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I am cursing my self each day to be in a such a mess!
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Yes unfortunately private investment and lesson learned for life.1
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What's an approved investment scheme?
Just remembering when a friend asked if I'd loan her thousands of pounds to buy an investment house that the bank wouldn't loan on and had subsidence ....!Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.2 -
An investment scheme regulated under the FSA. Organisations offering investment schemes should be registered with the FCA. In this case though it appears it was a private unregulated investment.kimwp said:What's an approved investment scheme?
Good job you did not fall for your friends suggested investment property. If people cannot get funding through the normal channels there is usually a good reason why.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£7500
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php2 -
There are some situations where the bargepole cannot be long enough. Well done @kimwp for dodging that bullet! Love Humdinger xx1
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