Who is the debt collector representing?
a) Cosmopolitan? They no longer exist!
b) The insurance company? They should be paying you, not the other way around!
c) Criminals? What a great scam!
Browse Forums Building A New House Re: Cosmopolitan Homes - Liquidator appointed 241Jan 25, 2012 6:00 pm Chiao Anyone got letter from debt collector saying no payment within 10 days they will commence legal action?? We sent off the letter drafted by govt solicitor that we need to wait until insurance settlement to finalize the matter, obviously that's not enough... Who is the debt collector representing? a) Cosmopolitan? They no longer exist! b) The insurance company? They should be paying you, not the other way around! c) Criminals? What a great scam! Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: Cosmopolitan Homes - Liquidator appointed 242Feb 06, 2012 11:00 am Hi Casa2, yeah criminals : P They represent the liquidator... I was informed to expect a settlement offer letter from QBE around end of last week, umm, still waiting, hopefully soon... Re: Cosmopolitan Homes - Liquidator appointed 243Feb 06, 2012 11:33 am Chiao Hi Casa2, yeah criminals : P They represent the liquidator... I was informed to expect a settlement offer letter from QBE around end of last week, umm, still waiting, hopefully soon... Settlement offer. Interesting wording. Does it mean they are expecting a rejection. Are you supposed to say no so that a second offer sounds more respectable. Before I get the offer, I would calculate what it would cost to finish off the works. And accept no less. Seconds thoughts, what this offer business. Just finish my house and pay for my accomodatino expenses in the mean time! Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: Cosmopolitan Homes - Liquidator appointed 244Feb 06, 2012 12:44 pm Hi All, I was one of the lucky Qld ones who hadn't started building but was left with a nice hefty hole in my pocket as they had not paid their BSA insurance from my deposit, therefore no BSA. In any case i thought i would let you know that the same management team (minus the director) are starting up a new project "Urban Splash Projects" - be careful! they are offering to do your house or finish it with no additional out of pockets. i was speaking to my new builder who said its unlikely that they will get credit from any supplies and will most likely face some major issues. it makes me sick that basically the entire snr management can just pick up wash away all of their sin (broken promises, being strung along, getting reassurances that everything ok, even the day before) FYI the what was supposed to be the new cosmo display is being sold 51 Moreton St Norman Park - the property beside it from i have heard has been bought by the new company to use as their display - makes me ill. Re: Cosmopolitan Homes - Liquidator appointed 245Feb 06, 2012 8:12 pm Hi casa2, I guess depending on the situation, if the settlement is less than the quotes you obtained, say both builders are over quote beyond HWIF's consultant valuation, then you probably have to go back and negotiate, well, assume you can negotiate.... Yes, for sure I will double check if it is for finishing the house only and rent, security, storage costs etc will be done later. Rent is paid up to when you move in right? Anyway, talking to one of the builders today about progress payment schedule and they want fortnightly payment based on jobs completed. The last time I talked to the bank, they say they won't release the last payment until OC is done, that was why I have to push Cosmo to let my landscaper in to do some work otherwise no OC no money. I am not sure bank is going to agree to the fortnightly payment arrangement? Let alone finding out the 1st builder has gone! But I don't have $60k sitting in the bank! Ahhh!!!!! When you thought there is some light at end of the tunnel!! Re: Cosmopolitan Homes - Liquidator appointed 246Feb 06, 2012 8:38 pm Hi All, I was one of the victims of Westminster Homes who went down about 2 weeks before Cosmo. I just want to wish everyone luck, & just want to say do your research, get quotes & speak to as many people as you can before you settle for anything so that you know what you're in for. Please remember, not all building companies act like these two did. We built 20 yrs ago, & I can assure you it was a very exciting experience. Re: Cosmopolitan Homes - Liquidator appointed 247Feb 06, 2012 8:55 pm Hi SubcutaneousQLD, did you loose the 5% deposit? Sorry to hear that, that is a lot of money! I thought it is a "legal" requirement to issue HWIS before taking money? But recoup the money from a long line of creditors is probably difficult. Talking about the new company, there is no comfort to the home owners is there! You almost have to hire a detective to dig deep and do the background checking! My neighbor told me the papers on the weekend said the director's mansion is up for sale... My new builder also said in order to issue HWIS they have to put their house/assets on the line. I thought it's just like car/house insurance you just need to pay a premium?! If true, at least this way builders will be more careful not to mess things up. Re: Cosmopolitan Homes - Liquidator appointed 248Feb 06, 2012 9:09 pm BTW, anyone seen the new changes to HWIS on fair trading? This means I will now get only two yrs for defect instead of previous 7 yrs for the new contract I am going to sign? But we are probably still lucky, if Govt didn't underwrite, we will be dealing with insurance company fighting over millions of fine prints to get money. I think next time I build will be when I have millions dollars in the bank so it won't hurt (as much) when $#*@ does happen. Re: Cosmopolitan Homes - Liquidator appointed 249Feb 08, 2012 11:24 am Chiao BTW, anyone seen the new changes to HWIS on fair trading? This means I will now get only two yrs for defect instead of previous 7 yrs for the new contract I am going to sign? But we are probably still lucky, if Govt didn't underwrite, we will be dealing with insurance company fighting over millions of fine prints to get money. I think next time I build will be when I have millions dollars in the bank so it won't hurt (as much) when $#*@ does happen. Hi Chiao, Can you tell us the link that you got this information from? Regarding the changes to defective work. Thanks. Re: Cosmopolitan Homes - Liquidator appointed 250Feb 08, 2012 11:57 am DFT link for changes to statutory warranty periods from Feb 2012 are here: http://www.fairtrading.nsw.gov.au/About ... 12_changes http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: Cosmopolitan Homes - Liquidator appointed 251Feb 08, 2012 2:25 pm Chiao Hi SubcutaneousQLD, did you loose the 5% deposit? Sorry to hear that, that is a lot of money! I thought it is a "legal" requirement to issue HWIS before taking money? But recoup the money from a long line of creditors is probably difficult. Talking about the new company, there is no comfort to the home owners is there! You almost have to hire a detective to dig deep and do the background checking! My neighbor told me the papers on the weekend said the director's mansion is up for sale... My new builder also said in order to issue HWIS they have to put their house/assets on the line. I thought it's just like car/house insurance you just need to pay a premium?! If true, at least this way builders will be more careful not to mess things up. no not the entire 5% just about 3% as i was paying for final design services, inc. engineering etc which i never received - they took my money the day NSW collapsed, and never told me about it (until i read about it 3 days later). and as for the newco, i really hope people boy-cot them, it really upsets me the way they preyed on the people who needed help, i am sure they have picked up a few unsuspecting people just because the transition would be easy. i have no issue and understand they need to make a living but why do they have to do it in a new co - find another company - dont just set up shop agin 5 mins later! Re: Cosmopolitan Homes - Liquidator appointed 252Feb 20, 2012 9:56 pm Hi All! It is now just over 3 months on from the liquidation of both Cosmo and Westminster. Given that the insurer (or its agent) has 90 days to settle claims and I have read several posts indicating that letters have been sent requesting (read "demanding") additional time to process the claim, I would assume that many claims are now past or very close to the 90 day mark... I am wondering... 1. Other than the "Loss of Deposit" insurance claims, whether any "Incomplete" insurance claims have been settled by QBE/SICorp? 2. Whether insurance settlement offers have been satisfactory to cover "losses"? 3. Whether tenders submitted by builders who are on the insurers' panel of preferred builders have been consistent (competitive) with tenders obtained independently by home owners? 4. Other than the Pemulway homes, whether any "incomplete" projects have re-commenced construction? 5. Whether anyone considers that they have had a "good" experience with SICorp or QBE? Despite all the "promises" made by John East (NSW Treasury, representing SICorp) at the customer meeting held on 17 November 2011, one gets the feeling that the answer to most of the above questions is negative... Your answers/responses would be greatly appreciated... Re: Cosmopolitan Homes - Liquidator appointed 253Feb 22, 2012 7:09 pm Hi tintin/springtime or anyone in the near completion group have received a settlement letter from QBE? I was expecting a letter early Feb and still see no sight of it... Also, the builder with the lower quote doesn't seem wanting to come to the party now (too busy??), I might have to fund the difference??!! : ( Perhaps doing extra work for QBE on the weekend to help out the paper work Looking for other builders now would just further delay things... Also hoping bank is not going to give me a hard time on making the last progress payment available - still waiting for their reply. Is this nightmare ever gonna end? BTW, reading the liquidator’s report, apparently Cosmo is in debt around $30M and could have financial difficulty as early as Jan 2011, before my house was started! Re: Cosmopolitan Homes - Liquidator appointed 254Feb 22, 2012 8:21 pm Chaio, I'm not surprised they were in debt as early as Jan 2011 & still took your money....look at WM, they weren't doing so well & when we questioned them as to why our frame was exposed to the elements for 6 months, they used the excuse that all the tradies were too busy...even when we complained to the DoFT. they couldn't really do anything....someone has to look at the setup & or wording of the building contract & do something! Re: Cosmopolitan Homes - Liquidator appointed 255Feb 22, 2012 10:38 pm yeah, now I remembered our frame was exposed to weather like 4 mths and there were all sort of excuses, but we didn't know the real problem was money! You are right, something needs to be done, can’t let things drag on until the builder declare liquidation. By then, it's all too late. Plus we can't claim any liquidation damage. The interest to the bank ($14-18k?) due to the delay I will never get back. This is definitely one sided game, they can threaten no work when you hold payment due to issues, they can demand full progress payment when work is "substantially" done regardless of quality/defects, they can delay the project and pay you $50 a day for damage (if you made to the end). This is the biggest purchase for most people and we are open for slaughtering. Re: Cosmopolitan Homes - Liquidator appointed 256Feb 26, 2012 12:40 pm If a business continues to trade while it's insolvent, it's a criminal offence and people go to jail. Surely liquidated damages is part of the insurance. Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: Cosmopolitan Homes - Liquidator appointed 257Feb 26, 2012 2:27 pm Chiao Hi tintin/springtime or anyone in the near completion group have received a settlement letter from QBE? I was expecting a letter early Feb and still see no sight of it... ed! hey mate, I am told that an offer letter should come through this week for cash settlement. This will be based on the quotes from various tradies I submitted. In the meantime I have lined up all the workers and already had some work started as well. I was four days away from practical completion inspection when Cosmo went under........ Re: Cosmopolitan Homes - Liquidator appointed 258Feb 28, 2012 9:59 am Following on from the posting to this forum on 20 February 2012, a posting was listed yesterday quoting a settlement letter from QBE, however the posting was very quickly removed. Who was the poster? Was it the poster or the adminstrator which removed the posting? Have any of you received a settlement offer from QBE/SICorp for your incomplete claims? If so, does the settlement offered cover your losses? Have any of you recommenced building works with either your builder of your choice or with a builder who tendered through the insurance panel/assessment process? Your feedback is appreciated... Re: Cosmopolitan Homes - Liquidator appointed 259Feb 28, 2012 10:21 am Hi 4 corners, Yes, I saw the posting yesterday & was surprised at the info that it contained. You see we were building with WM homes & decided early in the claim process that we didn't want to wait for what they called " Panel Builders ". This is because we had been building for 16 months at the time of their collapse & enough was enough. Also, HWI did not cover mortgage repayments only rent, so we were really hurting The quotes we got were more than the 20% cap, which meant we were going to be out of pocket by about $10K, QBE advised us against leaving the group because of the shortfall & told us if we stayed, the house would be completed with no out of pocket expenses to us....the question was at the time ,when was this going to happen?, & the stress we were going thru was just too much, so we asked to have our claim settled which meant only 20% of the claim was paid. My question is, if QBE is now paying 40% of the claim not 20%, why can't we be paid the extra 20% people are being paid now? Re: Cosmopolitan Homes - Liquidator appointed 260Feb 28, 2012 10:44 am Hi - by chance I also read the post. I wonder how long it was up for? Like springtime, I was surprised they were offering now 40% rather than the 20% and also questioned who had written it. I have forgotten who the poster was but I did notice they hadn't made many posts to date. SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 I would never build with Fowler homes. I built with them in 2021 and till date maintenance issues are pending. All their existing trades and businesses don't work with… 14 109506 Hi there! Putting the feelers out there for those who have (or almost) built with Arli homes! Interested in your experiences who've built from their stock home designs… 0 26589 |