM, said:

Does anyone have experience of getting out of / walking away from a signed contract for ski apratment in Bansko? I have paid 40% so far and I am due to pay next 40% in Feb 2009. I just want to walk away and will forsake the 40% paid as a bad investment. However, can I do this and will there be any future implications? Could I be sued, chased for the 60% etc?
Am I better to continue with the "investment" (ha ha!)

Getting desperate for guidance

Ask the folks at the forum at www.mybulgaria.info

This post has been edited by penbat1: 14 January 2009 - 03:13 PM

[zilly]

Well the answer is if you signed a contract then it's illegal to walk away whether under BG, UK or EU law. So of course you could be pursued.

You can't really expect anyone on a public forum to advise you to do something illegal.

As to whether you're likely to be pursued that's a call you have to make. Guess that depends on where the company you signed the contract with is based/registered (you don't specify), and whether you plan to be in that place in the future...

[CHEVRON]

zilly, on Jan 14 2009, 02:07 PM, said:

Well the answer is if you signed a contract then it's illegal to walk away whether under BG, UK or EU law. So of course you could be pursued.

You can't really expect anyone on a public forum to advise you to do something illegal.

As to whether you're likely to be pursued that's a call you have to make. Guess that depends on where the company you signed the contract with is based/registered (you don't specify), and whether you plan to be in that place in the future...

[CHEVRON]

Thanks for the post. Of course I was not looking for or expecting anyone to give me advice that is illegal. I suppose what I am looking for is any options (legal) as to how I can possibly terminate my current postion considering there is a signed contract in place. I would expect there to be finacial penalties etc. that may arise (e.g. losing the 40% deposit).
Hence looking for an outline of any options that may be available from anyone who is in or was in a similar situation and waht they did.

[zilly]

Your only legal option to nullify a written contract is generally if there is some cause to invoke 'force majeur'. Not applicable in this case.

Therefore you will lose your deposit/monies paid to this point and generally there is an exit clause which invokes a penalty you will pay aswell.

I assume you have an english language contract which will provide details of the latter.

[RichB]

The first question you need to ask is wether its a local or not.
Then you need to decide whether you need the use of your legs for the next 6 months.
You should also try to ensure that any lead poisoning is treated with considerable urgency. Symptoms may include, but are not limited to: difficulty breathing, blood loss, and brains trickling down the wall.

Bulgaria picked up a reputation for handling the 'wetwork' during and after the cold war. Right now things are tough over there, and most of the businessmen are going to be unhappy at being given the shaft by foreigners. Especially foreigners who are not likely to be investing again in the future do to their countries being bankrupt banana republics.

But if its another brit, yeah, ******im.

[Luke Skywalker]

CHEVRON, on Jan 14 2009, 09:57 PM, said:

Does anyone have experience of getting out of / walking away from a signed contract for ski apratment in Bansko? I have paid 40% so far and I am due to pay next 40% in Feb 2009. I just want to walk away and will forsake the 40% paid as a bad investment. However, can I do this and will there be any future implications? Could I be sued, chased for the 60% etc?
Am I better to continue with the "investment" (ha ha!)

Getting desperate for guidance

You are strongly advised to fulfil the contract you have signed and pay all the money that you owe for the apartment in Bansko plus all and any penalties for late payment etc.

After all, you wouldn't want people on here to think that you are a back-sliding scum-bag who shirks his responsibilities and is a victim of his own greed and stupidity - now would you?

In any case, just by your posting on this forum and them tracking your IP address and trawling your ISP's records, the Bulgarians can easily find out where you live, where you work and take "appropriate action" against you and your family - if necessary.

Hope this helps.

P.S. CAVEAT EMPTOR!

[Caribbean Beauty]

Luke Skywalker, on Jan 14 2009, 02:51 PM, said:

You are strongly advised to fulfil the contract you have signed and pay all the money that you owe for the apartment in Bansko plus all and any penalties for late payment etc.

After all, you wouldn't want people on here to think that you are a back-sliding scum-bag who shirks his responsibilities and is a victim of his own greed and stupidity - now would you?

In any case, just by your posting on this forum and them tracking your IP address and trawling your ISP's records, the Bulgarians can easily find out where you live, where you work and take "appropriate action" against you and your family - if necessary.

Hope this helps.

P.S. CAVEAT EMPTOR!

That's a bit steep, the OP was asking for advice based, probably, on the information as to the weakness of such investments gleaned from forums like HPC. It is then a bit below the belt to try to scare the daylights out of him and generally act the b****rd because he, like millions of others, made a bad call. Act with some humanity! It's not as if he has been swagerring around on this forum boasting about how pathetic is bears are, in which case he would be fair game. But not his family

[RichB]

Fair point Cb, but it is worth pointing out that some people don't consider business transactions and punitive clauses in quite the same way as the british middle classes...

[forestfire]

Chevron,
First things first -is the company that you signed the contract with likely to be around for long?
Is the contract enforceable in England?
One thing to bear in mind is that it is not the letter of the law that is so important, but what it is practical to enforce.
Seek professional legal advice to put your mind at rest.
You can probably move/hide/"give away" your assets so that you aren't worth pursuing.
Certainly don't be bullied into paying up.
"Buyer beware" is often touted by developers or estate agents that are prepared to tell a pack of lies to make a sale.
(I'm not trying to pick a fight with the earlier poster, who I don't know from Adam, just making a generalization. Coincidentally the one time in my adult life that I have been threatened with violence was from a spanish EA. But is England such a lawless country that you need worry for your family? I hope not...)

If you are feeling paranoid, google proxy IP -I don't know how it works but I think it is supposed to conceal your IP.

This post has been edited by forestfire: 14 January 2009 - 10:56 PM

[CHEVRON]

Thanks for some of the more practical posts.
Ok, being new to this forum I obviously have not quite understood the etiquette and clearly have not understood the importance of my posts not making me come across as some sort "backsliding .........." or greedy which I am not. I suppose if you want to throw insults my way , the best shot would to call me very naive and stupid. I will get buyer beware tattoed on my arm as a reminder if I ever get a solution to this.
In my defence, I am just like very many, experiencing extreme financial difficulties at this time and trying to work out my options to try and reduce my problems rather than increase them by carrying on with the investment in Bulgaria, which is going to make things even worse not better.

The post I made was in good faith and just asking for any useful guidance from people who have experienced similiar or who are more knowledgeable about the matter than me.
So I better make it clear, I want to see if there are any options (and get an idea of the potential financial penalties etc.) for being able to terminate the contract, which is within the law and will be sufficient to compensate the Bulgarians.

I think the post about getting legal advice seems to be the best so far. However, I really do not have a clue where to source this. In that vein, does anyone know where I can get a list of firms that would specialise in this type of action with Bulgarian firm or have any recommendations?

Cheers

[zilly]

CHEVRON, on Jan 15 2009, 09:48 AM, said:

Thanks for some of the more practical posts.
Ok, being new to this forum I obviously have not quite understood the etiquette and clearly have not understood the importance of my posts not making me come across as some sort "backsliding .........." or greedy which I am not. I suppose if you want to throw insults my way , the best shot would to call me very naive and stupid. I will get buyer beware tattoed on my arm as a reminder if I ever get a solution to this.
In my defence, I am just like very many, experiencing extreme financial difficulties at this time and trying to work out my options to try and reduce my problems rather than increase them by carrying on with the investment in Bulgaria, which is going to make things even worse not better.

The post I made was in good faith and just asking for any useful guidance from people who have experienced similiar or who are more knowledgeable about the matter than me.
So I better make it clear, I want to see if there are any options (and get an idea of the potential financial penalties etc.) for being able to terminate the contract, which is within the law and will be sufficient to compensate the Bulgarians.

I think the post about getting legal advice seems to be the best so far. However, I really do not have a clue where to source this. In that vein, does anyone know where I can get a list of firms that would specialise in this type of action with Bulgarian firm or have any recommendations?

Cheers

I wouldn't worry about the insults. There are quite a few embittered misanthropists on this forum who will attack you merely for owning a house because you are responsible for all their life's problems. They are children throwing their toys.

Do you not have a translated contract of sale? That will give you details of the exit clause if present. If there is no exit clause then there is simply no legal way out of the contract if the other party insists on applying it to the letter.

You will therefore be relying on their goodwill in order to release you from your obligations.

You can pay for legal advice if you want but a contract's a contract...

Your best bet may be to first off be upfront about it and plead poverty - go for a bit of pathos!

[Caribbean Beauty]

And Chevron, never forget the old but true adage which business people all around the world apply when weighing up attempting recovery action (whether through the courts or kneecaps):

"you cannot get blood out of a stone"

So if and when you exit the deal, ensure that your letter states that you are bassic, facing bankruptcy etc etc, ham it up. They will be quite aware of the global slowdown and that the UK economy and people are doomed financially, so they will believe you.

[kakamolly]

Hi All, sorry if you are all experienced investor's but why invest in Property at the start of a world wide recession.

I used to work for a Property investment company and buying abroad is never straight forward.

If you buy a new build you will have a shortfall on your rent and if you buy a used property you’ll probably have the neighbors and mayor on your back.

I'm now investing my money into CFDs going short on the property market which is basically betting the market will fall.

I feel it makes more sense than buying a property at the moment, which is betting on the market going up sometime.

I went to a few seminars first, the main ones are CMC, IG, Saxo and Stirlingchase, which were by far the best as they seem to be a smaller outfit. They give you a good insight on what it’s all about.

I hope this helps.

All the best

kaka