credit card refund
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Dexter73
Posts: 3 Newbie
in Credit cards
Hi All,
last november i opened an account with an online site called FXBreeze. They had a portel where you can try to be a dealer by bying and selling FX currency, crypto and stock.
I started by crediting £250 paid on my Credit card.
The account was going well and I increase my cash balance to £ 370 by January.
In the last few month I haven't used it than I decide to close the account and draw the money.
As you can imagine they were nowhere to be seen. I have been chasing them on and off for the last few month till this month I read on the internet that they are gone , cash and all.
As I have discovered they are not regulated nor cover by the FCA nor any other agency, they where just cruck and me an idiot for falling into it .
Anyway... Today I called the credit card and try to make a claim with them as they did pay the money to the company which is now gone bust . I was hoping that the credit card would be able to refund me the £250 deposit I made under the consumer protection act , but I have been decline and told that the company I paid the money to is classified as investment agency and Mastercard do not cover losses on these transaction. While I can understand that if I lost the money while investing , but the fact is the company has scammed many people and they withheld they cash balances effectively stealing these money .
Is there any i can do to recover the opening deposit amount if any ?
Kindest regards
Francesco
last november i opened an account with an online site called FXBreeze. They had a portel where you can try to be a dealer by bying and selling FX currency, crypto and stock.
I started by crediting £250 paid on my Credit card.
The account was going well and I increase my cash balance to £ 370 by January.
In the last few month I haven't used it than I decide to close the account and draw the money.
As you can imagine they were nowhere to be seen. I have been chasing them on and off for the last few month till this month I read on the internet that they are gone , cash and all.
As I have discovered they are not regulated nor cover by the FCA nor any other agency, they where just cruck and me an idiot for falling into it .
Anyway... Today I called the credit card and try to make a claim with them as they did pay the money to the company which is now gone bust . I was hoping that the credit card would be able to refund me the £250 deposit I made under the consumer protection act , but I have been decline and told that the company I paid the money to is classified as investment agency and Mastercard do not cover losses on these transaction. While I can understand that if I lost the money while investing , but the fact is the company has scammed many people and they withheld they cash balances effectively stealing these money .
Is there any i can do to recover the opening deposit amount if any ?
Kindest regards
Francesco
0
Comments
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Nope - sorry.
You can "recover" it by selling stuff or working extra shifts to recoup the money back
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I'm afraid your bank and Gary are correct.
There are Claims Management Companies who claim they will help people in your situation and charge them for the service. So don't try that route either.0 -
You can make a claim against the assets of the company as an unsecured creditor. Find out then name of the liquidator of the company and lodge your claim. IF the company has any assets, you will get your share. IF.
UPDATE. A google search shows the website of this company which still appears to exist. Why do you believe that the company has gone bust?0 -
Sounds like a common scam. You invest your money, make loads of fictional profit to encourage you to deposit more money, then when you come to withdraw find that it's impossible and the "company" and people running it are untraceable. This one has 1-star reviews everywhere and claims to be based in Estonia...UPDATE. A google search shows the website of this company which still appears to exist. Why do you believe that the company has gone bust?0 -
Effectively you've taken cash out of your credit card account and spent it on some commodities/foreign currencies. You've then sold these commodities/currencies for Sterling. So, in a way, your original cash doesn't exist any more because you have spent it and what you spent it on was correctly received. You then decided to sell your new acquisition and were lucky enough to get more for it than when you bought it - result.
You are now unable to get at this 'new' cash that is sitting in your account. Does that put FXBreeze in breach of contract? On the basis that you have fully complied with their T&Cs on withdrawals then, probably, yes, they may be in breach of contract.
Does that mean you have rights under S75 of the CCA? Sadly, no, because the value of the services involved (the forex/trading/withdrawal fees etc) are below £100 (presumably) and you haven't actually paid those fees by using a linked source of credit - rather you've paid for those services using some of the cash that you paid into your trading account.
Your card company has no chargeback rights either for pretty much the same reasons - you didn't pay for any services with your credit card, you just transferred an amount of cash from one account to another.
Perhaps a simpler analogy would be if you bought something on a credit card and then sold it to someone else for more money. They paid you by cheque and took the goods but the cheque bounced.
Anyway, as Ben8282 says are you sure they have ceased trading?0 -
I doubt it - just ignoring the OP knowing they won't be caught and waiting for the next sucker!
OP just be grateful that you only lost £250 - you only lost £250 right?0 -
yes, it is only what I lost ….I have been stupid, but I not a complete nobjonesMUFCforever wrote: »I doubt it - just ignoring the OP knowing they won't be caught and waiting for the next sucker!
OP just be grateful that you only lost £250 - you only lost £250 right?
thank you0 -
Thank you All for your comments.
Well, it has been a lesson learned. Next time I will use a secure and accredited site.
Thanks you Again0 -
If you decide to ''invest'' in crypto currency you will find a lot of UK banks will block any transaction using their debit/credit cards - to stop claims just like you wanted to make.0
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jonesMUFCforever wrote: »If you decide to ''invest'' in crypto currency you will find a lot of UK banks will block any transaction using their debit/credit cards - to stop claims just like you wanted to make.
Or protect their customers would be another way of putting it. There is very little avenue to claim the money back anyway to it’s not costing the bank other than the time it takes to say no.0
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