Saturday, March 8, 2008

Inside **ck!

No more takers for dream of becoming property millionaire

Britain's biggest property investment company, which boasted in newspaper ads that investors could "give up work and be a property millionaire instead", said yesterday it would suspend seminars and cut 40 jobs - in the latest sign that the buy-to-let fuelled property boom is over. MWA UAH HAHA HHAHAHHAHA HAH

Posted by confused76 @ 04:52 PM (1562 views)
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14 thoughts on “Inside **ck!

  • About time too, their practices were verging on fraud. No doubt many of their clients may also be considering legal action against them as well in the non to distant future.

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  • housing carbuncle says:

    “Once its already-booked programme of seminars is over, which according to its website will be March 24 in Guildford, Surrey, the company will abandon workshops aimed at enticing new investors.”

    Sounds a bit ominous. But –

    “The cutbacks will affect only the property seminar division of the company. Its three other divisions – a mortgage brokerage called Fuel; the property sales arm Instant Access Properties, and AfterCare Solutions support services – will continue operations as before

    No doubt this is to continue fleecing the punters who have been conned into loosing their savings. The whole thing sounds terrible. FSA regulation ???

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  • Letthemfall says:

    “Panama-based… Isle of Man trusts…” The days of this shabby little parasitic business are numbered. It’s disgraceful that this sort of barely legal means of fleecing people is possible. Sadly the fools money that found it’s way to foreign dominions will stay there.

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  • Landedgentry says:

    HA HA the whole group is #@#ed! as all divisions are dependant on the property market.

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  • Landedgentry says:

    These guys were no more than glorified estate agents that CHARGED THE BUYER!

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  • An Bearin Bui says:

    In the immortal words of Nelson from The Simpsons: “ha ha!”

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  • Chances of anyone recovering anything are nil. Each limited company will be ringfenced from other creditors (and I shouldn’t be surprised if they were registered in Lichtenstein or similar) Therefore unless one can show wrongful or fraudulent trading once can forget legal action I am afraid.

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  • little professor says:

    WOOOOOOOOOOOOOOOOOOOOOOOOOOOOT!!!

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  • In truth, reading this article especially this bit:

    “The secret, according to property investment clubs, is to obtain discounts on new-build apartments so you can start building a portfolio with virtually no upfront payments.

    The trick is to find a property where the developer is willing to offer “off-plan” buyers a discount of at least 15% off the brochure price. This means a buyer can apply to a lender for a buy-to-let loan equal to 85% of the “value” of the apartment – even though this amounts to 100% of the cash needed to buy the property”

    Reminds me of an Albanian Pyramid selling scheme. In this case the Government & the FSA are wholly responsible for allowing this scheme to continue from the GET-GO.

    Think of BTL as a government tool to “class-cleanse” communities around the United Kingdom. This is not just a matter of a few getting rich quickly, it is an indication of the contempt the government have for society.

    BTL is part of a bigger plan, CONTROL, in documents 50-70 years from now, we will read about such a policy, when the current establishment has safely passed away.

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  • it_is_going_with_a_bang says:

    I’d like to be at the question and answers bit if any current ‘seminars’.

    Q “Erm why have you decided to stop the seminars, after all I’ve just paid you £2,500 for this one?”

    A “We have decided that next month the great investment advice won’t be relevant to newcomers, but don’t worry we can still finance your dreams ( for another month or so …)”

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  • See that is where the HPC has missed a trick with these “Property Millionaires”. The HPC & contributors should be charging all these “Property Billionaires” a pay-per-read, could have saved these “Property Trillionaires” a few quid.

    Like any short-term opportunist (thief), like the Government & FSA, need locking-up.

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  • Pooingmyself says:

    I went to an Inside track pre seminar and when I filled in the form I made the mistake of giving my e-mail address. They sold my details on and ever since I have been plagued with spam e-mails, Pen*s enlargement,Viagra and all the rest of low life junk.
    When the closer tried to sign folk up he went from 6k down to 2.5k then even less if we paid cash to save credit card costs. It was double glazing sales at it’s worst. One of my pet hates are 0870 numbers and guess what there telephone number is .

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  • Landedgentry says:

    Their claims about becoming a property millionare is correct, If you start out with a billion.

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