Sunday, Nov 11, 2007
More truths behind the great property swindle
thisismoney: We've lost thousands with Inside Track
Brenda Davies responded to an advert by property investment company Inside Track in August 2004, attended a free workshop and then spent £2,495 to attend a two-day seminar. But now Brenda says the mortgage shortfalls, capital loss, and fees paid to Inside Track and other firms left her out of pocket by more than £100,000 ...... Oh, the high price of greed!
Posted by uncle chris @ 04:07 PM (1132 views) Add Comment
12 Comments
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1. uncle chris said...
The most telling statement here is .....
'My biggest complaint is that I trusted the professionals,' he says. 'I trusted the surveyors, mortgage brokers and solicitors. Why would a respectable surveyor put down those figures? Why would a bank lend against them?'
Errrrmmmmm - because they all want your money - end of story.
2. enuii said...
Inside Track - Spivvery at it's best - as the old saying goes 'fools and their money are easily parted'.
3. taffee said...
enough to put you off proprty for life...I rented a house out once and it was a total nightmare...with tenant rights I believe it is worse now.
4. new_order said...
As one American judge once said: -
"Crime does not pay because when it does it is given a more respectful name"
5. On The Brink said...
And they're still at it. I have a second email address and the amount of spam I receive in there from people trying to sell me either repossessed properties (!) or buy to let is unbelievable. Needless to say it gets deleted.
6. little professor said...
Aww diddums, I feel so sorry for them. Greedy cnuts.
7. Davros said...
If something seems to good to be true...
A bit like the claims of a soft landing for the housing market infact!
8. japanese uncle said...
Brenda Davies responded to an advert by property investment company Inside Track in August 2004, attended a free workshop and then spent £2,495 to attend a two-day seminar on property investment
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This reminds me of an episode during Nazi Germany days, in which SS sent bills of execution costs to the families of the condemned.
9. Icarus said...
If these spivs were really onto a winner why, with all the easy credit then available, did they need to go to Joe Public for funds? Why does a tipster sell tips instead of backing the horses himself? So many of the people paying for 'expertise' have a touching belief that organisations like Inside Track are 'professional'. When they ARE successful it is for the simple reason that any fool can make money in a rising market.
10. deepak said...
I have read so many of these blog posting of Americans. Of people loosing money on investments and also loosing their own house to cover up the debts. Its coming here.
With millions of mortgages coming for renewal and spike in rates it will catch more than expected people.
Oh I forgot high inflation as well.
11. yorkshireman said...
We could forgive the "investors" if this amounted to inexperience on their part. It actually amounts to greed and stupidity on their part, which is unforgiveable. These seem to be reasonably intelligent people, who were seduced by far more intelligent and ruthless sales people. The line "this process seemed miraculous" sums it all up for me. Insied Track have exploited people's greed and stupidity and there is no regulator to clean up the mess. I have a much better get rich quick scheme. Every day, I win a lottery or have large sums of money left me by relatives in Africa. I will pass these on for a small fee. I get to keep the fee regardless and you have a worthless piece of paper or e-mail. If it sounds too good to be true, it is. You don't get something for nothing etc. but I am preaching to the converted and intelligent.
12. bidin'matime said...
Yorkshireman - sounds great - you having all that money for nothing - seems miraculous - tell me where you want me to send your fee!
Just joking...