Rolling Instalment Warrants

I kind of like the idea of instalment warrants compared to a margin loan. Such things such as no margin call, you can walk away ( of course, loosing the initial price you paid for the warrant ).

For someone with limited funds, if I buy a highly geared instalment warrants ( e.g. say 80% to 90%, so I only pay an initial price about 10% to 20%) and just keep on rolling over to a new series before maturity while at the same time receiving dividends and franking credits, the total dividends and franking credits that I would receive would sometime in the future exceed the initial price I paid for the warrant, and by the time I have made more dividends than I did for the initial price, I could walk away from the warrant ( whatever series it is at ) and never pay the final price ... or I could just keep on rolling over to new series.

Can someone tell me what's wrong or what are the problems ? Maybe I am focusing too much on the positive side and not seeing the negatives.

Thinking about it more last night, you can't really do this if the price of the underlying share suddenly drops so much that before rolling over, you'll be paying more for the next series ( like a margin call, you have to maintain the level of gearing ) Of course you can just walk away and don't rollover, but you'll loose the initial price paid.