inside track collapses

SquatNow

Companies like this crop up in one form or another with every housing boom.

Plenty more will appear in 14 years time at the peak of the next boom.

mr.broderick

SquatNow wrote: »

Companies like this crop up in one form or another with every housing boom.

Plenty more will appear in 14 years time at the peak of the next boom.

Squatnow i was just about to say you have been behaving yourself recently then you go and dash it all by bringing up your ludicrous 14 year cycle baloney.

Benefits_Blagger

I'm going to be sad at the demise of inside track, as i think these people are heroes. All inside track have done is seprate the greedy from their cash, ultimatly some of this cash will come the way of the those who cant afford property now through the oversupplied properties that are going to flood the market at discount prices.

take this greedy biatch

Rosemary Jane, like thousands of other educated, middle-class homeowners, believed property investment was the sensible way to supplement her pension and finance a comfortable retirement. But her foray into buy-to-let has left her staring into a financial abyss where everything she owns, including her home in Portsmouth, is in jeopardy. And at 57, retirement is out of the question - probably for a long, long time.


Her three properties are estimated to be worth less in total than the mortgages secured on them. They do not bring in enough rent to cover her monthly mortgage outgoings - making them a continuing drain financed only by credit cards and other borrowing.
Two of the properties in Huddersfield, West Yorkshire, and Newark, Nottinghamshire, are mortgaged at comparatively low rates. But within the next two years both will have to be remortgaged and Rosemary can only pray she will find loans at comparable rates.
Her third property, a Manchester flat supposedly worth £135,000 in 2004, is valued at £100,000. However, a similar property in the block failed to fetch even £70,000 at a recent auction. Rosemary's Northern Rock mortgage of £115,000 means she has [URL="javascript:self.name='main';PopUp('you_popup','/pages/jargon/index.html?in_jargon_term=negative equity','350','150')"]negative equity[/URL] on this flat of anything up to £50,000, and she is paying a ruinously high rate of 7.95%, translating into monthly repayments of more than £700. She receives less than £400 in rent

Ideally, what Rosemary, a lecturer, wants is for Inside Track - the property club that recommended the investments - to take the Manchester property off her hands and also release her from a pledge she made to buy another house in Florida, which has yet to be built

this is a woman on the brink of retirement with a good job, with no doubt a decent pension to look forward. a pension which is going to be paid by the younger generation working today, while they will have to work longer and accept less money when they come to retirement. likewise she will have benefited from the property boom whe she comes to downsize on retirement. likewise i have no doubt, like many other people she probably benefitted from the thatcher years, when Mrs T flogged off the states assets at knockdown prices and also benefitted from the demutalisation of the building societies during the 90's.

this woman has done well, by being born at the right time, something which is going to be paid for by the younger generations of today. but yet she wanted more! she wanted to be buy property using the money of those who cant afford to buy through their rents and no doubt when she could realise her assets sell to another member of the younger generation at a inflated price.

this woman was sitting pretty, yet she wanted more, now she has lost everything and deservedly so, she deserves sympathy off no-one.

the only benefit to come out of her story, is that at some point people who cant afford to buy now, will be able to at a lower price whe her flats are repossessed.

Lotus-eater

Benefits_Blagger wrote: »

I'm going to be sad at the demise of inside track, as i think these people are heroes. All inside track have done is seprate the greedy from their cash, ultimatly some of this cash will come the way of the those who cant afford property now through the oversupplied properties that are going to flood the market at discount prices.

take this greedy biatch

You are such an a*sehole in so many ways, some people had private pensions that never made the sort of money that they should have done, so they turned to property to try to make some money for their retirement. Going through Inside track? Foolish certainly, greedy maybe, deserving of your contempt and loathing, no.

I've love to chat more, but some of us have to go to work to keep up the benefits payments of the scrounging members of our society. :wave:

ivavoucher

They have gone into administration

link: http://property.timesonline.co.uk/tol/life_and_style/property/investment/article3853686.ece

vickyo

Some years ago I went to one of theie seminars with a friend. After we had sat through about an hour of the boasting about the massive profits to be had, we quietly got up and started to sneak out. The guy at the front then announced us cowards and stupid for leaving. We politely excused ourselves but could hear him through the pa system taking the mickey out of us as we left the building. Nice.

dannyboycey

vickyo wrote: »

The guy at the front then announced us cowards and stupid for leaving. We politely excused ourselves but could hear him through the pa system taking the mickey out of us as we left the building. Nice.

You did the right thing and it's you who's had the last laugh.