Okak so a wrap is legal but is it ethical??
To give finance to someone who probably can’t afford (Normal fianace). Seems I saw someone on ACA a while back and they implied that the woman (vendor) was the bad guy and the rent/buyer the “victim”.
The rent/buyer implied that they were being “Ripped Off”
Now the Vendor has to defend themselves in court because the rent/buyer is taking that sort of action.
Seems like a whole lot of risk (to the vendor) to me.
Anyone had this happen to them?
what was the final outcome?
I guess risk = return!!
Age
[whistle]Buy new!
Never Sell!I saw on ACA tonight a story about Leading Australian Professionals dodging their tax obligations to the tune of millions of dollars, claiming they were the most unethical so and so’s under the sun. Ray did neglect to mention his employer, Mr Packer, seems to have mastered the art, using albeit different strategies.
Point being ACA and the seven networks counter part are ratings whores that rarely take into account anything other than the sensational facts that sell the story, manipulating said facts to indulge the victim mentality of their broader viewer base.
In answer to your question, Are wraps ethical, of course they are, you’re helping someone who otherwise could probably not own a house through circumstances (generally within their control) which have prevented them from obtaining mainstream finance.
Are there Wrap Lenders who are unscrupulous and pray on this demographic, most likely i’d say.
Age,
On one hand you are asking about ethics, then in the next breath you talk about risk ????
Sorry, just abit confused !!! [blush2]
Ethics – DEFINITELY – BUT, depends on the wrapper…. the Majority of us who wrap do it with ethics in place… and are open about what we do…. The reaction from a person when you tell them they qualify is so rewarding…….
RISK – YES – Definitely as a vendor I take a bigger risk that a standard bank loan… this is a people business… you have to realise that, and, at the same time, manage your risks….
ACA – is not exactly what I would call proper journalism by any stretch….
Cheers
Scott
Pelican Investments
http://www.pelican-invest.com
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