Greed bites back

Graham_Devon

http://www.thisismoney.co.uk/money/mortgageshome/article-2188354/I-sold-dream-life-Cyprus-Now-UK-home-risk-Thousands-face-crippling-debts-holiday-home-plans-sour.html

Should these people be able to sue for being mis-sold?

As you can probably tell, I'm getting a little bored of these "poor me" greed stories!

[Deleted User]

not much sympathy,if it sounds too good to be true than it usually is,the woman in the picture would have been better off paying for a gastric band to be fitted

chewmylegoff

why, when you are paid in currency A, would you take out a loan in currency B to purchase an asset priced in currency C and situated a four hour flight away (with the potential to generate income in currency C).

Even educated people have been caught up by this

can't have been that well educated?!

Graham_Devon

chewmylegoff wrote: »

why, when you are paid in currency A, would you take out a loan in currency B to purchase an asset priced in currency C and situated a four hour flight away (with the potential to generate income in currency C).




can't have been that well educated?!

Because the price will just keep rising and rising!!!

I'd feel sorry for people who had spent thier savings on such a scheme (though still say it was their own fault), but taking on debts and mortgages for these sorts of things!? insanity. Complaining about it and trying to get the law on your side is poor form. Imagine the stories if it had gone right....

A fool and their money....

abaxas

A fool and their money....


buys food?

chewmylegoff

Graham_Devon wrote: »

Because the price will just keep rising and rising!!!

I'd feel sorry for people who had spent thier savings on such a scheme (though still say it was their own fault), but taking on debts and mortgages for these sorts of things!? insanity. Complaining about it and trying to get the law on your side is poor form. Imagine the stories if it had gone right....

A fool and their money....

if they had just taken out € denominated mortgages as anyone with an ounce of sense would have done when doing this then they probably wouldn't be in such serious difficulties.

i don't really feel sorry for anyone who has done this to be honest.

(for the avoidance of doubt, i am not LOLing at them though )

Graham_Devon

chewmylegoff wrote: »

if they had just taken out € denominated mortgages as anyone with an ounce of sense would have done when doing this then they probably wouldn't be in such serious difficulties.

i don't really feel sorry for anyone who has done this to be honest.

(for the avoidance of doubt, i am not LOLing at them though )

Yer, agree here, I'm completely emotionless over this one.

My eyebrow twitched, so that may tell a story, but I can guarentee I had no control over said twitch.

Thrugelmir

chewmylegoff wrote: »

i don't really feel sorry for anyone who has done this to be honest.

There seems to be a blurring of what is an investment and a business.

Irrespective of what they were told. Surely they looked into the venture before signing the contracts. Taking both legal and financial advice. Given that the lady has never even set foot in Cyprus even more concerning. As if the the expectancy that making money was that easy. As ultimately that's what this is all about.

malkie76

I'm not sure this is 'greed', it looks more like someone trying to have a holiday home in the sun for free.

Sounds like a crazy plan to me, and never something I'd do, but I don't get the impression from the article that this was viewed as a great money making cash cow.

Loughton_Monkey

Charles Darwin would be excited living today. Not only has his biological and genetic evolution theory been largely proven and demonstrated, he would learn that this applies to financial matters as well.

The natural world conspires to ensure that the gullible, less intelligent, and greedy people in this country will always become poorer.

I detest fraudsters, but even 'legal' things like Timeshare, PPI Insurance, Warranty Insurance perform the same 'service' by taking more money away from the poorest and less educated. Don't know how it can be combatted, but putting warnings in writing is surely not the answer for those who cannot (or do not) read and understand?

sabretoothtigger

Only borrow swiss if you earn swiss somehow. I'd be wary of Euro but at least in theory they were to receive rent in that currency?

The answer now is to sell their UK home and pay off the debt, go live in Cyprus

It was a get rich scheme, just not for them