Ripple energy (credit card act section 75)

red_help

Hi, Ripple Energy has gone into administration and I'm part of the cooperative shareholding, can I get my money back from my credit card provider?
Thank you.

Olinda99

are you saying you used your credit card to.buy shares in Ripple Energy ?

DullGreyGuy

red_help said:

Hi, Ripple Energy has gone into administration and I'm part of the cooperative shareholding, can I get my money back from my credit card provider?
Thank you.

You haven't lost your shares, your shares are just now worthless. There has been no breach of contract or misrepresentation, you just gambled and lost. You can't get your stake at Poker back from a credit card company either if you lose your hand of cards.

Tallmark

As another Ripple customer, I’m also wondering the same. I didn’t buy shares in Ripple Energy, which has now ceased trading, I bought shares via Ripple in a cooperative that they created to develop and run a wind farm. Having paid by credit card, it would be really good to know whether Section 75 applies… https://static.rippleenergy.com/media/documents/1.0.0--Whitelaw_Brae_share_offer.pdf

born_again

All you can do is ask. Part of this would be based on who you actually paid. But never good idea to use credit to fund a investment.

What was the individual value of each share you were buying?

looking at the above linked document

If your electricity consumption is 2,700kWh per year you would need to own 1,116 watts of the wind farm for your share to generate about 2,700kWh. That’s approximately 0.0019% of the project. 
Paying in a single instalment, each watt costs £1.72 (rounded) so buying 1,116 watts would cost £1,915

So I would expect push back from CC's on the basis you are buying per watt, which is under the S75 limit.

eskbanker

Seems to me that there are at least two pertinent questions, i.e. to what extent are the cooperatives affected by the ripple effect (!) from the administration of the associated energy supplier, and to what extent would purchases of stakes in the former be protected by section 75 if the cooperatives collapsed?

I suspect that the card providers won't be on the hook if the funded purchase was a successfully-completed transaction, but if the ongoing energy supply aspects are considered part of the deal and they cease, then it may be viable to construct a breach of contract claim, depending on exactly how the customer agreement (cross-referred to in the above linked document) is structured.