During this series of Watchdog we've reported on the difficulties faced by hundreds of British customers who bought property overseas, through Bulgarian Dreams. The company ran into difficulties last year, leaving some people without the apartments which cost them tens of thousands of pounds. One of those customers, Chris Dale had paid £56,000 for an apartment in a complex called 'Windows to Paradise' on Bulgaria's Black Sea coast. When we travelled with him to inspect the property in January, it still resembled a building site, in spite of Chris being told it had been finished. Bulgarian Dreams was washing its hands of all responsibility, and instead chose to refer customers to the developers.
Robert Jenkin, the man behind Bulgarian Dreams, repeatedly refused to speak to Watchdog - even calling us "tabloid scum". However, after negotiations, he finally agreed to a meeting, to discuss a proposal he's putting forward, which he says could help customers receive their apartments after all.
Paul Heiney met Mr Jenkin in a cafe in Bulgaria's capital city Sofia. First, Robert Jenkin explained how Windows to Paradise had run into difficulty. He said that the developer had suffered a cash-flow problem, that building costs had been higher than expected and that the global slowdown had hit sales. But Robert Jenkin said that he and his customers were now moving forward. "Myself and the owners, we're talking about the majority of owners in many developments now, we've put that behind us, we've drawn a line in the sand."
Paul asked where customer's money had gone. "The money's with the development companies, I don't think there's any question of that," said Mr Jenkin. When asked about his connections with the development company, Mr Jenkin admitted that he'd once been a manager and that his wife is still a director, but he explained that this had been done with the best of intentions in order to increase the flow of information for the owners.
Robert Jenkin insists that neither he nor his wife has any control over the developer, but he's trying to get them to finish the job. He says they can only do that, with more money, and so Mr Jenkin is asking the 50 or so owners who lost confidence in Bulgarian Dreams, and did not pay in full, to put the rest of their money forward. But would customers who bought into the plan, be guaranteed to finally receive their apartments? "There are no 100 per cent guarantees," he said. "But the development process is tightly controlled, there is a limited amount of work outstanding, and that work is very transparent". Robert Jenkin went on to explain that customers' money would be paid into an independently managed Escrow bank account, with the scheme overseen by an independently appointed project manager.
Mr Jenkin's rescue plan comes at the 11th hour, because if the developers don't get the extra cash, the bank may call in their debts. If that happens, Chris and all the other investors could lose everything. The bank has given Mr Jenkin just two weeks to raise the money, leaving his customers with a difficult choice - do nothing, and risk losing their apartment and the money they've already invested, or rely on the word of a man who's already let them down.
Mr Jenkin says that he wouldn't be able to touch any of the money paid into this account.
Bulgarian Dreams owner makes an offer
Robert Jenkin, the man behind Bulgarian Dreams, repeatedly refused to speak to Watchdog - even calling us "tabloid scum". However, after negotiations, he finally agreed to a meeting, to discuss a proposal he's putting forward, which he says could help customers receive their apartments after all.
Paul Heiney met Mr Jenkin in a cafe in Bulgaria's capital city Sofia. First, Robert Jenkin explained how Windows to Paradise had run into difficulty. He said that the developer had suffered a cash-flow problem, that building costs had been higher than expected and that the global slowdown had hit sales. But Robert Jenkin said that he and his customers were now moving forward. "Myself and the owners, we're talking about the majority of owners in many developments now, we've put that behind us, we've drawn a line in the sand."
Paul asked where customer's money had gone. "The money's with the development companies, I don't think there's any question of that," said Mr Jenkin. When asked about his connections with the development company, Mr Jenkin admitted that he'd once been a manager and that his wife is still a director, but he explained that this had been done with the best of intentions in order to increase the flow of information for the owners.
Robert Jenkin insists that neither he nor his wife has any control over the developer, but he's trying to get them to finish the job. He says they can only do that, with more money, and so Mr Jenkin is asking the 50 or so owners who lost confidence in Bulgarian Dreams, and did not pay in full, to put the rest of their money forward. But would customers who bought into the plan, be guaranteed to finally receive their apartments? "There are no 100 per cent guarantees," he said. "But the development process is tightly controlled, there is a limited amount of work outstanding, and that work is very transparent". Robert Jenkin went on to explain that customers' money would be paid into an independently managed Escrow bank account, with the scheme overseen by an independently appointed project manager.
Mr Jenkin's rescue plan comes at the 11th hour, because if the developers don't get the extra cash, the bank may call in their debts. If that happens, Chris and all the other investors could lose everything. The bank has given Mr Jenkin just two weeks to raise the money, leaving his customers with a difficult choice - do nothing, and risk losing their apartment and the money they've already invested, or rely on the word of a man who's already let them down.
Mr Jenkin says that he wouldn't be able to touch any of the money paid into this account.
Bulgarian Dreams owner makes an offer