Inside Track goes into administration.

BettiePage

http://www.guardian.co.uk/money/2008/apr/29/buyingtolet.mortgages


With thanks to Buccaneer on GHPC


:beer::T

PasturesNew

internal management accounts for the nine months to January 31 this year show income of just £239,000, with a £97,000 loss in January alone.

oops. Not making any money ... who would have thought it!

It'll be an interesting day on landlordzone and similar

SouthCoast

The dominoes are starting to fall.

:j :j :j

SouthCoast

Watch this space:

http://www.imaginehomes.co.uk/news/coverage/grantscareer.html

neverdespairgirl

Couldn't have happened to a nicer lot of rip-off con-artists.

moneysavinmonkey

All those people who paid thousands for advice + due diligence in selecting profitable properties will have no-one to sue when it turns out they have bought a lemon. :eek:

mpsavuk

:beer: :T :j :rotfl:

Generali

Let's not celebrate too soon.

From the article:

By 2005, amid talk of a stockmarket flotation, Inside Track's overall pre-tax profits hit £12.1m. It is difficult to calculate how much of that came from the company itself due to intra-group transfers. In 2006, group profits fell to £10.8m, then there was a steep slide in 2007 to £6.9m.

Hmm. Almost £30 million in profits in 3 years. Not bad.

The shares of both Inside Track and Instant Access are held by majority shareholder Pearson Foundation, based in Panama, and three Isle of Man trusts including one designated for Jim Moore and his former wife Kim.
Instant Access is, for accounting purposes, the company into which trading figures for Inside Track Seminars are consolidated. Instant Access is not subject to any administration order and will continue trading as normal for its members, as will the group's in-house mortgage broker, Fuel.

I think you can put a company into administration as a way of winding it up.

moneysavinmonkey

Generali wrote: »

[/I] I think you can put a company into administration as a way of winding it up.

... as a way of avoiding an angry mob of disgruntled clients wanting someone to blame for their BTL empire + easy life dream evaporating??

m00m00

I would suspect when the dust from the credit crunch settles, the FSA and possibly SFO will be taking a very close look at the dealings of 'Fuel' and other aspects of this company, particularly in relation to valuations and gifted deposits.

Alan_M_2

Why should it be investigated? The gullible are parted from their money very easily.

As I see it, Inside track have done nothing the major American Banks did with Sub Prime lending, repackaged it, called it something else, used a little smoke and mirrors and sold it on to other greedy banks that chose not to ask pertinent questions.

The only people to blame are those that put their money in.....if something looks to good to be true...it usually is.

In the meantime, the founder of the company made a tidy profit operating quite legally.

Capitalism at it's finest......Why do all these people immediately look for someone to blame? What ever happened to responsibility for your own actions, or admitting you'd made a dumb decision?