my buy-to-let dream cost me everything

WTF?_2

tonydee wrote: »

Greedy for wanting to make money???? Surely thats what everyone wants to do?

If property was her venture to make this money, what the hell is wrong with that? It failed for her, like it will for others but for others it's proved very fruitful.

There are some very bitter people on here!

I think the point here is that it was pure greed which overrode any rational thought process.

I mean, if she had sat down and thought about what she was doing in a logical, detached manner she would have seen that the sums just didn't add up and that she was placing herself in financial jeopardy.

Of course, the actions of the estate agents,developers and brokers did not help.


It's a prime case of the 'gold rush' mentality that often drives markets. People allow the thought of making a big fat wodge of cash to override all other considerations.

Generali

!!!!!!? wrote: »

I think the point here is that it was pure greed which overrode any rational thought process.

I mean, if she had sat down and thought about what she was doing in a logical, detached manner she would have seen that the sums just didn't add up and that she was placing herself in financial jeopardy.

Of course, the actions of the estate agents,developers and brokers did not help.


It's a prime case of the 'gold rush' mentality that often drives markets. People allow the thought of making a big fat wodge of cash to override all other considerations.

Greed and fear, !!!!!! old thing. That's what drives prices.

It looks to me like we're starting to move from a greedy time to a fearful time in asset markets in general.

As ever, we'll see.

Gorgeous_George

Has this lady asked for compensation from the Government or the companies who fleeced her of £6,000 or from the BTL loan companies?

I see no reason why she should be baled out of her predicament. If she has lost money then it is only right that her home is sold to fund any gap. It is only right that she should be penniless before being made bankrupt.

If only the same thing happened to directors of companies (like Northern Rock) who have destroyed their businesses and many people's share holdings. They keep their homes despite their incompetence and the dreams of untold profits sold to them by carpetbaggers.



GG

rjm2k1

Big deal, it's no different to someone investing in shares and losing money, investing in a pension which doesn't provide etc etc, some win, some lose, some do the proper research, some dont. If everyone was successful, we'd all be millionaires.

poppy10_2

Moorepart wrote: »

prevent them from hurting themselves. that's why good taxi cabs have automatic door locks

I always thought that was to prevent people from running without paying the fare?

seven-day-weekend

1n 1998 we bought a flat to rent out and use as an investment proerty - something we'd always wanted to do - on a 95% mortgage.

However - our own family home was already paid for and had no mortgage on it whatsoever.

If it didn't work out, we could always sell the property with no risk to our own home.

We sold the property in 2005, having taken advantage of house price rises, paid off our other debts and had a bit left.

However, I realised the other day that we were actually counting on house prices rising (which luckily for us they did). If the'd have fallen, we could easily have been in negative equity.

There is no risk-free property investment.

Melissa177

dixie_dean wrote: »

Are you for real? You "wish her nothing but pain"? You must be a raving Tory?

Hell no, don't insult us Tories like that!



I have to say, the response to this woman's plight on this thread confirms my belief that this forum has more than its fair share of nutters who are obsessed by seeing people fail in the property market. I bet not one of those people who have posted nasty comments on here would dare say anything like that to her face were you to meet her in person.

BettiePage

Melissa177 wrote: »

I bet not one of those people who have posted nasty comments on here would dare say anything like that to her face were you to meet her in person.

I would and I bet plenty of others would too.

Melissa177

In addition, whilst I agree that this woman was stupid, stupidity is not a crime. This talk of "greed" is a bit silly - we live in a capitalist society, the aim of the game is to make money, to enjoy the fruits of your labour. If I ask for a pay rise at work, does that make me greedy?


The woman has been conned, and whilst I think she's a very silly woman, there are plenty of gullible types out there... This isn't a crime. It should be a crime to con people into these sorts of scams, however.

CB1979_2

oh melissa of little faith, i'd have no qualms about telling someone they've been an idiot both on the net & in real life, and i wouldn't expect any different in return if it was me who was the numpty!

but i'm not obsessed with seeing people fail in the property market, just i don't like to see idiots getting press coverage for their stupidity and trying to play the sob story, when we know all about the pyramid schemes and scams that go on day after day.

who's fault is it, that she got greedy, could have worked out and I'm pretty sure she wouldn't have gone to the papers complaining about her windfall, if she had made some cash, she would probably have about 20 properties now (yet still not realising it wasn't due to her amazing prowess "new business venture")

don't see the big deal anyway, go bankrupt lose your home and rent, she knows there's plenty of places about and alot cheaper than she thought too!