New Info On Mobile Rainbow (merged)

EdCov

All I can say is FwdCellular, they did some good deals, but then they went bankrupt.

They I think were just too generous in their cashbacks, the deals were too good to be ecomical.

Their creditors (people owed cashbacks like myself) ended up getting 30p in the £1. OUCH.

What worries me is do the sums add up for mobilerainbow or are they going to go under too, if I knew they were not I would certainly go with the deal, but the potential loss is over £400. Vodafone let people cancel the contracts, T-Mobile said the fact that fwdcellular had gone bankrupt was nothing to do with them, and people had to keep on paying.

Three I suspect would be more like T-Mobile.

Oh yes and Royal Mail could lose your Bill or request. Sending by Registered Post does not cover you for consequential loss, Special Delivery does but that costs 3.85 a time.

Recently sent bill not Registered Mail to Car Phone Warehouse, they said it never turned up, but I was able to send another registered post and that did.

My Three Bill for December never arrived, Three sent another copy but this was not a proper Bill, I'm still trying to get Dialaphone to pay it. They did agree that they would but then did not and said that I had not sent the Bill. They then said they would look into it and call me back in an hour, but that was Friday morning and it is now Monday evening and though I tried to chase it I still do not have an answer.

So there really is plenty that can go wrong with these deals... Still toying with it though...

exel1966

EdCov wrote:

My Three Bill for December never arrived, Three sent another copy but this was not a proper Bill, I'm still trying to get Dialaphone to pay it. They did agree that they would but then did not and said that I had not sent the Bill. They then said they would look into it and call me back in an hour, but that was Friday morning and it is now Monday evening and though I tried to chase it I still do not have an answer.

So there really is plenty that can go wrong with these deals... Still toying with it though...

Hmmmm, My Three bill for January didn't show up. Interestingly it's the 9th month bill so has a sizeable Dialaphone cashback attached to it. I rang Three a week ago requesting a new bill and at first they tried to say they didn't issue replacement bills and I could obtain a copy on-line if I needed one. I told them i required an 'original' for cashback purposes, but am still waiting.
Therefore, is an on-line version deemed an 'original' ? I'll be interested to see how you get on. Am I being cynical or would this be a ploy to wriggle out of the cashback ? :rolleyes:

Alltheloginsaretakenappar

I printed off a copy of my 3 bill for e2save about 4 months ago (just because I prefer to keep the original) and there was no problem with it, but to be honest it didn't look any different to the original anyway

Amba_Gambla

i found a good deal on mobile rainbow, but ended up just renewing with 3 - came off with 2 months of 1/2 price less, but I know I'll get my cashback from 3.... I was a little worried about lack of feedback about mobilerainbow (not that i don't trust them, but nobody seems to have used them yet.....)

Freefall

I have acquired the most recent accounts from Company House for the company that runs Mobile Rainbow. Some of the stuff I was able to find out last night, and confirm this morning, was positive. However, there are still a few bits of worrying information.

Based upon the accounts for the year ending 31 March 2005:

The first thing that is noticeable about this company when phoning them up is that everyone speaks with an asian accent (this comment isn't intented to be racist) and some people are wary of Indian call centres. When checking the company records there are three registered shareholders: Rupinder Singh Khurana (9900, Indian Address), Khurana Rupinder Singh (100 Middlesex Address) and Sanjiv Kumar Singh (300 shares, indian address). I am unsure but I believe there is a discrepency with some Asian Names in that they can be written either surname first or last. However, two of these shareholders are just the same person (which can be confirmed when you look at the sums of the figures of issued capital in the Directors Report).

Although this company has been incorporated since 7th March 2001, the records indicate that these three have only been shareholders since 7/03/2005. However, there seems to be a discrepency in the accounts about the date that Mr Singh first held these shares (it appears that he may of held his shares since before 1st April 2004). Therefore it is feasible that a structural change in the company led to the dates in the accounts being updated merely based upon a technicality.

In totality, the companies Issued Share Capital was £10,300 (Net Worth £13577 including retained profit) as of 31 March 2005. Net Profit After Tax was £2,996 for year ending 31 March 2005 and £7,057 for year ending 31 March 2004. Not even enough to pay for the rent on a house for the companies only director (the major shareholder Khurana Rupinder Singh/Rupinder Singh Khurana).

Noticeably enough if you look up this company on 192.com (who must of not updated there accounts recently) MSOLS are registered as being a "Computer Company". However, in there most recent report to company house they are now: "Trading in telecomunication and related products". Moreover, it appears that this company has recently changed its "Registered Address". My worry is that someone has acquired a failing company to look like an "Established outfit" and entice customers into a possible.

It is also notable that the company owes its director £31,510 (about 250% of the companies Net Worth). Additionally, its other creditors (falling due in one year) are almost as much as the companies current (liquid) assets.

On a positive note:
When I phoned them up to check on the progress of my order they said they would have to check because they had to recently change the details of the offer (they weren't able to offer so much free line rental). This doesn't seem like someting a company that was planning on running off with everyones money would do.

The turnover for this company for the year ending March 31 2005 was £836,126 (however the cost of goods sold was £801,654. Gross profit was 34,472. It appears that the low Net Profit was due to admin expenses. It may be that the admin expenses in some way benefit the directors interest's which is why it is profitable to run this company.

They seem to be honest in saying that the company has been about for 4 or 5 years.

In conclusion, the examination of this companies accounts answers many questions and should subdue the fears of many. However, it raises many other questions such as its low capital, and what appears to be an unstable/risky business model. However, it appears that the company may make its money simply by making a minimal profit on each sale just to build up business. Of further concern, is the issue that it appears that this company has only just moved into the Mobile Phone business (having previously being a computer company) and the recent change in trading address. Nonetheless, although there is some risk in buying a phone from this company, as there is when buying a mobile phone from all mobile phone companies, this company appear to offer a could deal and will probably honour cashback deals (based upon my contact with this company).

In fact I have ordered my contract mobile from this company. However, I will be ordering my parents mobile from another company, to minimize risk. In the end if I am not paid my cashback I will issue court proceedings against both Three and MSOLS.

If anyone wants the company accounts and reports just PM me.

Fortyfoot

Thanks for that reply Freefall on Mobile Rainbow accounts. I am now looking at Mobileshop. Do you have similar information on them?
Thanks,
Fortyfoot

Micky

Thanks Freefall, that must have taken some time and effort, would you care to repeat the exercise for the remaining mobile 'phone suppliers?

Fortyfoot

Micky wrote:

Thanks Freefall, that must have taken some time and effort, would you care to repeat the exercise for the remaining mobile 'phone suppliers?

Great idea, it would deserve a contribution from Martin and others!
Fortyfoot

ChrisJBarnes

hi

can anyone tell me whether any of these would be good ways to get out of paying a contract if mobile rainbow didnt pay up my cashback. some of you will think im mad but oh well!

1) I am under 18. It says you have to be 18 to take a contract, if I lie, what can they do?
2) Credit Card Protection- will they reimburse you?
3) some staffer from "3" said that if the company dont pay the cashback, then 3 will reimburse me. I know this is not their normal policy, but I got his name and wrote down the date. Is this a good way to get money back. If they dont give it to me, I could cancel the contract.
4) Threatening 3 with all kinds of things like bad press etc. etc.

does anyone know if any of these will work? If they dont know then do you think that if i cancel the contract before I am allowed what do you think they will actually do- they wont really bother sueing me will they?


cheers!!! :beer:

chris

pana37

hi Chris ,
unfortunatley the cashback is absolutey nothing to do with the network.eg. orange,02, Three.
cashback is the responsibilty of the retailer (where your bought it from) if they go under or you dont get cashback from them you are still have to pay rental to the network.

HTH
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