Permissory notes - scam?

skater_kat

Maybe a stupid question but I presume this is a scam?

http://www.gumtree.com/p/flats-houses/how-to-pay-off-your-mortgage-free-and-clear-in-6-months-introductory-sessions/1002775058

anyone heard of it?

antrobus

skater_kat wrote: »

Maybe a stupid question but I presume this is a scam?

http://www.gumtree.com/p/flats-houses/how-to-pay-off-your-mortgage-free-and-clear-in-6-months-introductory-sessions/1002775058

anyone heard of it?

£20 to attend an introductory session, £500 for the full 3 day course that explains the "powerful paperwork" that will enable you to become debt free in months. An absolute bargain.:)

Why would anyone think that was a scam?

marko21

I don't know if this as a scam or not.

The only thing I would be very wary of is sellers who ask for you to obtain Ukash Vouchers or make payment's through Western Union.

A common con is to ask for the voucher/ticket details to be then sent to them (one con was - so we can see that you have the funds), and guess what it's cashed through usually untraceable means (more often than not out of the UK) that even the authorities cannot trace.

Not been a victim myself but I know of many others who have.

skater_kat

I'm sure that the bit about signing up for a £500 course is a scam.

My question is more about the actual content - ie using 'permissory notes' to pay down one's mortgage. presumably you can go off an research this yourself without having to fork out £500 for a 'course' to learn this information.

Lomcevak

You mean promissory notes. Think they're used in (some?) US mortgages, but not in UK. see

http://www.consumeractiongroup.co.uk/forum/showthread.php?289044-Promissory-notes

in the U.K a promissory note is a form of i.o.u its a legal agreement between a lender and a borrower to pay back said amount within a given period of time,sometimes drawn up for,say for example a loan given by one familly member to another,but as already stated above,nothing to do with mortgages in this country im afraid.

The US version is a long-standing fees-up-front scam, generally the UK versions are cut'n'paste jobs with the occasional substitution of Bank of England instead of Federal Reserve, etc. and ignoring the fact that the law's different. Usual business of vague pseudo-legalese, unsubstantiated claims ('I work at a bank and know...', 'people have...'), etc.