What Investment magazine - sharp practice

Tim_L

Currently fuming at What Investment magazine.

Took out a 12 month trial subscription about 12 months ago. Didn't cancel the standing order for the next 12 months immediately, and forgot about it. A couple of weeks ago the payment came out, I noticed it, and because I didn't want the subscription to continue called them to ask for it to be stopped and for a refund of unsent copies (as is normal with subscriptions in my experience).

On the phone, the subscriptions manager gleefully told me that they don't refund for unsent copies, and rather rudely explained there wasn't anything they would do about it.

Followed up with an e-mail to the corporate subscriptions manager. He replied today saying that they wouldn't refund the subscription money but would end the subscription with immediate effect. So basically taking my money and telling me to take a running jump.

I'm amazed that they treat customers in such a grasping and niggardly manner. We're talking about something like 20 quid here - probably less than the "manager" involved spends on his lunch every day. I don't want the magazines: a monthly investment magazine is less than useless anyway since it always lags behind events, and this particular one seems much more concerned by trailing the political prejudices of its editor than actually providing useful information. But I would like my money back, or at least some of it.

Anyway if there's any lesson from this it's not to get sucked into a trial subscription for a magazine which is in any case just about completely pointless, because all the organisation behind it is interested in is getting their hands on your money. The FT is much better for basic information, but the information it contains is available for free online anyway at sites such as this one and the Motley Fool.

advent1122

Was it part of the agreement that you take out a full 12 month subscription after the free trial ends?
Without looking at the small print I will wager 72p that it was.

makintracks

This subscription was mentioned either in this forum or in the regular newsletter and I took one out too. I even set up one of the "tart alerts" to remind me to cancel well in advance, but it didn't work (and it is not in my spam folder either).

I am hoping that with my first payment being made on 16 March last year, I will have time to cancel this.

I am sure that nothing anywhere mentioned that you had to take out a 12 month subscription after the trial. The magazine is basically useless, so would certainly not want to pay through the nose to renew.

Thanks for posting about this - at least a few people may be forewarned!

makintracks

Just a quick update from my side. I called Charterhouse today to cancel my subscription and was told their system was offline. I left a message but also asked for their fax number in the subscriptions department.

I sent a fax to Helen Clifford on 0207 2507011 with all the details of my subscription and requested cancellation and a call to confirm it had been done.

15 minutes later I received a call to confirm my sub was cancelled and Helen was quite pleasant.

I was informed by my bank that I should write to them in order to have definite proof, so my letter will still go in the mail tonight along with letter to credit card supplier to cancel their authority, but all seems ok.

It is a real shame that they behave so poorly if you cancel too late.

LittleVoice

Warning: I think you will find Direct debits set up with credit cards are different from those set up on a Bank account.

The company can still call on the credit card direct debit (and be paid) even when you have tried to stop it with the credit card company.

I would never set up a direct debit on a credit card unless I had absolute faith in the company which would be taking my money.

makintracks

I have been assured by my credit card company that since I sent them a copy of my cancellation letter, they would be in a position to refund me if a charge was made. I am hoping this company is not as bad as some and will honour their word, given they have verbally cancelled my subscritpion as requested. Fingers crossed that I will have no more grief than the day of panic that ensued from reading the first post above.

Welcome_2

even if you didnt send a letter just lie and say you did.. that will work and the !!!!! get a chargeback fee!