Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MSE Naomi
    • By MSE Naomi 7th Feb 19, 11:03 AM
    • 147Posts
    • 31Thanks
    MSE Naomi
    11 WOW
    Gift card marketplace Zeek warns it's looking for a buyer - MSE N
    • #1
    • 7th Feb 19, 11:03 AM
    11 WOW
    Gift card marketplace Zeek warns it's looking for a buyer - MSE N 7th Feb 19 at 11:03 AM
    Online gift card marketplace Zeek has confirmed it's looking for a buyer, as some users complain they haven't received payments for gift cards they've sold - with some claiming to be hundreds of pounds out of pocket...
    Read the full story:
    'Gift card marketplace Zeek warns it's looking for a buyer as users complain of late payments'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
Page 1
    • djjdsp
    • By djjdsp 7th Feb 19, 11:31 AM
    • 13 Posts
    • 16 Thanks
    djjdsp
    • #2
    • 7th Feb 19, 11:31 AM
    • #2
    • 7th Feb 19, 11:31 AM
    I am extremely gutted - i have been using a service and have been collecting my vouchers in Zeek -
    I currently have a balance of £40 in my "Wallet" and proceeded to order another 3 x £10 Zeek vouchers -

    No idea if this will ever come through - Not sure what to do?
    • krakan
    • By krakan 7th Feb 19, 1:06 PM
    • 131 Posts
    • 34 Thanks
    krakan
    • #3
    • 7th Feb 19, 1:06 PM
    • #3
    • 7th Feb 19, 1:06 PM
    You don't have a whole lot of options I'm afraid. For what it's worth I know people who are looking at a loss of rather more than £70...
    • djjdsp
    • By djjdsp 7th Feb 19, 2:28 PM
    • 13 Posts
    • 16 Thanks
    djjdsp
    • #4
    • 7th Feb 19, 2:28 PM
    • #4
    • 7th Feb 19, 2:28 PM
    What do you think the likelihood is of this company never returning?

    i am trying to be optimistic in the hope they will be bought out and potentially pay out what they owe!
    • krakan
    • By krakan 7th Feb 19, 2:57 PM
    • 131 Posts
    • 34 Thanks
    krakan
    • #5
    • 7th Feb 19, 2:57 PM
    • #5
    • 7th Feb 19, 2:57 PM
    Zero. They owe me four figures. They owe their creditors millions. Even if someone were to take over, I honestly doubt it would be as a going concern, they'd let them hit the wall and buy them out of receivership (Or whatever the equivalent process is in Israel) with a clean slates and no debt. It's morally questionable, but who would deliberately saddle themselves with millions of debt? There's the not insignificant point that if they do go under owing people money then the name Zeek is dirt anyway and therefore there'd be no value in the brand anyway.
    • charlie12
    • By charlie12 7th Feb 19, 4:17 PM
    • 1,608 Posts
    • 471 Thanks
    charlie12
    • #6
    • 7th Feb 19, 4:17 PM
    • #6
    • 7th Feb 19, 4:17 PM
    I'm surprised they lasted as long as they did given the extensive fraud prevalent in the gift card trading world.
    • keiran
    • By keiran 8th Feb 19, 8:52 PM
    • 461 Posts
    • 232 Thanks
    keiran
    • #7
    • 8th Feb 19, 8:52 PM
    • #7
    • 8th Feb 19, 8:52 PM
    Now, when I try to buy anything with my credit on my Zeek account, I get "purchase failed"
    Same for others?
    • JDPower
    • By JDPower 8th Feb 19, 9:28 PM
    • 1,587 Posts
    • 1,493 Thanks
    JDPower
    • #8
    • 8th Feb 19, 9:28 PM
    • #8
    • 8th Feb 19, 9:28 PM
    Now, when I try to buy anything with my credit on my Zeek account, I get "purchase failed"
    Same for others?
    Originally posted by keiran
    As it says in the article:

    "Zeek Mobile Ltd (an Israeli business) is currently working through a process with its major creditor Viola. Part of this process will be to secure a buyer for the business short term. Transactions on the marketplace and shop have been temporarily paused while we resolve this issue over the coming days."
    • nick6969
    • By nick6969 9th Feb 19, 5:45 PM
    • 3 Posts
    • 0 Thanks
    nick6969
    • #9
    • 9th Feb 19, 5:45 PM
    • #9
    • 9th Feb 19, 5:45 PM
    Funny how the site let me enter 3 codes today I got from Cashback sites in place of cash. Then when try to buy, get the Purchase Failed message. Shameful! Should be a big notice on their homepage advising of the situation. Shameful!
    • sarah1972
    • By sarah1972 9th Feb 19, 5:54 PM
    • 13,673 Posts
    • 42,615 Thanks
    sarah1972
    As it says in the article:

    "Zeek Mobile Ltd (an Israeli business) is currently working through a process with its major creditor Viola. Part of this process will be to secure a buyer for the business short term. Transactions on the marketplace and shop have been temporarily paused while we resolve this issue over the coming days."
    Originally posted by JDPower
    Funny how the site let me enter 3 codes today I got from Cashback sites in place of cash. Then when try to buy, get the Purchase Failed message. Shameful! Should be a big notice on their homepage advising of the situation. Shameful!
    Originally posted by nick6969
    See above, transactions have been paused.
    I'm a Board Guide on all of the Shopping & Freebies Boards http://forums.moneysavingexpert.com/forumdisplay.php?f=5
    I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (its not part of my role to deal with reportable posts). Any views are mine and not the official line of MoneySavingExpert.com
    • nick6969
    • By nick6969 10th Feb 19, 1:03 AM
    • 3 Posts
    • 0 Thanks
    nick6969
    I know (now). If they were being decent, then they would have a big notice on the home page and wouldn't be letting transactions take place that put money into their coffers at the same time as stopping any money from leaving their coffers (people spending credit on account). Shameful!
    • Woolco
    • By Woolco 10th Feb 19, 1:15 AM
    • 118 Posts
    • 148 Thanks
    Woolco
    The problem is, this was a failed site from day 1. I have no sympathy for the site or the users. If you get a gift card, spend it. Don't sit there and say you could not buy anything. Good riddance to this skanky and unnecessary website.
    Last edited by Woolco; 10-02-2019 at 1:37 AM.
    • JDPower
    • By JDPower 10th Feb 19, 1:24 AM
    • 1,587 Posts
    • 1,493 Thanks
    JDPower
    The problem is, this was a failed site from day 1. I have no sympathy for the site or the users.
    Originally posted by Woolco
    Nice to see empathy is alive and well here
    • Woolco
    • By Woolco 10th Feb 19, 1:37 AM
    • 118 Posts
    • 148 Thanks
    Woolco
    Gracias mucho.
    • ColinJones
    • By ColinJones 18th Feb 19, 8:08 PM
    • 2 Posts
    • 0 Thanks
    ColinJones
    Is the FCA complicit in Zeek users' loss ?
    In your coverage of the loss of money by UK users of Zeek (the online marketplace for selling second hand gift-vouchers), you should be aware that it could be that the FCA are complicit in consumers’ loss.

    Hidden away in Zeek’s Terms and Conditions is the assertion that Zeek.Me acts purely as an agent of the seller of the gift-voucher, and not of the buyer (this is not immediately obvious from their website homepage).
    Indeed, it explicitly states in the T&Cs that, from the buyer’s point of view, payment to Zeek is the same as payment to the seller.
    The T&Cs also state that Zeek has the seller’s authority to complete the sale of the gift-voucher.

    The T&C’s are written this way as, in the UK currently according to the FCA, these terms enable the CAE (Commercial Agents Exemption) loophole to apply from PSD2 protection.
    PSD2 (in the UK, the Payments Services Regulations 2017) came into law on 13th January 2018, and states that online-marketplaces that handle client payment from this date must be FCA registered, and if over certain volumes then the client funds must be safeguarded in special segregated secure bank accounts, unless the CAE applies (in which case, the marketplace firms are completely outside this law).

    Now the German and French FCA equivalent regulators have long ruled that an on-line marketplace cannot invoke the CAE simply by stating in its terms and conditions that it has the authorisation to complete a sale.

    See for example the German regulator’s ruling from 2014:
    https www . bafin.de / SharedDocs/Veroeffentlichungen/EN/Fachartikel/2014/fa_bj_1404_bezahlverfahren_im_internet_en.html?nn= 7858612#doc7874232bodytext7

    But the FCA is fighting these other regulators tooth-and-nail, and currently interprets the law to allow Zeek and other online marketplace to exclude themselves from the new law by some deft text in the T&Cs stating that they have authority to finalise a sale from one party.

    The result is that client money is treated as the marketplace’s own, with no special care nor handling nor special protection, and in the case of Zeek the possible loss of sellers’ money as a result.

    This should not be allowed to continue – the FCA must follow its co-regulators example, and interpret the new law correctly, and force marketplaces to protect client money as the law mandates.


    I believe MSE should update its story to include these facts.








    P.S.
    Although Zeek is an Israeli company, it is seemingly clearly operating in the UK.
    For example, its T&Cs at https wp.zeek.me / terms-of-use/ (saved just now to the internet wayback machine) state multiple examples including:

    · * The Service is solely for the promotion of products within the United Kingdom.
    · * (ii) the brand of the physical Gift Voucher to be listed must have at least 5 stores/branches in the UK;
    · * etc.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

361Posts Today

5,018Users online

Martin's Twitter
  • RT @theresa_may: I?m pleased that we are banning all GPs? charges for forms relating to mental health and debt. I?d like to thank @mmhpi fo?

  • Currently 52% in favour of self service checkouts, 48% staffed checkouts. I'm not saying a word! https://t.co/T7zzztSAr5

  • RT @chihuahuamammy: @MartinSLewis Just rang the Student Loans Company following your show. A refund of £395 for overpayment. Not early reti?

  • Follow Martin