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Before beginning to claim your bank charges be sure to read the FAQ by clicking the link above. Read it carefully and also read as much of the forum material as you can manage before you start claiming your bank charges refund. You will have to register before you can post or view the materials which may assist you in reclaiming your penalty charges: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. Understand what you are doing and you will be able to Reclaim the Right more effectively.

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Old 27th March 2008, 16:03   #1 (permalink)
REDOSCAR
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Watch out, there are Claims Touts about!

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Join Date: Mar 2008
Posts: 2
REDOSCAR Novitiate
Default Think I Have Made Huge Mistake

Just joined and need some advice. I attended a seminar run by Inside Track and after meeting paid deposits on 2 properties using their recommended brokers and solicitors. On 1 property I lost deposit as I could not raise mortgage because property would not value up. On second property, after stumping up more money, raised mortage but property has never reached their original valuation or projected rental. I am now trying to get them to take property back and refund all my money. Has anyone else had any dealings with Inside Track. I have also read reports in newspapers not giving them good reports. Does anyone have any success stories. Can anyone offer advice.
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Old 28th March 2008, 00:39   #2 (permalink)
Mark_Blackpool
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Default Re: Think I Have Made Huge Mistake

There was a programme on ITV recently which looked at this. I think it was an episode of "Tonight" - I was trying to track it down at itv.com for you.

While that programme did not look at Inside Track (I think it was another company) it exposed the way in which some of the property management/investment clubs work.

One of the ways in which the valuations were achieved was by using, ahem, recommended solicitors to fiddle the values entered at the Land Registry and to the mortgage provider to make it look like the mortgage is say an 85% mortgage but when in reality it's a 100% mortgage thanks to a "gifted deposit". The property company will pay the gifted deposit (the difference) as long as you use "their" solicitor. That way the buyer can leverage easily and buy property with no money down and defraud the mortgage company, but of course means negative equity - not good from an investment club.

There were at last look over 200 solicitors being investigated over colluding in this. It was/is fraud on a huge scale.

The other issues were: asking prices on the properties well above what any sensible valuation would arrive at (helped out in terms of affordability by the aforementioned gifted deposit), poor quality properties, rental "guarantees" which were never realistic, and so on.

Some of the properties Inside Track has dealt with are newbuilds, which in anything but a very buoyant market tend to take quite some time to gain anything in value and can fall: especially flats, which have taken huge hits in values: some flats in Manchester, Leeds, Nottingham etc. are selling at auction (repossession) for 50% to 60% of what was paid for them if they sell at all largely because they were simply so over-valued in the first place. Big profits for Inside Track and the developers, but instant negative equity for the investor.

The programme I mentioned, I believe, was about another Company, but all the above has been levelled at Inside Track as well which is why I've included it, and probably, hence the bad press.

I'd add that the above should not infer that every single property investment company is crooked.

You may find this useful:
Inside Track axes property seminars | This is Money

I'm sorry it may not be such good news.

With respect to getting your money back: someone more knowledgeable in law might be able to help but it's going to need the small print with respect to any "rental guarantees" and purchase price valuations.

Edit: this link The buy-to-let investors let down by Inside Track | This is Money has someone who managed to get some money back..
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Old 28th March 2008, 19:01   #3 (permalink)
REDOSCAR
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Default Re: Think I Have Made Huge Mistake

Thanks for reply, spoke to them today, they said they will give us a reponse by Tuesday will keep you posted.
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