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Written by rosalind renshaw

A former customer of Inside Track has won the first round of a legal battle against the collapsed property firm.

Tamsin Barks, of Haywards Heath, West Sussex, claims that the firm was guilty of fraudulent mis-selling.

She had bought seven properties through Inside Track’s sister firm, Instant Access Properties, after being told they were discounted.

The properties, in Spain, Florida and Manchester, are now worth £350,000 less than she paid for them.

She says she bought after a mailshot in 2003 which said investors would be debt-free within three to five years.

She is now subsidising her properties to the tune of nearly £2,000 a month, and believes that the ‘discounts’ never existed.

Last Thursday, the High Court rejected an application by Inside Track former directors Maria Gifford, Tony KcKay, Jim Moore and Brad Rosser to have the case thrown out.

Inside Track was notorious for its expensive ‘training’ seminars which were said to have been attended by more than 100,000 people, and for its promises to make people property millionaires.

It went into liquidation in 2008 owing more than £11m.

Moore and McKay bought the assets for £70,000 and set up IAP Global, which also ran property investment ‘seminars’ which introduced attendees to ‘discounted’ properties.

That went into liquidation earlier this year, owing £2m.

In an entirely separate development, an investor who bought plots from Commercial Land is also embarking on legal action after parting with £61,000.

He says that Commercial Land over-stated the development potential of the land after at least one council told Commercial Land boss Stephen Cleeve that it would not allow building.

Comments

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    Jonnie's comments are enough to put one off using estate agents. PeeBee's simplistic analysis demonstrates ignorance of the facts (IAP were bound to perform due diligence on behalf of their members). I think this is more a case of theft than folly.

    I say well done to the High Court and well done to Tamsin Barks and I wish her every success in obtaining justice against those who appear to have financed themselves by sinking the company and transferring their debt to the creditors\ members.

    There is no doubt in my mind as to the justice of her case, the test is really whether the legal system will uphold justice or not.

    • 12 March 2011 21:17 PM
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    Oh dear,

    She really has been mugged off hasn’t she?

    Hard not to be silly about this daft bint really but ill try my best, im not good at not being a sarcastic git so im fighting the urge a bit……………………………….

    …………………okay, I think ive got myself together – now all members of the public thinking of buying any where in the world, so you don’t get ripped off by an outfit like this, no matter what ill informed ideas and views you have, no matter what you Dad told you or images from the 1980’s you have in your mind and no matter what the communist HPC movement suggests;

    TALK TO A LOCAL ESTATE AGENT / REALATOR / AGENTE INMOBILIARIO

    We are very good at advising on local prices / demand and markets, you will find us on most high streets, in most towns throughout most of the world and there is a reason for that, please use the knowledge and expertise that is available to you free of charge, until late, most days of the week, most of us do okay coffee and some of us have a Lego table and stuff to keep the kids quiet while you’re here.



    Jonnie

    • 02 December 2010 13:32 PM
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    I'm sorry - but this just goes to further prove that people only want to blame other people for their mistakes.

    What happened to checking things out for yourself?

    What happened to taking heed of old sayings - like "If something LOOKS too good to be true then it probably IS..."

    The whole world seems to be caught up in the 'BMV deal' fallacy. They should ask themsleves questions like: WHY would someone sell an asset for less than it is worth? Would you if it was yours? WHY does the owner want to sellit if it is such a great investment?

    Another old saying springs to mind - the one about a fool; money; and ease of parting them...

    • 01 December 2010 13:26 PM
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