With a payment being sent to the Directors of the Fractional Companies this week we are getting very close to settling the amount TRG owed to fractional owners for the period to the end of 2023. This has been a huge effort, reconciling part payments of BRM fees, and covering payments as far back as late 2018, but by the end of this month from nearly 750 companies, all but 51 will have been paid in full up to that point. In total over the past 8 months about €900,000 will have been distributed.
May we remind you that if you receive a communcation from Credas this will be an anti-money laundering check which os required before money can be sent to you. Please do not ignore this check as failure to complete it may result in payments not reaching you. If you have a professional trustee managing your pension, they will normally cover this on your behalf.
For the 51 left, we expect to complete their reconciliation and send any funds due by the end of February.
There are still fractional properties that have negative balances - where TRG has subsidised owners for their maintainance costs and property taxes. For these properties, while there is no surplus income to be distributed, TRG is NOT asking`any fractional owners to make any payments at all, and will look to bring these properties into positive balances.
We are now working with our finance teams to prepare updated balances for the properties for the period to the end of 2024. Once these are completed they will be sent to the Directors of the Fractional Companies. We understand that they are now developing an online system to communiate individual member balances directly to you.
We expect the balances for Llana properties to be confirmed by TRG at the beginning of February and Dunas properties towards the beginning of March, with Tortuga rooms following very shortly thereafter.
Everyone at TRG appreciates the patience shown by the fractional owners. Sua Casa has now been running for 3 years, and in that time we feel we have achieved a great deal to improve communications and help recover from the difficuties of 2019-2022. As well as bringing balances up to date, ensure payments are correctly directed, we have supported thousands of owners in understabding thier situation, we have completed thousands of valuation assessments and supported people in making informed decisions about their ownerships. We will seek to keep improving over the coming days, weeks and months.
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