Section 75 / Chargeback

mickjp1417

Is the transfer of monies (approximately £1,200) from a credit card to a binary options trading platform covered by S75/Chargeback, where the platform itself appears to be a scam operator, as evidenced by internet searches surrounding its operational history? Any thoughts greatly appreciated. 

bengalknights

Generally its not covered by S75, however chargeback may cover it.

eskbanker

mickjp1417 said:

Is the transfer of monies (approximately £1,200) from a credit card to a binary options trading platform covered by S75/Chargeback, where the platform itself appears to be a scam operator, as evidenced by internet searches surrounding its operational history? Any thoughts greatly appreciated. 

Much will depend on your specific circumstances (not what you've read about), in terms of exactly what you did and the extent to which this company has broken the Ts & Cs of the contract.  For example, if you funded an account but have never been able to access it then you should be able to argue that you didn't get what you paid for, but if you were using the account but have subsequently lost faith in them then it would be much harder to sustain the argument that the card company should underwrite losses.

conrail

I am looking for advice on receiving a refund from National Holidays now that they have gone into liquidation, I paid a deposit of £585.00 for a trip to Norfolk on my Santandair 123 a/c credit card, this was the deposits of 13 people including myself to visit the Thursford Christmas Extravaganza in November of this year, including hotel accommodation and coach travel, which is my best option for recovering the monies, ie claiming off the administrators or claiming from Santandair bank, I have never been in this position before so would appreciate all help and advice

p00hsticks

conrail said:

I am looking for advice on receiving a refund from National Holidays now that they have gone into liquidation, I paid a deposit of £585.00 for a trip to Norfolk on my Santandair 123 a/c credit card, this was the deposits of 13 people including myself to visit the Thursford Christmas Extravaganza in November of this year, including hotel accommodation and coach travel, which is my best option for recovering the monies, ie claiming off the administrators or claiming from Santandair bank, I have never been in this position before so would appreciate all help and advice

Firstly, you are better off starting a new thread of your own rather than 'piggy backing' on an existing one as it will confuse people repsonding to both the original topic and yours.

Having said that, now I'm typing - I wouldn't hold out much hope of getting money back from the administrators, as you will just be joining a long line of creditors with (presumably) not enough money to go round.

Your better bet is either Section 75 or a chargeback

https://www.moneysavingexpert.com/shopping/section75-protect-your-purchases/

https://www.moneysavingexpert.com/shopping/visa-mastercard-chargeback/

I'm not an expert so I'm not sure which is most applicable - although the total payment was for over £100, it could be viewed as 13 separate deposits of under £100, in which case I'm not sure if Section 75 would apply. Also the fact that the payments are on behalf of other people might muddy the waters.

But start your own thread (you should see a 'new post' button towards the top left of the main board page) and see what other people recommend/

jbrassy

Section 75 aside, why on Earth would you invest in binary options anyway? The FCA prohibited retail consumers from accessing them more than a year ago now because people keep losing money on them.

jonesMUFCforever

mickjp1417 said:

Is the transfer of monies (approximately £1,200) from a credit card to a binary options trading platform covered by S75/Chargeback, where the platform itself appears to be a scam operator, as evidenced by internet searches surrounding its operational history? Any thoughts greatly appreciated. 

Which credit card was this first time poster?
UK cards stopped this a while back so you can see why I am sceptical?

born_again

mickjp1417 said:

Is the transfer of monies (approximately £1,200) from a credit card to a binary options trading platform covered by S75/Chargeback, where the platform itself appears to be a scam operator, as evidenced by internet searches surrounding its operational history? Any thoughts greatly appreciated. 

No S75.
Chargeback is possible, but you will have a lot of hoops to jump to jump through.
Main one being you need a screenshot of your binary options account showing the balance. That is the amount you might be able to claim back.
Without that forget it. Visa will not entertain one without.
Even then it is such a weak chargeback that retailer simply reject on the ground it is a investment and it went down.

When these 1st started we did win a few. They then worked out how to get round it and we have never won one in a good few years. And some of these run into the ten's of thousands.

jonesMUFCforever

Seems like the OP has no more comments?

conrail

thank you p00hsticks,  apoogies for piggybacking and appreciateyour advice