Are there any Picrealty members that have had their September mortgage payment processed and cleared? Please post if you have any updated news.
Thanks
Username1111
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Are there any Picrealty members that have had their September mortgage payment processed and cleared? Please post if you have any updated news.
Thanks
Username1111
As I understand it Picrealty is separately funded from Picpay/Pips and has been given the thumbs up by Bank Negara already.
I assume however that most if not all deposits made to Picrealty were made from members Picpay funds.
Have some mortgages been paid and others left unpaid? If so it might mean that Picrealty did not receive the deposits from Picpay in time before Picpay was locked down.
Has anyone paid their deposits with hard currency rather than Picpay and if so are their payments being made in a timely fashion?
I have not seen any threads dealing with this topic and would be grateful for any input on the above questions :)
Thanks
Michael
I have seen one post which advises that at least one mortgage payment was made while the websites were down. I cannot recall where it was posted.
My Sept payment was not paid
Interesting,
It may have been separate, but with no funding, it means little evidently as my first payment was never made. I did communicate with one person who had their first payment paid, although 4 days late, and then refused by mortgage company for being short of total amount, so I suspect none are being payed as agreed while all funds are locked up.
Good luck to all, Mike
So if Roshenco knows of one that was paid a others were not paid then perhaps it was a question of whether the funds were released from Picpay in time to go through before the lock up? Either that or someone paid by other means than Picpay.
This is what I am trying to find out, apart of course from whether they are stillopen for business and taking on new deals provided that they are funded by other means from Picpay :)
Anyone?
Michael
and where did you hear that may i ask?Quote:
Originally Posted by michaelr
Unlike some who rely on gossip in TG I have taken the trouble to go to Conventions and talk to Bryan and other members of staff and visit the offices in Nilai fairly regularly for the same reason. Then I ask questions and then I listen to the answers.
That is how I find things out and it generally appears to work quite well for me :)
I have noticed that some others do the same thing and also seem to know what they are talking about :)
I hope this answers your question, tuppence,:)
Michael
Greetings,Quote:
Originally Posted by michaelr
The person I talked to got under wire, but I have not heard that anyone has had their payments made from second week on after shut down, and with no funds released yet, I doubt anyone will see their payments made until this changes, and then we still don't know if the payments will continue. My late charges were significant, so I am hoping Picrealty comes back first.
Good luck to all, Mike
Quote:
Originally Posted by michaelr
So, how do you know that the bank ok'd Pic Realty? I must of missed that answer.
As far as payments made, someone said they had seen a post somewhere. I too thought the post was about a payment being made, but, I think it turned out that the poster (mod in auspips) misunderstood the question and answered in such a way that it sounded like the payment had been made. I just saw last nite that there was that misunderstanding and, a correction that, no the payment wasn't received. :(
VP
me too!Quote:
Originally Posted by boatman
It is correct that picrealty does not depend on picpay nor on pips. It is a seperate business located in a different country operating under the pips umbrella. This has been a known fact for quite some time now. Question about how do I know hold no ground. The question should be; how come you don't know? I have been a member of pips for quite a while. Pips is in trouble for being too transparent. Lots of info was available for everyone to read on the old forum.
To come back to the question asked. I also read that someone had been paid but I honestly must say that 1 single testimony is not enough. But then again, if there's one thing I know about forums is that people vent. We'll see.
Quote:
Originally Posted by boink
Ok... if it is a seperate company in a different country, why has it been closed?
Only question should be who owns it, not it's operation. Yet, No one seems to work there, phone calls aren't answered,no emails are answered, and no payments are being made.( didn't pay mine)
Pips is in trouble because it defaulted ( as in did not pay) on it's loans to us.
Boatman says
I do not agree with this. Picpay was the reason for the breakdown in transfers.Quote:
Pips is in trouble because it defaulted ( as in did not pay) on it's loans to us.
Pips is unlikely to attract that much attention from BN and there have been several posts to the effect that it is already cleared by the Bank and that Bryan is cleared to continue to run the business along with Bistro, Newmark Business Centre etc.
The default on payments was caused by the failure to adequately verify merchant accounts and some of the merchants abused the system in a way that was unnacceptable to the regulators. This business, Picpay, is the one which has been closed and with which the banks would not play ball over our transfers.
To be fair to the management I understand that in the wake of 911 there was such a welter of new regulations that it was very difficult to comply. I have even heard senior bank staff in the UK say that they did not understand it all.
So we must hope now that Pips can come up with a new system which is acceptable. Assuming the funds are still there I am sure that Bryan will come up with a way to get everything moving again, but I am equally sure that it will take some time,
Just my two bobs worth :)
Michael
I should of said Pips /Picpay sense we do not know what failed yet. If Pips paid Pic Pay with real monies then Pic pay is clearly at fault.Quote:
Originally Posted by michaelr
I was really only making the point that Pic realty should be open if it is a seperate company
I did post here that PicRealty will stop their payments to banks for mortgages several weeks ago, but the admin of this forum decided that he/she should remove the thread.
How did you know?Quote:
Originally Posted by LegalEagle05