Derivex - interest free loans?

I've kept an eye on their website and it hasn't changed for some time now.

I reackon their opportunity for funding has passed now though, so we will never know if it was a scam, a sham or a shame.
 
I don't think it was a scam for three reasons: 1) scams are usually better planned 2) typically the scammer wants to scam money from people 3) the guy behind it was too stupid to invent a scam.

It was more of a false hope thing where some wally dreamt up a plan and got more wood ducks to believe in it (who wouldn't want an interest free home loan??) and then stapled it to the truth by dropping in lots of money market jargon (most of it made up for the deal) and then it hit a wall when they finally realised that it didn't work.

The thing that I found amusing/sad was that I did loads of work on debunking the crap that Derivex were spinning and tried to warn everyone that it was pure fantasy and all I got in reply was bullsh1t comebacks like "they said man would never walk on the moon etc etc cliche etc yawn etc "

Some people got very abusive and threatening ....apparently because I wasn't telling them that there was a pot of god at the end of the rainbow like the Derivex guys were.

What it did teach me was that the average punter on the street is pretty much brain dead and believes any snake oil salesman that drops into town and yet seems to be able to make money investing in property.....go figure !

I guess I'm happy with the knowledge that I was right all along ....something I never doubted :)

Open offer to anyone: Please feel free to make a fool of yourself by arguing that the product was legitimate !!

Cheers Natalie
:)
 
I don't think it was a scam either, but just a crazy plan that doesn't work. Securitising cashflows is of course a perfectly normal strategy. Though why you would use mortgage payments to create that cashflow stream (as opposed to, say, government bonds, which will pay you 5% and therefore offer much better returns than a 0% mortgage) is beyond me.
Alex
 
thanks Nat,
i was looking at it and read your posts with great interest at the time
i did have friends who had put an application in, but never heard anything.
personally i was going to wait and see what happened more than anything else at the time. glad i did saved me a 250 dollar application fee :)
if your ever in canberra nat, let me know i owe you lunch.

cheers
shaun
 
shaunwalker1 said:
thanks Nat,
i was looking at it and read your posts with great interest at the time
i did have friends who had put an application in, but never heard anything.
personally i was going to wait and see what happened more than anything else at the time. glad i did saved me a 250 dollar application fee :)
if your ever in canberra nat, let me know i owe you lunch.

cheers
shaun
Click to expand...

No one lost their application fee Shaun.
 
sorry simon, i just re read what i had written, i didnt mean to imply anyone lost their application fee. as far as i know no one did.


cheers

shaun
 
nat r said:
But a lot of people lost their credability didn't they Simon ;)
Click to expand...

Everyone loves a gloater Natalie and you do it so well.

Enjoy your shadenfreude, perhaps its better to find a secret place where you can enjoy your little smile unobserved than show your pleasure and your true spirit.

I have never put you down.

You post so little and Derivex hasn't been mentioned for months - but when it is you pop up like a pimple on prom night.
 
An opportunity to thank some people...

A very sincere and heartfelt thanks to a lot of people (who have the wonderful quality of thinking laterally) and exploring what was possibly a very interesting product...

I have a huge appreciation for Mortgage Brokers, especially the ones on this forum, thanks to them all for sharing information, ideas, thoughts, old, new, and indifferent and taking the trouble to answer questions from so many.
Special thankyou to Simon, if it had of all come together (which it didn't...and that's okay too) I would have been one of the first clients to your business.
Thanks again from a brain dead average punter, who by the way is doing quite nicely for herself...
 
Simon said:
Everyone loves a gloater Natalie and you do it so well.

Enjoy your shadenfreude, perhaps its better to find a secret place where you can enjoy your little smile unobserved than show your pleasure and your true spirit.

I have never put you down.

You post so little and Derivex hasn't been mentioned for months - but when it is you pop up like a pimple on prom night.
Click to expand...

This is gold!

andy
 
I don't thin Simon lost any credability at all. He was very professional in all of his postings regarding this. It is just unfortunate that it didn't work out.

Terryw
Discover Home Loans
 
hi simon
I am interested that here I am trying to put words together and have then sound right in a sentance where did your mind get this word from.
it does seem to be very apt but next time can I post what I want to say and you come out with an adstract word or can i pm you and then I can use it.
don't know much about derivex but like your response.
and I am here with schadenfreude at the use of the language.
 
grossreal said:
hi simon
I am interested that here I am trying to put words together and have then sound right in a sentance where did your mind get this word from.
it does seem to be very apt but next time can I post what I want to say and you come out with an adstract word or can i pm you and then I can use it.
don't know much about derivex but like your response.
and I am here with schadenfreude at the use of the language.
Click to expand...

gross

I have spent too much of my life enjoying books. Had I spent less time reading I could be a high flying developer guy like you!

Your grammar seems to get your message across 90% of the time :) :)

Cheers,
 
Hi all,

A lot of people on this forum wanted to believe in fairies at the bottom of the garden and interest free home loans.

From ASIC...

Mr Cohen is alleged to have obtained money from one client as a deposit or ‘conduit payment’ but failed to proceed with providing the full loan amount to the client or return the ‘conduit payment’ to his client upon failure to proceed with the loan
Click to expand...

Anyone from this forum fit this category???

It is also alleged Mr Cohen falsified the signature of a co-director of Derivex and Derivex Asset Management Limited on various company documents.
Click to expand...

I think they found the scam Simon, and I think some people mentioned it was probably a scam.

Acey, In reply to your informed suggestion (from 2 years ago) that I should eat the PDS and you would come too watch, can I suggest that you print out all the positive comments people made about derivex, and nat r and myself will come and watch you eat it.
bye
 
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