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  • FIRST POST
    • Dexter73
    • By Dexter73 20th May 19, 3:49 PM
    • 3Posts
    • 2Thanks
    Dexter73
    credit card refund
    • #1
    • 20th May 19, 3:49 PM
    credit card refund 20th May 19 at 3:49 PM
    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
Page 1
    • Gary_Dexter
    • By Gary_Dexter 20th May 19, 4:02 PM
    • 4,712 Posts
    • 3,076 Thanks
    Gary_Dexter
    • #2
    • 20th May 19, 4:02 PM
    • #2
    • 20th May 19, 4:02 PM
    Nope - sorry.

    You can "recover" it by selling stuff or working extra shifts to recoup the money back
    • eco_warrior
    • By eco_warrior 20th May 19, 4:12 PM
    • 381 Posts
    • 174 Thanks
    eco_warrior
    • #3
    • 20th May 19, 4:12 PM
    • #3
    • 20th May 19, 4:12 PM
    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.
    • Ben8282
    • By Ben8282 20th May 19, 6:46 PM
    • 3,123 Posts
    • 1,704 Thanks
    Ben8282
    • #4
    • 20th May 19, 6:46 PM
    • #4
    • 20th May 19, 6:46 PM
    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?
    Last edited by Ben8282; 20-05-2019 at 6:48 PM.
    • dj1471
    • By dj1471 20th May 19, 7:40 PM
    • 1,682 Posts
    • 1,183 Thanks
    dj1471
    • #5
    • 20th May 19, 7:40 PM
    • #5
    • 20th May 19, 7:40 PM
    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?
    Originally posted by Ben8282
    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...
    • Terry Towelling
    • By Terry Towelling 20th May 19, 8:00 PM
    • 1,474 Posts
    • 1,240 Thanks
    Terry Towelling
    • #6
    • 20th May 19, 8:00 PM
    • #6
    • 20th May 19, 8:00 PM
    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?
    • jonesMUFCforever
    • By jonesMUFCforever 20th May 19, 10:00 PM
    • 25,852 Posts
    • 13,059 Thanks
    jonesMUFCforever
    • #7
    • 20th May 19, 10:00 PM
    • #7
    • 20th May 19, 10:00 PM
    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?
    What goes around - comes around
    give lots and you will always receive lots
    • Dexter73
    • By Dexter73 22nd May 19, 3:55 PM
    • 3 Posts
    • 2 Thanks
    Dexter73
    • #8
    • 22nd May 19, 3:55 PM
    • #8
    • 22nd May 19, 3:55 PM
    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?
    Originally posted by jonesMUFCforever
    yes, it is only what I lost Ö.I have been stupid, but I not a complete nob

    thank you
    • Dexter73
    • By Dexter73 22nd May 19, 3:58 PM
    • 3 Posts
    • 2 Thanks
    Dexter73
    • #9
    • 22nd May 19, 3:58 PM
    • #9
    • 22nd May 19, 3:58 PM
    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 Again
    • jonesMUFCforever
    • By jonesMUFCforever 22nd May 19, 4:43 PM
    • 25,852 Posts
    • 13,059 Thanks
    jonesMUFCforever
    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.
    What goes around - comes around
    give lots and you will always receive lots
    • eco_warrior
    • By eco_warrior 22nd May 19, 6:42 PM
    • 381 Posts
    • 174 Thanks
    eco_warrior
    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.
    Originally posted by jonesMUFCforever
    Or protect their customers would be another way of putting it. There is very little avenue to claim the money back anyway to itís not costing the bank other than the time it takes to say no.
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