Store First Petition

kencharlton

Doe anyone have information on Store first and why the government are trying to wind them up , please?


kind regards ken

dunstonh

It was effectively a scam.

kencharlton

very useful thank you

dunstonh

There are some old threads on this site you may wish to look at. We were saying for years that it was a scam. Like most scams, the authorities are slower to react. However, even before it was recognised as a scam, it was discussed in this forum that it was a very high-risk unregulated investment that could be a scam.

This thread started in 2012:
https://forums.moneysavingexpert.com/discussion/3866319

kencharlton

I do have store pods which do exist and I have made some returns on them being rented out , so not really a scam.
They just do not provide the returns you are expecting . Plus up until the GOV stuck the Petition on them I was about to get my investment back , or so they said . Now I have no chance .

dunstonh

I do have store pods which do exist and I have made some returns on them being rented out , so not really a scam.

Getting some returns before the thing collapses does not mean it avoids being called a scam.

There was a general feeling early on that they were using money being invested to pay the money out rather than the income from the storage.

They just do not provide the returns you are expecting

Which is a scam when they guaranteed to pay a certain amount and dont do it. It is also a scam when they do not return the money for those pulling out. It is also a scam when the breach regulatory rules on pension transfers.

lus up until the GOV stuck the Petition on them I was about to get my investment back , or so they said . Now I have no chance .

People weren't getting their money back long before the authorities got involved. Excuse after excuse given. Yours is just another one.

marlot

https://www.telegraph.co.uk/tax/news/investors-top-gear-presenters-notorious-storage-pod-scheme-face/?li_source=LI&li_medium=li-recommendation-widget

redpete

kencharlton wrote: »

Plus up until the GOV stuck the Petition on them I was about to get my investment back , or so they said .

'they' being Store First presumably, the ones who didn't provide returns that they promised, the ones who failed to honour commitments about paying up to many people.

Now I have no chance .

Not sure you ever had a realistic chance.

PeacefulWaters

kencharlton wrote: »

Plus up until the GOV stuck the Petition on them I was about to get my investment back , or so they said . Now I have no chance .

Don't delude yourself. You never had any chance.

Malthusian

You were never going to get your investment back. 100% was lost the moment you handed it over.

This is Classic Scam Excuse no. 1. Whenever a scam collapses the scammers invariably:

1. Blame the government - "If the government hadn't shut us down everything would have been fine"
2. Blame the media - "If the media hadn't printed lies about us we would have been able to refinance and everything would have been fine" ("refinance" in this case = "find new investors to pay the old ones with")
3. Blame the victims - "If the investors hadn't been greedy and tried to take their money out everything would have been fine"

All of this is, of course, BS. The only people to blame for the collapse of a failed investment are a) those who orchestrated a supposed investment where there was no external revenue source to meet payouts b) those who took out more than they put in, which in a scheme with no external revenue inevitably means they are stealing other investors' money. A) and are of course the same people.

Who fed you the line that it was anything to do with the winding up petition, which is nothing more than the Government sweeping up the debris?

molerat

And now the taxman may come after you as well !