Empty Box – part 2
As an update to the post “Pension Scams – The Empty Box” in December, you may wish to catch up with the Radio 4 show “You and Yours” of Wednesday 20th January 2016 which exposes the “problems” with investments into storage pods by Store First.
As if things were not bad enough, it transpires that many of the pods aren’t useable due to the shape, design and construction of the “pod”. Not only that but, the cost of renting a pod is largely made up of compulsory hugely inflated insurance, the rental income is a very small proportion of the overall cost and it is only this that “investors” are entitled to…. And according to the programme, many of the investors are even receiving this. The “occupancy rate” was also brought into question with the suggestion that rather than being 80% let, the real figures are closer to 14%.
Have a listen for yourself. It’s all rather sad and whilst I really do understand that many people are fed up with the volatility of the stock market, or loathe investment people, any sort of alternative investment must always be properly understood. This isn’t even a case of jumping from a frying pan into a fire, but more like not coping with the heat of a kitchen and deciding to burn the house down