PLUM Shady Practices

Goliathslayer

Latest communication seems to suggest my £10k has got stuck somewhere and tech is looking into it  

Sunflowerpower66

I WOULD BE VERY CAUTIOUS OF THE PLUM PLATFORM (KNOWN ON COMPANIES HOUSE AS PLUM FINTECH LIMITED).  Their accounts are currently OVERDUE which indicates BIG RED FLAG.

I am disappointed Martin Lewis recommended this platform for one to invest money.  He should have conducted better due diligence and what with my experience with PLUM, I am very sceptical on anything Martin Lewis recommends. 

I am very astute when it comes to money matters but PLUM has caught me out big time so I'm now disappointed in myself. 

PLUM work on TRICKING i.e. when you "sign up" with them there is NO CLARITY whatsoever to the T&Cs they operate under.  

I opened a cash ISA with PLUM.  I did this by transferring the nominal sum of £100 from my RBS account.

A month later I noticed a debit from my RBS account for £5.59 to a company called PLUM FINTECH LTD.  I  then checked my PLUM APP to see the money had transferred to a "pocket" at PLUM.  

Upon further investigation, it seems I automatically entered into a DIRECT DEBIT agreement with PLUM when I opened my ISA whereby their robot takes funds from my bank account every month to credit their "pockets"  (NOTE "pockets" is the term Plum use on their platform to hold your funds taken by direct debit).

So unknowingly and most definitely having been mis-sold, by opening a cash ISA, I have also entered into a direct debit agreement!

☆☆IMPORTANT☆☆
 PLUM DID NOT SEND ME ANY AGREEMENT UNDER SEPARATE COVER OR ADVISE ME I HAD A 14 DAY COOLING OFF PERIOD.

Unfortunately it doesn't stop there!

Now feeling swindled, I decided to close my account with Plum.  However, to date, this has remained an impossibility as they have put "tricks" on their App to prevent you from withdrawing your funds.  THIS IS WHEN I REALISE I HAVE BEEN TRICKED.

I am currently in the process of writing them copious emails and messages requesting my money back.  NOTE THERE IS NO TELEPHONE NUMBER SO YOU WILL NOT BE ABLE TO SPEAK TO SOMEONE.  (NB I am saving all my responses from Plum, most of which are generic and i will happily post here for all to see).

 I raised a DSAR and FORMAL COMPLAINT and things progressed to generic responses stating I can refer the matter to the Financial Ombudsman (that's if PLUM FINTECH LIMITED are regulated). Somehow I feel there may be a loophole and they are not regulated at all.   I am still left in limbo how I get my cash back which I deem as stolen. 

Perhaps Martin Lewis you can help me and others in the same situation? It was you after all who got us here? 

gravel_2

Sunflowerpower66 said:

I WOULD BE VERY CAUTIOUS OF THE PLUM PLATFORM (KNOWN ON COMPANIES HOUSE AS PLUM FINTECH LIMITED).  Their accounts are currently OVERDUE which indicates BIG RED FLAG.

I am disappointed Martin Lewis recommended this platform for one to invest money.  He should have conducted better due diligence and what with my experience with PLUM, I am very sceptical on anything Martin Lewis recommends. 

I am very astute when it comes to money matters but PLUM has caught me out big time so I'm now disappointed in myself. 

PLUM work on TRICKING i.e. when you "sign up" with them there is NO CLARITY whatsoever to the T&Cs they operate under.  

I opened a cash ISA with PLUM.  I did this by transferring the nominal sum of £100 from my RBS account.

A month later I noticed a debit from my RBS account for £5.59 to a company called PLUM FINTECH LTD.  I  then checked my PLUM APP to see the money had transferred to a "pocket" at PLUM.  

Upon further investigation, it seems I automatically entered into a DIRECT DEBIT agreement with PLUM when I opened my ISA whereby their robot takes funds from my bank account every month to credit their "pockets"  (NOTE "pockets" is the term Plum use on their platform to hold your funds taken by direct debit).

So unknowingly and most definitely having been mis-sold, by opening a cash ISA, I have also entered into a direct debit agreement!

☆☆IMPORTANT☆☆
 PLUM DID NOT SEND ME ANY AGREEMENT UNDER SEPARATE COVER OR ADVISE ME I HAD A 14 DAY COOLING OFF PERIOD.

Unfortunately it doesn't stop there!

Now feeling swindled, I decided to close my account with Plum.  However, to date, this has remained an impossibility as they have put "tricks" on their App to prevent you from withdrawing your funds.  THIS IS WHEN I REALISE I HAVE BEEN TRICKED.

I am currently in the process of writing them copious emails and messages requesting my money back.  NOTE THERE IS NO TELEPHONE NUMBER SO YOU WILL NOT BE ABLE TO SPEAK TO SOMEONE.  (NB I am saving all my responses from Plum, most of which are generic and i will happily post here for all to see).

 I raised a DSAR and FORMAL COMPLAINT and things progressed to generic responses stating I can refer the matter to the Financial Ombudsman (that's if PLUM FINTECH LIMITED are regulated). Somehow I feel there may be a loophole and they are not regulated at all.   I am still left in limbo how I get my cash back which I deem as stolen. 

Perhaps Martin Lewis you can help me and others in the same situation? It was you after all who got us here? 

Where did Martin Lewis recommend them?

masonic

A few points:

• Late filing of accounts is not much of a red flag. They aren't engaged in any dirty tricks, like shortening their account year to avoid filing accounts
• The T&Cs are available both within the app at sign-up and on the website without signing up, and they make it clear that a direct debit will be set up
• The T&Cs are quite well laid out and separated into the different products and services, and each section makes clear which other services and terms are required in order to use that specific product
  
• Clause 6.7 in the Cash ISA T&Cs, available in the app when signing up or on the website without signing up, states that there is a 14 day cooling off period
• There is no requirement to send you documentation "under separate cover" if it is all made available to you to access at any time online
• The one valid point you do have is that Plum should probably not be turning on the autosave feature by default when you sign up, but the money can easily be transferred back to your linked account and the feature disabled. Annoying though that is, it isn't mis-selling
  

As for the suggestion that Martin Lewis bears some personal responsibility for your misunderstandings and failure to read the terms you were signing up to, good luck with that.

Petriix

I dabbled with Plumb, mainly for the easy DD setup for bank switching. Ultimately I found it a bit too intrusive without fulfilling what it was trying to offer. I didn't like it pulling money out of my bank account without explicitly asking and I didn't like the weird delay with sending money to/from the savings account. I'm now just using Trading212 for the ISAs and 5.2% interest on cash. 

Honsha

gravel_2 said:

Sunflowerpower66 said:

I WOULD BE VERY CAUTIOUS OF THE PLUM PLATFORM (KNOWN ON COMPANIES HOUSE AS PLUM FINTECH LIMITED).  Their accounts are currently OVERDUE which indicates BIG RED FLAG.

I am disappointed Martin Lewis recommended this platform for one to invest money.  He should have conducted better due diligence and what with my experience with PLUM, I am very sceptical on anything Martin Lewis recommends. 

I am very astute when it comes to money matters but PLUM has caught me out big time so I'm now disappointed in myself. 

PLUM work on TRICKING i.e. when you "sign up" with them there is NO CLARITY whatsoever to the T&Cs they operate under.  

I opened a cash ISA with PLUM.  I did this by transferring the nominal sum of £100 from my RBS account.

A month later I noticed a debit from my RBS account for £5.59 to a company called PLUM FINTECH LTD.  I  then checked my PLUM APP to see the money had transferred to a "pocket" at PLUM.  

Upon further investigation, it seems I automatically entered into a DIRECT DEBIT agreement with PLUM when I opened my ISA whereby their robot takes funds from my bank account every month to credit their "pockets"  (NOTE "pockets" is the term Plum use on their platform to hold your funds taken by direct debit).

So unknowingly and most definitely having been mis-sold, by opening a cash ISA, I have also entered into a direct debit agreement!

☆☆IMPORTANT☆☆
 PLUM DID NOT SEND ME ANY AGREEMENT UNDER SEPARATE COVER OR ADVISE ME I HAD A 14 DAY COOLING OFF PERIOD.

Unfortunately it doesn't stop there!

Now feeling swindled, I decided to close my account with Plum.  However, to date, this has remained an impossibility as they have put "tricks" on their App to prevent you from withdrawing your funds.  THIS IS WHEN I REALISE I HAVE BEEN TRICKED.

I am currently in the process of writing them copious emails and messages requesting my money back.  NOTE THERE IS NO TELEPHONE NUMBER SO YOU WILL NOT BE ABLE TO SPEAK TO SOMEONE.  (NB I am saving all my responses from Plum, most of which are generic and i will happily post here for all to see).

 I raised a DSAR and FORMAL COMPLAINT and things progressed to generic responses stating I can refer the matter to the Financial Ombudsman (that's if PLUM FINTECH LIMITED are regulated). Somehow I feel there may be a loophole and they are not regulated at all.   I am still left in limbo how I get my cash back which I deem as stolen. 

Perhaps Martin Lewis you can help me and others in the same situation? It was you after all who got us here? 

Where did Martin Lewis recommend them?

Personally I found the saver option crystal clear. Also you have to manually select your preferred deposit rule via the brain icon so it isn't default, you must have toggled on of the deposit rules on. Otherwise they're left inactive. 

Honsha

Sunflowerpower66 said:

I WOULD BE VERY CAUTIOUS OF THE PLUM PLATFORM (KNOWN ON COMPANIES HOUSE AS PLUM FINTECH LIMITED).  Their accounts are currently OVERDUE which indicates BIG RED FLAG.

I am disappointed Martin Lewis recommended this platform for one to invest money.  He should have conducted better due diligence and what with my experience with PLUM, I am very sceptical on anything Martin Lewis recommends. 

I am very astute when it comes to money matters but PLUM has caught me out big time so I'm now disappointed in myself. 

PLUM work on TRICKING i.e. when you "sign up" with them there is NO CLARITY whatsoever to the T&Cs they operate under.  

I opened a cash ISA with PLUM.  I did this by transferring the nominal sum of £100 from my RBS account.

A month later I noticed a debit from my RBS account for £5.59 to a company called PLUM FINTECH LTD.  I  then checked my PLUM APP to see the money had transferred to a "pocket" at PLUM.  

Upon further investigation, it seems I automatically entered into a DIRECT DEBIT agreement with PLUM when I opened my ISA whereby their robot takes funds from my bank account every month to credit their "pockets"  (NOTE "pockets" is the term Plum use on their platform to hold your funds taken by direct debit).

So unknowingly and most definitely having been mis-sold, by opening a cash ISA, I have also entered into a direct debit agreement!

☆☆IMPORTANT☆☆
 PLUM DID NOT SEND ME ANY AGREEMENT UNDER SEPARATE COVER OR ADVISE ME I HAD A 14 DAY COOLING OFF PERIOD.

Unfortunately it doesn't stop there!

Now feeling swindled, I decided to close my account with Plum.  However, to date, this has remained an impossibility as they have put "tricks" on their App to prevent you from withdrawing your funds.  THIS IS WHEN I REALISE I HAVE BEEN TRICKED.

I am currently in the process of writing them copious emails and messages requesting my money back.  NOTE THERE IS NO TELEPHONE NUMBER SO YOU WILL NOT BE ABLE TO SPEAK TO SOMEONE.  (NB I am saving all my responses from Plum, most of which are generic and i will happily post here for all to see).

 I raised a DSAR and FORMAL COMPLAINT and things progressed to generic responses stating I can refer the matter to the Financial Ombudsman (that's if PLUM FINTECH LIMITED are regulated). Somehow I feel there may be a loophole and they are not regulated at all.   I am still left in limbo how I get my cash back which I deem as stolen. 

Perhaps Martin Lewis you can help me and others in the same situation? It was you after all who got us here? 

I signed ilup to them recently and I found the saver option crystal clear. Also you have to manually select your preferred deposit rule via the brain icon so it isn't default, you must have manually toggled on of the deposit rules on. Otherwise they're left inactive. So this sounds like your error. 

SteveT99

Sunflowerpower66 said:

I WOULD BE VERY CAUTIOUS OF THE PLUM PLATFORM (KNOWN ON COMPANIES HOUSE AS PLUM FINTECH LIMITED).  Their accounts are currently OVERDUE which indicates BIG RED FLAG.

I am disappointed Martin Lewis recommended this platform for one to invest money.  He should have conducted better due diligence and what with my experience with PLUM, I am very sceptical on anything Martin Lewis recommends. 

I am very astute when it comes to money matters but PLUM has caught me out big time so I'm now disappointed in myself. 

PLUM work on TRICKING i.e. when you "sign up" with them there is NO CLARITY whatsoever to the T&Cs they operate under.  

I opened a cash ISA with PLUM.  I did this by transferring the nominal sum of £100 from my RBS account.

A month later I noticed a debit from my RBS account for £5.59 to a company called PLUM FINTECH LTD.  I  then checked my PLUM APP to see the money had transferred to a "pocket" at PLUM.  

Upon further investigation, it seems I automatically entered into a DIRECT DEBIT agreement with PLUM when I opened my ISA whereby their robot takes funds from my bank account every month to credit their "pockets"  (NOTE "pockets" is the term Plum use on their platform to hold your funds taken by direct debit).

So unknowingly and most definitely having been mis-sold, by opening a cash ISA, I have also entered into a direct debit agreement!

☆☆IMPORTANT☆☆
 PLUM DID NOT SEND ME ANY AGREEMENT UNDER SEPARATE COVER OR ADVISE ME I HAD A 14 DAY COOLING OFF PERIOD.

Unfortunately it doesn't stop there!

Now feeling swindled, I decided to close my account with Plum.  However, to date, this has remained an impossibility as they have put "tricks" on their App to prevent you from withdrawing your funds.  THIS IS WHEN I REALISE I HAVE BEEN TRICKED.

I am currently in the process of writing them copious emails and messages requesting my money back.  NOTE THERE IS NO TELEPHONE NUMBER SO YOU WILL NOT BE ABLE TO SPEAK TO SOMEONE.  (NB I am saving all my responses from Plum, most of which are generic and i will happily post here for all to see).

 I raised a DSAR and FORMAL COMPLAINT and things progressed to generic responses stating I can refer the matter to the Financial Ombudsman (that's if PLUM FINTECH LIMITED are regulated). Somehow I feel there may be a loophole and they are not regulated at all.   I am still left in limbo how I get my cash back which I deem as stolen. 

Perhaps Martin Lewis you can help me and others in the same situation? It was you after all who got us here? 

They do seem to hide things in the app that they don't want you to do, like withdraw and close the account.  took ages to find, had to google it in the end.

I transferred my isa away from them to T212, just logged in to close the account and there is £125 in there, assume its left over interest.  Can I withdraw it - NO

it says frozen on the withdrawal page, no idea why and they have not asked me for anything, KYC, docs etc - zero

messaged CS via their chat pop-up and after an hour I got an email saying:

'Looking into your case, we have determined that further assistance from our Operations Department is needed.'

I've heard nothing more since, so more delay while they hold my money.  Assume they want to to forget and give up?