how many credit cards do you have?

Phonix

Finally, I do hope you become the first millionnaire in your family, but I fear you could go bankrupt in trying.

And worse still, if you do go bankrupt, you'll probably be bankrupt for the maximum period for being so bloody irresponsible with this credit. Okay you may not see it that way but the racking up 50k of credit card debt in a couple of months to invest in property! isn't going to look too good to the insolvency advisor. Didn't this sort of behaviour used to result in a prison sentence?

curious_cat_3

I think this is a windup. No-one is this financially illiterate. :rotfl:

I hope that you don't have dependants and that you will only be ruining your own life and not others.

What will you do when your flats are worth 220K and interest rates are at 8.75%?

Halfmanhalfgoat

http://www.housepricecrash.co.uk/forum/index.php?showtopic=18061

Just to let you know that we are all laughing at you, I seriously hope that this is a wind up.

YorkshireBoy

TypeR wrote:

Repossessions up 61% year on year...

To be pedantic, these are repossession "actions" by lenders. The Council of Mortgage Lenders report that...

"out of 32,366 orders made in the first half of the year, only 4,640 homes were actually repossessed"

Further details here...

http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=404626&in_page_id=8

heathcote123

With profit to be had like that, I'd personally recomend you borrow 100k and buy 2 flats.

Property is allways guaranteed to make money. Everyone know this.

Ooh_Miss_Jones

monkeysnail wrote:

Need to come up with £50K by Sept 2006.

Don't mess about with credit cards, the simplest way to make £50,000 is to just go and buy a house for £500,000

With house price inflation at 10%, cash in next spring bounce for £550,000

Bobs yer uncle.

:money:

monkeysnail

The funny thing about this thread is that what I only asked is advice if I can be able to raise £50K on credit cards by Sept 2006.

I did not ask for advice if what I am doing with my money is correct.

Yet, most of the people here seems to bombard me with their own opinions on property investing.

First, of all, those are very very very negative on property investing, have you at least tried it or are you forever renting or living with your parents?

Cerbera_2

Halfmanhalfgoat wrote:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=18061

Just to let you know that we are all laughing at you, I seriously hope that this is a wind up.

MSE_Martin wrote:

Remember there's no such thing as a stupid question, pls be nice to all MoneySavers!

I hope you didn't join the forum just to post this unhelpful post
The reason of this site is to help people not make big financial mistakes and not to slate them if they do

MSE_Martin wrote:

Remember there's no such thing as a stupid question, pls be nice to all MoneySavers!

curious_cat_3

There are many negative replies for 2 reasons:

1) You are trying to borrow £50,000 on multiple credit cards.
2) You are pushing every possible piece of borrowings into an overpriced propery, at the peak of a housing bubble.

Each of these is financial suicide individually. Combined, they are the worst finacial suggestion I have ever seen on this site.

IT IS IMPORTANT THAT CASUAL READERS ARE AWARE OF THIS! HENCE THE REPLIES!

Insults about living with parents are meaningless. Surely that would be preferred to living on the streets having been made bankrupt?

anticlaus105

My god. If this is for real and there are other out there like you this country is in for a real rocky ride!