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"we've Lost Thousands With Inside Track..."


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Richard Dyson

It sounds so simple . . . Attend a free workshop and experts will teach you to become an armchair property millionaire. Does the formula work? Read these investors' stories and judge for yourself:

THE MUSIC TEACHER - Claims she lost more than £100,000

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 at London's Renaissance Hotel, near Heathrow Airport.

'They were articulate and convincing,' says Brenda, 58, a music teacher from Dulwich, south-east London. She wanted financial security with an income in her retirement and thought this was the solution.

She paid £6,000 to join Inside Track's Platinum Club. 'I thought, fantastic, these are professional property investors, I'll pay them to build and manage my portfolio,' she says.

Now she says she 'must have been mad', but by that first weekend she paid deposits on properties in Florida and Spain. 'It seemed normal. Hundreds of other ordinary people were there doing the same thing,' she says. Within weeks she had bought two more flats - one in Beeston, Nottingham, and another in the golf resort of Turnberry, Ayrshire.

Brenda recalls: 'My broker rang, saying "I have the perfect place for you, a flat in Turnberry. There are three left. I can get it for you at a 13.5% discount. In big golf tournaments you can charge hundreds of pounds per night. You can do the armchair property investor on this one".'

However, she found she could not let the property for anywhere near the rent she expected. 'I spoke to local agents and they laughed,' she says. 'A chill went down my spine.'

This is just one example - the full article is worth a read if only to see 'amateur investors' who had their fingers burnt.

TD

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This is just one example - the full article is worth a read if only to see 'amateur investors' who had their fingers burnt.

TD

Why do people appreciate there is no such thing as a free lunch? If something is so good why would you ask other to participate?

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What stupid people.

At least if you just sent your bank details to Nigeria then it's less time and hassle when you're being fleeced of all your money.

I really have no time for those who can't even put their brains into first year and then are surprised that they're not "property millionaires". :blink:

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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 at London's Renaissance Hotel, near Heathrow Airport.

:lol:

She paid £6,000 to join Inside Track's Platinum Club. 'I thought, fantastic, these are professional property investors, I'll pay them to build and manage my portfolio,' she says.

:lol::lol:

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Guest mSparks
Inside Track claims most clients are satisfied and successful. 'You have identified a handful of unhappy clients,' it told Financial Mail. 'That's to be expected in a firm of our size. Dissatisfaction is very low and these are isolated and unusual cases. We have acted professionally and done more than normal property brokers would do.'

That last part seems true, I dont know many property brokers that would buy properties back at a loss? but then with the amount they are charging they can probably afford it...

That said, doesn't matter how 'valiant' they have been, like any pyramid scheme this is all going to end in one big mess.

Its becoming less and less of a case of 'working out where the sub-prime losses will end' and more and more about the last man standing when the extent of the property pyramid becomes evident and then collapses

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Thanks Dragon. Excellent article, great post.

Can't believe some of the idiots in this article...

One of the first deals to complete was the two-bed flat in Sunderland. When she came to let it, expecting to receive £700 a month, her hopes were dashed by a local agent. The same happened with the Manchester flat. 'The agents literally laughed,' Katherine recalls.

£700 in Sunderland.....what the fook was she thinking.

I have absolutley no sympathy for this woman or the thousands of others. They deserve everything that's coming to them.

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I need advice please.

I got this letter saying this widow of Prince Mugu needs my help. Her husband died from cancer, leaving his wealth locked in a American Trust. The only way she can get to the money, some $550 million, is that I use my bank account to enable the funds to be transferred. In return I get 10% of the monies. I also need to find $25,000 up front first to fund administration costs. Sound legit, should i go for it???

Please help, desperate.

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At least if you just sent your bank details to Nigeria then it's less time and hassle when you're being fleeced of all your money.

Quite, and you also have the option of stopping at any time should you choose.

I get the feeling the true bonfire of the vanities is just starting, and about time too.

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There is a sub text to this article which some on here, who I shared my experiences with at the time, will testify too. In 2005 if you put anything into print versus Inside Track you got slammed immediately by their solicitors. They also appeared to have connections in the press which, despite their shocking business practices, appeared to prevent them from being truly scandalised in the mainstream press. I discovered on my travels that an Editor at one of, if not the biggest Sundays, was a shareholder in their business, clever stuff to practically give away equity for keeping their mouths shut. Anyhow, with this expose I'd suggest their protection is now completely breached and it is, for some reason, open season on them. Their silly plans for a float were abandoned a while back and like the guy on the Simpsons selling the Trapazoid scheme I reckon they've got the hell out of Dodge. <_<

This is also quite a seminal time to see them slaughtered in the press and yet another indicator IMHO that HPI is RIP - 'cos the mainstream press now says it is.

Edited by Converted Lurker
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In the original post. Inside track, i m sure if you read the small print - it says rental incomes are inferred and not guaranteed.

Newbies got carried away with un-substantiated yields on over priced assets*, without doing their own research first, and like any other investment got burned.

*Opps , sub-prime CDOs sound remarkably similar.

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Seems the way to get round the regulators is to call yourself an investment club.

Quite clever really, as taking £8K in fees for investment advice sure makes it sound like a Financial Service.

£119 a month sub, to be put on the "Platinum, Oh please fleece me more list".

I got thier Postal shot through the other week and I think in a jury of your peers, most would see it as investment advice. Wait for the lawsuits to start rolling when the numbers/losses gather pace.

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I went to one of their "taster" meetings a couple of years ago and was staggered at how stupid people were. So many people were caught up in the potential to make lots of money that they failed to see that they were the ones who were paying for everything.

I mean really, they actually get you to pay for the privilege of buying the properties that they want to sell to you. It would be like being charged an entrance fee for going into Sainsburys! And then laughably they say you have to pay for access to their "Fuel" mortgage company - like if you simply applied to borrow money from them and were a good credit risk then they'd refuse because you didn't have a membership number (which business turns away customers on this basis?).

Complete wa*kers the lot of them (customers too). The fools paying the money deserve to lose it and the sharks taking it deserve to go to jail.

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Hmm. Sympathy is none existant here.

Meanwhile, here's an article about my kind of investing, completely fabricated.

A new breed of investor: Getting rich slowly

by: A Lazy Journo

Meet Mr John Smith. You may not believe it, but John, a retired pharmacist, 67, has found a novel way to make money.

"It all started many years ago. My father passed me down the best advice a man could get for life. Now I'm financially comfortable, and although it may not seem a lot to some of today's high-flyers, I don't need to work and I actually get paid to stay at home"

So what is the secret to Smith's apparent luck?

Well, it seems that John was not the only one to catch on to this new trend of money making. Peter Dent, 48, is well on his way to joining Smith in living a life of leisure.

"It's simple really. All I so is pay once a month into an account, and the bank take care of everything else."

So what do these two have in common? They actually GET PAID by the bank to store their money there. Unlike most others who pay the bank so that they can buy things they don't need, these two brave new investors simply lend the bank their money and sit back while the money rolls in.

Dent, who is a civil servant, said "It's amazing. Until I actually saw my bank statements, I couldn't believe it. I thought the only way to make money was to buy houses or something. But since I've been regularly saving money, I've seen my account balance snowball. "

His wife is even more pleased. Now that interest on savings takes care of most of their expenses, she is free to spend a little bit more on the things she enjoys.

"I can finally buy the car that I want. It may not be as fancy as a BMW X5, like our neighbours own, but hey, at least we own it outright. Unlike our neighbours, we can even afford the petrol for it"

Peter however is looking forward to a life without work.

"Since I've been saving and the bank started paying me interest, It's nearly reached the point where the interest is more than my salary. It's great, isn't it?"

In the near future, it is thought that more pioneers of investment may join the pair, although at the moment, it seems that savings are being eroded by paying for BTL mortgages on depreciating "investments".

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I need advice please.

I got this letter saying this widow of Prince Mugu needs my help. Her husband died from cancer, leaving his wealth locked in a American Trust. The only way she can get to the money, some $550 million, is that I use my bank account to enable the funds to be transferred. In return I get 10% of the monies. I also need to find $25,000 up front first to fund administration costs. Sound legit, should i go for it???

Please help, desperate.

Absolutely! If you're stuck for any of the money just ask here. I'm sure I'm not the only one who would chip in.

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Hmm. Sympathy is none existant here.

Meanwhile, here's an article about my kind of investing, completely fabricated.

I ve already looked at that method of passive income - one would need a pretty collossal amount of money to live off the interest, and one should pray inflation does not eat away at the capital.

i think one should need to realise having all ones wealth in one asset class is not without an element of risk.

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Absolutely! If you're stuck for any of the money just ask here. I'm sure I'm not the only one who would chip in.

Ok chief. If you send me £12,500 by cheque, I promise to put in the other half of the money, and send my bank details to Mrs Mugu and spilt the profits 50/50 once all is done and dusted. No risk of your bank details being exposed see... er ;)

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I ve already looked at that method of passive income - one would need a pretty collossal amount of money to live off the interest, and one should pray inflation does not eat away at the capital.

i think one should need to realise having all ones wealth in one asset class is not without an element of risk.

Indeed, it's always a problem. Especially when the greedy tax man takes away his 40%. That takes it down to 3.45%. Still above inflation, is it not? Also, ISAs are pretty useful for cash. I max my allowance at the start of the tax year and it does quite well.

Needless to say, my assets are reasonably well diversified, and currently averaging approximately 50-60% per year, even with a large amount in cash. I can't complain.

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Inside Track Leaflet:

Do the people making money out of property know something you don't?...Get in on the secrets that aren't shown on TV...Think how much your home has gone up in value over the past five years.....Don't look back in five years time and say: 'If only...'...There's a fortune to be made in property abroad, as well....Inside Track can help turn ordinary people into successful property professionals...how to make serious money.

Neither this nor any communication from Inside Track is intended to be, or should be construed as an invitation or inducement (direct or indirect) to any person to engage in investment activities.

Don't you just love small print? :lol:

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