Victims of property scam present case to Irish authority responsible for consumer protection – Hayes
Irish owners of French leaseback properties have today (Tuesday) presented their cases for mis-selling to the Competition and Consumer Protection Commission (CCPC) in Dubli
Under EU law, the CCPC has the power to initiate a joint investigation with the French consumer protection authority into the complaints raised by the property owners. Brian Hayes MEP says that these property owners were victims of a “scam” and deserve redress.
“I have been working on behalf of a large number of Irish people who purchased properties in France leaseback properties from 2005 onwards. These properties were advertised across a number of Irish national media guaranteeing a rental income. The French banks granted mortgages to the Irish purchasers, despite this false and misleading information used in advertising and contracts. The ‘guaranteed’ regular rental income never transpired and many of the properties halved in value.
“Consequently, French banks can now potentially seek a repossession order and put family homes at risk in Ireland, which is immensely stressful for the owners.
“I have also been actively pushing this issue in the European Parliament and have taken the issue up with my MEP colleague Vicky Ford, who is Chair of the European Parliament’s Internal Market and Consumer Protection Committee. She has since written a letter to the European Commissioner responsible for this issue, Vera Jourova, urging the Commission to take further action to ensure that these consumers are treated fairly.
“It is not only Irish people that have been scammed here, UK citizens and other EU citizens have also been at the brunt of this mis-selling. The European Commission needs to take an active role in this case to ensure that EU consumer law is being properly enforced.
“I am pleased that several property owners have submitted their case for review with the CCPC today and I look forward to hearing the outcome of that review in due course.”