Tuesday, Apr 29, 2008
This is fantastic! Too good to be true! Insane Trap went belly up!!!!!
ThisIsMoney: Buy-to-let giant Inside Track goes bust AHA HAHAH HAHAH
Sorry if I have missed some earlier post. this is the best news of the year. AHH AHHAHH AHHAHAH AHHA HAHHH "Britain's biggest property investment company made its money encouraging people to purchase - at a supposed discount - strings of new-build flats to rent out: a business model that has faltered in the face of falling property values, below average rents and a mortgage freeze" and now is the turn of all those that have invested through Insane Trap AAHHA HAH HAHAHAHHAHAH HAHAHAH
Posted by confused76 @ 04:25 PM (1139 views) Add Comment
19 Comments
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1. confused76 said...
the press is full with the news... should read the comments... ah hah ahha hhahahha hahahh
what will it do to the market sentiment????!!!!
http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=302091
Inside Track’s seminars encouraged investment in UK new-build properties often bought off-plan and in international property markets like Spain and Florida.
‘Now is the time to invest in overseas property, and we have some of the hottest deals on the market,’ said Inside Track’s website where it is still offering a Nirvana Villa in Thailand with a two-year rental guarantee.
http://www.guardian.co.uk/money/2008/apr/29/buyingtolet.mortgages
Champion of buy-to-let boom succumbs to credit crunch· School for 'property millionaires' collapses
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL2990655020080429
UK buy-to-let seminar co. files for administration
The company, which says it has trained more than 100,000 individuals, said demand for buy-to-let landlord training had shrivelled as mortgages became more expensive and less accessible and as housing prices sagged.
"The company has seen a fall in the number of people who want to invest in the property market for the first time, and that is understandable in the current climate," managing director Tony McKay said.
WHERE IS STUART AZZETTZZ? WHERE IS HE? THE BTL DEMAND HAS NEVER BEEN SO STRONG!
AHH HAHAHHAHHA HHAAHAHH
2. Nightsod said...
re: "HAHAHA HAHAHAHAHA", etc
You people are set to wear out your 'shift', 'H' and 'A' keys over the next six months...
It is a well deserved privilege though so enjoy it now you finally can.
: )
3. hpwatcher said...
so funny!
4. Musicben said...
True that it is funny and good news for prices
One point that shouldn't be lost is that I would be quite sure that the people behind Inside Track decided to kill it now and have probably stripped it bare of assets via dividends etc first. They know that they will face tons of lawsuits so just kill the Company so people cannot come after them
A thing to watch for going forward is clear from their recent "newsletters" I signed up for these a while ago just to see their sales patter in action and understand their psychology. They are now heavily pushing Gold, silver etc. The next thing will be an effort to shear the sheep again via some ponzi schemes connected to metals.
They also keep the sister Companies to IT alive so as to shear the existing sheep that they have further if they are dumb enough
5. enuii said...
This just about sums up the level of hot air and bulling up they did about themselves when 'internal management accounts for the nine months to January 31 this year show income of just £239,000, with a £97,000 loss in January alone.'
What surprises me is how many journalists are now only too eager to criticise now they have gone bust, perhaps if there had been more constructive criticism beforehand fewer gullible people would have been stung by them.
6. Lukeskywalker said...
I think Estate Agents/Valuers and related "industries" will be heavily regulated in the future. The crash will expose fraud and conflicts of interest that, due to its influence on UK Plc, will lead to increased regulation. And the reintroduction of housing in the inflation data to prevent the same mistake. And probably green-vote winning carbon taxes on each owned home. And Mervin King and Gordon Brown in an emergency production of Its a (Right Financial) Knock Out.
7. doom&gloom said...
absolutely superb. Every time I saw the Inside Shack adverts in the papers it used to make me mad. Don't forget that this is terrible news for the thousands of people they have screwed over though - they've probably gone into administration to avoid all the lawsuits which would undoubtedly have followed over the next year or two. You can the bet the last pound of your buy-to-let scam mortgage that the directors are sitting pretty having siphoned all the money off long ago, and are probably planning their retirement somewhere without a UK extradition treaty.
8. Neo-serf said...
The shareholders and Director's will be sitting pretty - A variation on Robert Maxwell's business model.
9. Telometer said...
I shouldn't think the Directors are worried; nowhere does it mention insolvent liquidation. They'll have taken out all the profits, and left only a shell to be sued.
Also, making staff redundant now much easier. Although I'd have thought there would be plenty of scope for them selling 'dirt cheap' 'BMV' properties - maybe at 50% reduction yet. Watch out for their other companies...
10. mken said...
Probably legally advised to fold in view of customers seeking to sue? You could spare a thought for these customers who bought properties off plan only to find the golf course could only be seen from the roof.
Management will have behaved in an exemplary fashion, any other talk is - as was said of Mervs comments today about mismanagement in the banking industry - "unhelpful"
11. Jayk said...
I submitted this article - without success - six hours ago. The only difference is that I filled the comments section with the first paragraph of the article and not a load of self-important drivel and those ridiculous, annoying and self-indulgent "laughs".
Editors: can you start editing posts that contain nonsense? This news list is really starting to wind me up. No wonder we are so looked down on.
12. Rental John said...
Can't wait for Krusty's and Beeny's day jobs dry up aswell.....!
From link mentioned by confused76..... www.guardian.co.uk/money/2008/apr/29/buyingtolet.mortgages
Final paragraph of article =
Jim Moore, Inside Track's founder and substantial shareholder, first came to prominence in the late 1980s for his role in L'Arome, a pyramid-selling perfume company. After a lawsuit brought by Chanel, L'Arome went bust, owing £6.5m and leaving 180,000 distributors with unsellable scent. He was, he said, "broke, massively in debt". A decade later, he rediscovered his ability to galvanise with promises of quick riches through Inside Track. Moore earned millions from selling the buy-to-let millionaire dream.
13. Yoss said...
Yeah defo part of the business model, get out before the writs start landing in the post.
14. Rental John said...
From December 2005 - no one listened then, maybe they are starting too now....but way too late.
www.thisismoney.co.uk/mortgages/article.html?in_article_id=405635&in_page_id=8
15. 54t9u said...
What else can I say but... MUHAHAHAHAHAHAHAHAHAHA
16. the haunted said...
What else is there to say but... Muhahahahahahahahahahah! In years to come people will be talking about the lunacy that was Inside Track as a warning against foolish investments. Muhahahahahahahahahahah!
17. renting2 said...
I see Greenbust isn't answering this one either.
18. Steve99 said...
You may well laugh but who ever ran this operation will be sat, sitting having the last laugh (at us) on a warm beach somewhere with a bank full of cash creamed off the scam over the last few years. The only losers will be the naive investors who were conned by them.
19. Orwell said...
Greenbay?