VIC Seeking advice for breach of contracts in investment

[ksivasub]

Hello All,

I invested my savings of $195,000 AUD with a real estate agent for their land banking investment schemes. This real estate agent also serves as the property manager for my investment property. She executed two property investment agreements, both bearing her signature with a total principal investment of $195,000 AUD, for a profit of $34,500 AUD across these two agreements.

Both agreements have been in breach of contract since May 2023 and June 2023 respectively, with the payment of the investment principal and profit overdue since those periods. I have made repeated attempts to contact the agent through phone calls, text messages, and emails since May 2023. Unfortunately, there has been no commitment from the agent regarding when the total amount of $229,500 AUD will be returned to my bank account, with excuses citing market conditions being the only responses.

In response to this issue, I have already filed a police complaint and a case with Consumer Affairs Victoria (CAV).

The latest development is that the real estate agent has engaged a lawyer, but I do not have the funds to hire legal services and I am already facing financial stress. I strongly believe this is a criminal case because the money was swindled from me using fraudulent land banking investment schemes and the agent and those working with her are not providing a confirmed response as to when they will return my money with the profit.

I would like to know What are my rights, and what are my best options to resolve this issue? Will going to the media help my case?

Thank you for taking the time to read this. I greatly appreciate your feedback.

 

[Rod]

Give me a call to see if something can be worked out.

My signature below shows where I work.

If we can work out an arrangement I'll want to see the agreements and correspondence following the end of the loan terms, especially correspondence from her lawyer.

 

[ksivasub]

Hi Rod,
Thank you for your reply. I tried to book an online appointment with you, but your name does not appear in the list.

I will try calling your office tomorrow to make an appointment.

Kind regards
Karthik

 

[zaffin]

Hi ksivasub. This new legal ai tool I've been using. It's a bit slow but pretty good here https://legalmind.com.au. It produced:


"
Given the circumstances you've outlined and the steps you've taken thus far, there are a few avenues you might consider.

1. Legal Aid: If you are struggling financially, it may be beneficial for you to seek legal help through Victoria Legal Aid or similar organisations [Section 26(1) Legal Aid Act 1977 (Vic)]. Legal Aid provides free legal services to individuals who satisfy the eligibility criteria, potentially offering valuable assistance in navigating the complexities of your situation.

2. Victorian Civil and Administrative Tribunal (VCAT): As per Section 45(1)(f) of VCAT Act 1998, you could consider lodging a complaint in the Victorian Civil and Administrative Tribunal (VCAT). VCAT offers a less formal and typically less expensive avenue for resolutions compared with traditional court proceedings and has jurisdiction over real estate agents' professional conduct [Estate Agents Act 1980, Section 13(c)]. Arguably, the failure to repay your funds might be considered improper conduct on the part of the real estate agent.

3. Sales complaint to the Estate Agents Resolution Service (EARS) at Consumer Affairs Victoria: In addition to the case with CAV, you might further consider lodging a sales complaint with EARS based on your situation [section 20(C) and 21 of the Estate Agents Act 1980 (Vic)]. This could be an alternative resolution pathway to help you reach an agreement with the estate agent about getting your money back.

4. AFCA Involvement: Lastly, based on Section 313(6)(d)(iii) of the National Consumer Credit Protection Act 2009, the Australian Financial Complaints Authority (AFCA) has a jurisdiction to deal with complaints involving credit activities. If the real estate agent was involved in such activity for the land banking investment scheme, AFCA’s involvement could be a potential avenue for resolving your issue."

 

[ksivasub]

Hi ksivasub. This new legal ai tool I've been using. It's a bit slow but pretty good here https://legalmind.com.au. It produced:


"
Given the circumstances you've outlined and the steps you've taken thus far, there are a few avenues you might consider.

1. Legal Aid: If you are struggling financially, it may be beneficial for you to seek legal help through Victoria Legal Aid or similar organisations [Section 26(1) Legal Aid Act 1977 (Vic)]. Legal Aid provides free legal services to individuals who satisfy the eligibility criteria, potentially offering valuable assistance in navigating the complexities of your situation.

2. Victorian Civil and Administrative Tribunal (VCAT): As per Section 45(1)(f) of VCAT Act 1998, you could consider lodging a complaint in the Victorian Civil and Administrative Tribunal (VCAT). VCAT offers a less formal and typically less expensive avenue for resolutions compared with traditional court proceedings and has jurisdiction over real estate agents' professional conduct [Estate Agents Act 1980, Section 13(c)]. Arguably, the failure to repay your funds might be considered improper conduct on the part of the real estate agent.

3. Sales complaint to the Estate Agents Resolution Service (EARS) at Consumer Affairs Victoria: In addition to the case with CAV, you might further consider lodging a sales complaint with EARS based on your situation [section 20(C) and 21 of the Estate Agents Act 1980 (Vic)]. This could be an alternative resolution pathway to help you reach an agreement with the estate agent about getting your money back.

4. AFCA Involvement: Lastly, based on Section 313(6)(d)(iii) of the National Consumer Credit Protection Act 2009, the Australian Financial Complaints Authority (AFCA) has a jurisdiction to deal with complaints involving credit activities. If the real estate agent was involved in such activity for the land banking investment scheme, AFCA’s involvement could be a potential avenue for resolving your issue."

Thank you Zaffin for your reply. I will look into each of the options and also try the AI tool. Have a good day.

 

[Rod]

try the AI tool

Consider the results as entertainment value, not law or legal advice.