Turn Into Cash total rip off

gem86gem

anyone else recieved any emails about vat and creditors?

Superkev9

Hi,
can anyone help with filling the form in Im finding abit intimidating!

KxMx

I think you'd both be better off posting on the main thread, this is just an offshoot- link in post #2.

bebeepgirlxx

The creditors letter I received had the details of a company called UHY. I contacted them and was given the following number 0141 886 6644, they informed me that a creditors meeting was held on the 28th of May. We (the people who have sent in DVD's) will then be sent an email with a claim letter inclosed. If the claim is accepted we will not receive pound for pound.

Hope this helps

bebeepgirlxx

The creditors letter I received had the details of a company called UHY. I contacted them and was given the following number 0141 886 6644, they informed me that a creditors meeting was held on the 28th of May. We (the people who have sent in DVD's) will then be sent an email with a claim letter inclosed. If the claim is accepted we will not receive pound for pound.

Hope this helps

Kite2010

Any assets the company had when it went into administration will be sold (probably to a new company run by the same management team) for pennies, and any money recovered will be used to pay the administrators first and if anything is left over then it will go to the unsecure creditors.

My prediction, the people whom sent stuff in and never got any money will get nothing, any money raised will go straight to the administrators and the management of the new company gets thousands of pounds of CDs/DVDs/Games for a fraction of the cost to sell on as needed.

Bigboy1_2

I know most of you have lost money to TIC but you shouldn't let that put you off using these kind of sites. The owner of TIC was obviously in it for the cash and not making people happy because I bet the staff were treated no better than the customers!
The reason I posted is because both my wife and I have both used two sites recently and had no problems and got our money quickly. My wife used music magpie to get rid of her cds and I used dvd-exchange.co.uk to get rid of some old games and films.
Not all of these sites are scammers.....

Nicki_Sue

Does anyone have any update re this? A friend of mine has been caught out by TIC and is still waiting to hear anything,

Kite2010

Most likely you will receive nothing as any assets the company had would have been used to pay for the administrators fees (£86 an hour for a normal office worker or something daft like that). The media probably got sold off to another company for peanuts, most likely to a new company the director set-up to make more money.

Write off the money, and in the ever unlikely event creditors get a pay-out (1p in the £1 owed) count it as a bonus.

In terms of the food chain, unsecured creditors are right at the bottom of the pile.