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milanbenes
12th January 2012, 07:45
opps....

'In 2007, after several visits to Romania — and despite Iona’s concerns about the project — Charles decided to go ahead, taking out an initial loan of £3.3 million against the family home and his buy-to-let business.'


'Interest of around £1.5 million has taken the initial loan to nearly £5 million, and it is due to be repaid in full in April.'



ouch.,...


more here...

As family who led life of privilege face up to £5m debt, who said the upper crust were recession-proof? | Mail Online (http://www.dailymail.co.uk/news/article-2085486/As-family-led-life-privilege-face-5m-debt-said-upper-crust-recession-proof.html)




Milan.

Joeman
12th January 2012, 07:54
By 2003, he owned 84 houses in Barnsley, returning a profit which meant he and Iona, now 39, had a generous income of £250,000 a year
So thats rental profit of £2,976 per property!!! (cant be right)



By the time we’d paid expenses and fees to manage our properties, we were left with around £35,000 to live on.

erm, if you dont have a job, why not manage them yourself??

Got too big, too quick and was p1ssing the money up the wall on agency fees and school fees... No sympathy im afraid...

Joeman
12th January 2012, 08:03
Also,

but we worked hard for what we had, and we never felt rich.

But they just said..

‘Iona and I did up the house and barns he’d left me before his death, and in 1996 we sold them to a developer and made £600,000 profit

So as far as i can tell, they got given a house, did it up, sold for big profit, and built up a portfolio paying agents to look after it... how exactly is that "working hard"??

DodgyAgent
12th January 2012, 08:05
So thats rental profit of £2,976 per property!!! (cant be right)




erm, if you dont have a job, why not manage them yourself??

Got too big, too quick and was p1ssing the money up the wall on agency fees and school fees... No sympathy im afraid...

A bit of good old fashioned envy.
Having said that he deserves everything he got. Anyone stupid enough to buy into such a deal with no local knowledge or experience is an absolute fool. I have been to Romania on several occasions and everywhere you go large tranches of land and property are for sale - it is very tempting. But unless you understand the laws and have someone who is local to that country that you can completely trust, or it is a well trodden path then forget it.

Joeman
12th January 2012, 08:18
A bit of good old fashioned envy.

yeah, i wish i'd lost all my money in romania and owed the bank a cool 5 Mill in outstanding loans..

Know what you mean about Romania though, i was tempted back in 2007 to buy some land, even asked a Romanian friend if she would come with me as my guide/tranaslator.. all looked a bid dodgy to me though, so i never went for it...

Did get stitched up on a land banking scheme in the UK once though... luckily the Credit Card company footed the bill for that one ;)

BrilloPad
12th January 2012, 08:48
So thats rental profit of £2,976 per property!!! (cant be right)


It is right. All were DSS homes. About £60 per week each is right.

Shame the costs involved are very high. I bought a couple of houses in Burnley in late nineties. Sold them a few years later. I ended up with building society returns. A few tenants were bad - some were just incompetent. As soon as they go empty thieves will strip the copper pipes out.

MarillionFan
12th January 2012, 08:50
http://i.dailymail.co.uk/i/pix/2012/01/12/article-0-0F3BF65C00000578-764_634x470.jpg

At home with the 'Gurus'. :rollin:

BrilloPad
12th January 2012, 08:53
"He admits to being ‘one of the last breed of Englishmen fast dying out’"

Basically thinks he is owed a living because of his breeding. This is where John Major went wrong - he kept going on about inherited wealth. Maggie wanted people to be rich because they worked for it.

MarillionFan
12th January 2012, 08:55
At no point does it say

'So we pulled our children out of private school'

If you cannot afford £100k a year fees then don't send your brood to private school FFS.

Suity, have a word. Tell them how to get free school meals will you. :happy

Troll
12th January 2012, 08:55
http://i.dailymail.co.uk/i/pix/2012/01/12/article-0-0F3BF65C00000578-764_634x470.jpg

At home with the 'Gurus'. :rollin:

L > R
Deffo
Too young
Too young
8 pints

Joeman
12th January 2012, 08:58
It is right. All were DSS homes. About £60 per week each is right.

Shame the costs involved are very high. I bought a couple of houses in Burnley in late nineties. Sold them a few years later. I ended up with building society returns. A few tenants were bad - some were just incompetent. As soon as they go empty thieves will strip the copper pipes out.

yes that is right - bit early for my maths brain to be working :emb

its always an eye opener to see how other people live, and what they consider to be "clean".. being a landlord would be great if the tanants would pay the rent, but just live somewhere else!!

doodab
12th January 2012, 09:00
Comments are worth a read


looks like they've overdone the whole Horse & Hound thing.


I like Iona's scarf does anyone know where it is from


Ha

ChimpMaster
12th January 2012, 09:24
I wonder what his outlay was to generate £250,000 income?

I would have thought ~£2m (i.e. average deposit of £25,000 per property), because houses are cheap up there and can't be renting out for loads if he's making £250/house/month (assuming interest only mortgage).

SimonMac
12th January 2012, 09:45
I stopped reading (and caring after this)


I believed it when I was told there was no risk. In fact, the only risk I thought I faced was not making as much money as I’d hoped

:winker:

SimonMac
12th January 2012, 09:46
L > R
Deffo
3 pints
5 pints
8 pints

You do realise the "middle" daughter is only 15, now where's that Wilmslow/Peado smily?

rhubarb
12th January 2012, 09:55
At no point does it say

'So we pulled our children out of private school'

If you cannot afford £100k a year fees then don't send your brood to private school FFS.



Apart from where it says

But even so, that doesn’t diminish the difficulty for any father of having to sit down and tell his children they have to leave their beloved schools because he can no longer afford the fees, as Charles had to last year

:wink

MarillionFan
12th January 2012, 10:29
Apart from where it says

But even so, that doesn’t diminish the difficulty for any father of having to sit down and tell his children they have to leave their beloved schools because he can no longer afford the fees, as Charles had to last year

:wink

Well. They had stupid names. Who calls their kids Charity and Hedley? Asking for trouble that.:ind

SimonMac
12th January 2012, 10:32
Well. They had stupid names. Who calls their kids Charity and Hedley? Asking for trouble that.:ind

MF how's your BTL plans coming along from the pension's thread, you manged to trick the banks to give you more mortgages than you can handle :laugh

DimPrawn
12th January 2012, 10:40
Well. They had stupid names. Who calls their kids Charity and Hedley? Asking for trouble that.:ind

Indeed, I'd never put my little ones Persephone, Theodore and Clarence through this nightmare.

Notascooby
12th January 2012, 10:41
WTF is it with middle-upper class and coloured cords?

Mustard, Green and Red are the usual offending colours.

anyway....:igmc:

MarillionFan
12th January 2012, 10:42
MF how's your BTL plans coming along from the pension's thread, you manged to trick the banks to give you more mortgages than you can handle :laugh

Sorted. I pulled all the VAT and Corporation tax out of my LTD to cover the shortfall.

Not stoopid me.

TheFaQQer
12th January 2012, 10:45
I fail to see why his son can't go to university.

I fail to see why he doesn't send the other children of school age to school - dropping from 12 GCSE's to 5 just to home school (particularly when you acknowledge that you have no qualifications or skills yourself, and nor does your wife) seems a little strange to say the least.

SimonMac
12th January 2012, 10:51
Sorted. I pulled all the VAT and Corporation tax out of my LTD to cover the shortfall.

Not stoopid me.

:banana:

The_Equalizer
12th January 2012, 11:02
WTF is it with middle-upper class and coloured cords?

Mustard, Green and Red are the usual offending colours.

anyway....:igmc:

I think it's the 'we have so much cash it doesn't matter what we wear'. I've seen it a lot of this at smarter auctions. It's as much a uniform as tracksuits are at the other end of the social scale.

doodab
12th January 2012, 11:05
Indeed, I'd never put my little ones Persephone, Theodore and Clarence through this nightmare.

Persephone is a cool name for a girl IMO.

Pondlife
12th January 2012, 11:06
I think it's the 'we have so much cash it doesn't matter what we wear' inbreeding. I've seen it a lot of this at smarter auctions. It's as much a uniform as tracksuits are at the other end of the social scale.

FTFY

It's also why they don't want their kids to go to the local comp. If one of the precious darlings gets knocked up by some local peasant it will dilute their special gene pool.

Mich the Tester
12th January 2012, 11:08
Easter's 8th of April this year and 'the season' will start after that; he needs to negotiate a couple of weeks delay with the bank and then he can throw three debutantes into the London season with a reasonable chance of rescuing something from all this. Just give the girls a George Osborne speech beforehand; 'we're all in this together'.

Son looks a bit useless and might have to be sold to a sausage factory.

By the way, in some ways I sympathise and in some ways I don't; people try to succeed in business, some do, some don't, some do and then lose it all. But he took a risk that was pretty opaque; he'll learn from that. On the other hand, the bank could use a bit more sense; if he's built up a good business before then he can probably do it again, so busting him before he has the chance seems a bit silly. Mind you, I get the impression that having bought the old family home he just wanted more and more, including sending 4 kids to private school; somewhere you have to decide you've got enough and you shouldn't take risks to get even more.

MarillionFan
12th January 2012, 11:08
FTFY

It's also why they don't want their kids to go to the local comp. If one of the precious darlings gets knocked up by some local peasant it will add to their limited gene pool.

ftfy

Joeman
12th January 2012, 11:26
Mind you, I get the impression that having bought the old family home he just wanted more and more, including sending 4 kids to private school; somewhere you have to decide you've got enough and you shouldn't take risks to get even more.

never buy anything unless you can afford to buy two.. thats my old grannies motto that she still lives by today, and shes done very well runing her own businesses over the years..

TheFaQQer
12th January 2012, 12:07
On the other hand, the bank could use a bit more sense; if he's built up a good business before then he can probably do it again, so busting him before he has the chance seems a bit silly.

The question is how is he ever going to be in a position to pay off the debt? The family clearly lived beyond their means, and are paying the price for it.

I have no more sympathy for him than for any dole scrounger who has spent their money on fags and booze and now has no money to pay for rent and food.

MarillionFan
12th January 2012, 12:09
The question is how is he ever going to be in a position to pay off the debt? The family clearly lived beyond their means, and are paying the price for it.

I have no more sympathy for him than for any dole scrounger who has spent their money on fags and booze and now has no money to pay for rent and food.

Even less so. Just so you can go HAH!

BrilloPad
12th January 2012, 12:55
If only he had invested in central London property...

wobbegong
12th January 2012, 12:55
http://i.dailymail.co.uk/i/pix/2012/01/12/article-0-0F3BF65C00000578-764_634x470.jpg

Father: The mill's closed. There's no more work. We're destitute.
Children: Ohhhhh.
Father: I'm afraid I have no choice but to sell you all for medical experiments.

(c) Monty Python

d000hg
12th January 2012, 13:04
You do realise the "middle" daughter is only 15, now where's that Wilmslow/Peado smily?That's why it's 5 pints :eek:

Also he only rated 4 of the 6 people.

MarillionFan
12th January 2012, 13:05
That's why it's 5 pints :eek:

Also he only rated 4 of the 6 people.

That's because Old Greg said the other two were both a 'gin & tonic'.

MarillionFan
12th January 2012, 13:07
Plus. What's with the hand thing? They're all holding their hands in
a really odd way.

If that was me, my hands would be in my pocket and my sons fingers would be up his nose. No class these people. :happy

Mich the Tester
12th January 2012, 13:08
http://i.dailymail.co.uk/i/pix/2012/01/12/article-0-0F3BF65C00000578-764_634x470.jpg
[/SIZE]
The daughter at the left on the sofa is best and I think she's the oldest, next one (standing), who's the middle daughter is one grade down and the last one's really quite a minger. His wife was obviously quite fit in her day.

So as his family has descended into poverty his daughters have got uglier to the point that the last child is an ugly male geek. Proof that poverty must be eradicated as it causes ugliness.

Spacecadet
12th January 2012, 13:10
the last one's really quite a minger.


Has she just joined the worlds shortest list?

Spacecadet
12th January 2012, 13:11
I fail to see why his son can't go to university.

I fail to see why he doesn't send the other children of school age to school - dropping from 12 GCSE's to 5 just to home school (particularly when you acknowledge that you have no qualifications or skills yourself, and nor does your wife) seems a little strange to say the least.

Stupidity and self belief are common bed fellows
i.e. they're too stupid to know any better

PAH
12th January 2012, 13:16
Plus. What's with the hand thing? They're all holding their hands in
a really odd way.


It's a masonic distress signal. ;)

They only agreed to do the news article so their fellow masons would become aware and organise a whip round, or a trip to Romania to free up the lost money.

Some say the strange 'fall to knees, bow head, and hold out arms' technique the McCanns did when both Portugese authorities first turned up at the crime scene was also a Masonic distress signal. ;)

Notascooby
12th January 2012, 13:17
Plus. What's with the hand thing? They're all holding their hands in
a really odd way.

If that was me, my hands would be in my pocket and my sons fingers would be up his nose. No class these people. :happy

Maybe they're all covering up some dodgy tattoo of the corduroy and tweed cult they have fallen into to?

Twunts - fk 'em!

Mich the Tester
12th January 2012, 13:18
Can't stand corduroy but what's wrong with tweed?

Notascooby
12th January 2012, 13:22
Nothing - maybe it's both together....

Which reminds me - why the sudden fashion for the Horse and Hound look - Joules, Barbour and quilted shit.
:puke:

No need...

wobbegong
12th January 2012, 13:23
I'm not really sure why this is 'news', individuals and businesses go bust all the time, often as with this case, due to poor commercial decisions.

Is he expecting some nationwide outpouring of sympathy swiftly followed by some sizable donations from 'well-wishers'?

Notascooby
12th January 2012, 13:25
I'm not really sure why this is 'news', individuals and businesses go bust all the time, often as with this case, due to poor commercial decisions.

Is he expecting some nationwide outpouring of sympathy swiftly followed by some sizable donations from 'well-wishers'?

Maybe it's so we can all laugh at them in the street?
There's too much non-news these days. I don't mind ITV or Heat mag reporting such crap but it really irks me when it's on the BBC - "and now Kate Middleton was seen wearing a hat"

doodab
12th January 2012, 13:27
Maybe it's so we can all laugh at them in the street?
There's too much non-news these days. I don't mind ITV or Heat mag reporting such crap but it really irks me when it's on the BBC - "and now Kate Middleton was seen wearing a hat"

I don't mind a bit of Kate. At least she's foxy.

Mich the Tester
12th January 2012, 13:30
There's too much non-news these days. I don't mind ITV or Heat mag reporting such crap but it really irks me when it's on the BBC - "and now Kate Middleton was seen wearing a hat"

Yep, agreed. 'Pippa Middleton was seen wearing nothing at all'; that WOULD sell newspapers.

PAH
12th January 2012, 13:33
I'm not really sure why this is 'news'

It's all the cretins that did media studies, got a job in the media, and now think they have a clue what news and journalism is really about.

Not too bothered myself. It means I save money by not buying newspapers, and save time by not watching the news. :D

BrilloPad
12th January 2012, 13:38
Yep, agreed. 'Pippa Middleton was seen wearing nothing at all'; that WOULD sell newspapers.

And it would bring in some foreign visitors!

Mich the Tester
12th January 2012, 13:41
Proper Harris tweed smells of wee.

Donegal tweed doesn't. (although mine smells of booze)

Doggy Styles
12th January 2012, 14:23
Proper Harris tweed smells of wee.Yours might. :wink

OwlHoot
12th January 2012, 15:20
I have no more sympathy for him than for any dole scrounger who has spent their money on fags and booze and now has no money to pay for rent and food.


I must say that seems a bit harsh, even mean spirited. Would you say the same about anyone who risked their fortune on a venture that went Pete Tong? If it weren't for risk takers we'd still be in the stone age.

It happens quite often too - A couple of years ago, ISTR reading that the Wolvertons of Wolverton Hall had to move out after some venture collapsed, and their ancestors had been there since before the Conquest! (A Saxon king called Edgar granted them the land in the 9th century for killing a pack of wolves, hence the name.)

In a way I respect the guy for at least trying, even if his judgement and skill in going about it looks questionable. (I wouldn't trust a land deal in Eastern Europe further than I could throw a wren's feather!)

Bunk
12th January 2012, 15:36
Persephone is a cool name for a girl IMO.

Mmmmmm, Persephone...

http://1.bp.blogspot.com/-2i8OEeAabro/TjYIzeqf91I/AAAAAAAAAqc/bii32oTj9K8/s1600/persephone.jpg

Mich the Tester
12th January 2012, 15:39
Mmmmmm, Persephone...

http://1.bp.blogspot.com/-2i8OEeAabro/TjYIzeqf91I/AAAAAAAAAqc/bii32oTj9K8/s1600/persephone.jpg

I think you all know what first came into my head, but I won't say it this time.


I would.

PAH
12th January 2012, 16:22
Never realised until seeing that image, she's a matrix fake. :eek:

The unrealistically long neck gives it away. I wonder why I never noticed before. :tongue

Bunk
12th January 2012, 16:24
Never realised until seeing that image, she's a matrix fake. :eek:

The unrealistically long neck gives it away. I wonder why I never noticed before. :tongue

Ah, yes, her neck. That's what I was looking at too :emb

AtW
12th January 2012, 16:25
I think you all know what first came into my head, but I won't say it this time.

You wouldn't?

AtW
12th January 2012, 16:27
From the article:

‘Romania had left the Eastern bloc, and this was a scheme to develop land around Bucharest,’ he says. ‘The idea was to create a beautiful suburb for professionals working in Bucharest so they could commute into the city."

:rollin:

Mich the Tester
12th January 2012, 16:45
You wouldn't?

Monica Bellucci ?

You'd be gay if you wouldn't.

TheFaQQer
12th January 2012, 16:56
I must say that seems a bit harsh, even mean spirited. Would you say the same about anyone who risked their fortune on a venture that went Pete Tong? If it weren't for risk takers we'd still be in the stone age.

Anyone who can't live on £250k a year, so that they need to take risks like this one, deserve everything they get. If they weren't spending stupid amounts of money, then he wouldn't have gambled everything they own (and then some) to invest in Romania with no knowledge of what they were doing.


In a way I respect the guy for at least trying, even if his judgement and skill in going about it looks questionable. (I wouldn't trust a land deal in Eastern Europe further than I could throw a wren's feather!)

OK, I'll give him that - he's a trier. However, I still have no sympathy for them.

MarillionFan
12th January 2012, 17:06
Anyone who can't live on £250k a year, so that they need to take risks like this one, deserve everything they get. If they weren't spending stupid amounts of money, then he wouldn't have gambled everything they own (and then some) to invest in Romania with no knowledge of what they were doing.



OK, I'll give him that - he's a trier. However, I still have no sympathy for them.

It's tough on £250k.

PAH
12th January 2012, 17:14
At least he hasn't (yet :eyes) gunned down his family to spare them the embarrassment of having to 'slum it', like Christopher Foster did when in a similar position.

DodgyAgent
12th January 2012, 17:15
From the article:

‘Romania had left the Eastern bloc, and this was a scheme to develop land around Bucharest,’ he says. ‘The idea was to create a beautiful suburb for professionals working in Bucharest so they could commute into the city."

:rollin:

The only professionals in Bucharest are hookers

PAH
12th January 2012, 17:37
The story does highlight the perverse desire to provide children with private education, reportedly costing them £100k/year, when the only likely benefit is to be included with the 'in crowd' of lawyers, doctors and the like. :rolleyes:

That's what they mean when they say they fear their children will lose their social standing.

Too bad. They must be shitting themselves the daughters would get knocked up by the local 'scum' if they think they can do a better job by home schooling. I guess they've never heard of rebellious teenagers. :laugh