Cashbax - Should I take the gamble and go self empolyed with them?

onlineo

So lets get this straight.

Using Diamond:

You buy a £200,000 property in NI, Scotland or Bulgaria, The company gets £50,000 income for this. £XX,XXX of this will then be paid to the referrer leaving £50,000-£X left. You can have £20K within 21 days or £30,000 after 4 years, £40,000 after 6 years or the FULL £200,000 after 7 years. I think that if more than 10% of people went for the 7 year option then they would be bust in 7 years. If you were going for any other option you might as well just negotiate £49,000 off the asking price, not going through the website. You save a lot more money on the purchase price and they save £1000 too.

Seems like only dumb/gullible/overly trusting people would make a purchase using this, which means that it is not something I would want to be associated with. Unless they have someone better than Warren Buffet investing for them, then I can't see how this is not doomed to fail.

wheresmyfuture

Hi I'm the original poster. I didn't go with them, thank god! I know how they are 'supposed' to return all rewards and the system they use, but can I post it on here???

st999

but can I post it on here???

Of course you can, we are all ears, or eyes.

Though you might be better not to use any actual names, sort of aliases

patman99

Perhaps they are relying on people forgetting to claim/failing to claim the correct way/in the specified time-limit.

Sounds like the scam run by a mobile phone seller a couple of years back.

Dabbler_2

Exposed wrote: »

I have heard of Cashbax, and have even met some of the individuals involved in this scheme.! I don't pretend to understand it, but for me the math just does not add up.!

For example all the adverts for introducing agents quote a figure of £80,000 (OTE), on target earnings.! That equates to 1% of the value of goods sold by merchants introduced to this scheme by a singular introducing agent.! To achieve that figure, the retail value of goods sold by merchants introduced by one agent would have to be something in the order of £8,000,000.!

Well, exposer, I know one Cashbax agent who is in negotiation to sign up a company with an annual turnover of £50,000,000. That's ONE company. If they only do only 1 in 5 deals through cashbax, that nets that one agent 1% of around £10,000,000 which is £100,000.

Now most agents are assumed to be able to sign up maybe 20 companies ... although that one is at the high end, and that agent may have their hands full with just that one sign up to get more. Then again, for £100,000 a year ...

As for how they do it, it is done by high-end investment, which makes around an average 3-5% interest per month on the investment (it's where your cheques go when you cash them before they appear in your bank account, and you can only hit those figures if you can invest a LOT of cash). They only need to average 2.33% per month over 7 years to be able to afford the full amount they promise. The buyer and seller can redeem at any time - there is no 'you have to redeem in this time period' clause. They can just log onto the website, click their purchase and take their money - obviously if they redeem early, they get a lot less.

If those figures are correct, they can do what they say they do, both for agents and for buyers and sellers. I've spoken with a former financial adviser who confirmed that, as ball-park figures for the kind of investment they are using, they aren't unreasonable.

Dabbler_2

BunShopBandit wrote: »

You must think people here are as stupid as you...... :rotfl: :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Well I'm smart enough to know that insulting people doesn't win arguments, it just displays the intellectual limitations of the person doing the insulting ...

Oh, and for the record, yes this is the first post on this site under this name - that would be because I (the person at the keyboard) have never posted here before. If this is the calibre of the discussion on this site, I won't again either.

dacouch

Being in negotiation (Getting an appointment to do a presentation) with a company turning over £50m and getting their business are very different. There are too may unanswered questions with this company and back history for any non sme company to take a chance on it.

Getting returns of 2% to 3% would rely on hedge funds or other high risk investments which have also have a chance of losing money as well as making money hence the potential high returns. It would also involve tying money up which if there are more than expected customers requesting early cash back or a "Run the bank" would cause major cash flow problems to an establised company let alone a new start up being run from an estate agents in the sticks.

A non SME company would (I my opinion) be unwise to take a gamble on this with the potential bad publicity a failure of Cashbax would have on their company. I can't see any non SME staff in their cosy job wanting the risk of such a mistake and the consequences to their company and own careers

melanieee

hi.... i have started working for cashbax and at 1st couldnt understand how it works! i think this is the main reason people dont believe it will work! you have to look at it being a marketing tool, like yellow pages for example. companies spend thousands a year to advertise with them and get their business noticed. their are so many businesses out there at the moment offering massive discounts on products because the market is so tough. how cashbax works is getting a company to not offer a discount but offer upto 100% of the purchace price back. i know i would choose to buy a kitchen that was full price and get my money back over an instant discount. the seller pays cashbax a 25% maketing fee which we then use to trade with swiss bankers, just like banks do with our money all the time. the money goes into a forex using compound interest at around 4% which is massive. the good thing is nobody looses out. the buyer has their product and can get money back after 21 days if they wish or wait till the end of the 7. the seller hasnt offered the discount they were intending and so used it for marketing with us which worked as the buyer bought their kitchen instead of a rival companies for the reward. at the end of the 7yrs the seller will get all their marketing fee back plus 10% of what was made in the forex. i know its a bit baffeling at first but it has been tested for four years and has worked and proven a profit. cashbax will be huge but every company has to start somewhere. for all you none believers, thats fine. proof is always in the pudding, so watch this space! thanks melanie

dacouch

Investing money on the Forex is a very risky business, the more risk you take the higher the potential returns. However they also have the potential to lose money so there is no guarantee of the 4% returns.

If making 4% per month was so easy why don't our government invest in it ? Forex is a very risky business, which is why a good investor would use Forex as a small part of their investment portfolio with also safer other investments eg government gilts etc etc.

There are no guarantees with Cashbax, the only guarantee you do have, is if it goes wrong they will simply walk away from the company and allow it to crash. They will walk away with any profits and salaries to date and leave their customers and their customers out of pocket and also the agents etc.

Some people have made money on Forex over the last few years and also plenty of people have also lost money, this will continue happening in the future.

DVardysShadow

mum2evntess wrote: »

No fee to become an agent, you just have to be suitable for the post ie experienced sales background, computer literate.

Anyone doing the job would not be aware that gullibility is probably the most important attribute ....