Crown Currency concerns

[Cochise]

I recently had a claim as an unsecured creditor against a company who overcharged me a fortune for X Factor votes i didn't make. At the end I got nothing and the Administrators made a mint out of it......

I have used CCE twice and i still feel sick for you all, i really hope this will not ruin your dream holidays

 

[kristieuk]

We ordered 2x £1000 worth of dollars from Crown back in August. One lot was due to be delivered Weds 6th Oct and the other Fri 8th Oct. After hearing all the rumours thought we had lost £2000.
After a shopping trip on Saturday we returned home to find a Royal Mail Special Delivery card left saying 2 letters were waiting for us at the sorting office.
After sweating it out all day yesterday My hubby was waiting for the Post Office to open this morning and there was our dollars from Crown. What a massive relief!!!!
Also a two colleagues that I work with received their orders on Saturday too.
What a coincidence that we all live in Cornwall.
Perhaps they decided to send 'the locals' their currency so they wouldn't get harrassed outside their offices this morning. Cowards!!!
Sorry I know this doesn't help my fellow DVC members out there but I thought it might interest you.
My heart goes out to you all and I hope you manage to find a solution and get your money back.

Good luck everyone

Wow, I am very pleased for you. But it does seem completely bizarre that people living in Cornwall have had currency delivered before it was even due when most people stopped receiving orders due last Friday. There were at least two other people on MSE that had the same thing happen to them, one wasn't due delivery until the end of the month.

I hope you don't mind, I have reposted your comments on the MSE forum where most of the information about this seems to be at the moment. I don't know if it will help, but I think the more information we get, the more chance we have of finding out what has happened here, and if anyone can be held liable (there is a question mark as to whether the FSA and Barclays have acted properly).

 

[yolkie]

Edit

 

[kristieuk]

I appreciate this is of no consolation to you at all, but I am so sorry to hear of your difficulties, and I truly hope you hope get some much better news and a way out of this situation very soon

 

[septimuswigley]

Article just posted on thisismoney.co.uk regarding CCE's collapse. It's not overly helpful, but more interesting is an article posted a year ago almost to the day warning of the risks.

It's on my blog which is linked in my signature - saves me cutting and pasting the links yet again!

 

[fairytale]

yes, we're now thinking the same - will still have an amazing time on holiday - especially as this is our DD first experience (not that she'll remember - thats why they invented cameras!!) It's not the end of the world although it does leave us a bit strapped for cash (and it's so close to Christmas too!!! )

My DH seems to think that if there is not enough cash in pot when all the dust settles, we can then file for a civil claim against the company for a service which we have paid for and is not completed. A breech of contract. I'm not convinced personally as if there is 18 million in debt for example, where is that money going to come from to pay us all back?

the administrators have posted a Q&A on their website - http://www.mcr.uk.com/assets/_files/documents/oct_10/FQA.pdf
it basically say's that any creditors (i.e. customers still waiting for their cash) will recieve some form of post in 8 weeks.

if anyone out there is a legal eagle and could give all advice - it would be appreciated!!

Legal Eagle as such here but not an Insolvency Practitioner but will try my best??

The problem that all unsecured creditors have is that most directors hide behind there limited companies and as your contract was made with the limited company and not the directors themselves it would be very hard and extremely expensive to try and fight a civil case through the county courts to prove the directors were acting out of line.

The administrators however are suppose to be acting on your behalf as well as the secured creditors ie the bank and HMRC (although not a secured creditor they are always on the top of the pecking list). They are duty bound to investigate whether or not any unlawful dividends have been drawn etc by the directors as if they can prove the company was failing and monies still been drawn out within the last so many months ( I cant quite remember the period of time it may even be years) the directors can be asked to repay this money back to the company.

However the big problem here is in my experience the Administrators normally take a huge chunk of the available funds for their costs which they always received before anyone else is even considered.

 

[jen_uk]

Yolkie, normally this would be the last thing I would suggest but what about taking out a credit card and paying for the food and hotel on that? I know its getting into even more debt but if you are really faced with having to cancel your wedding yet still pay for it then thats what I would do. Or this is probably a bit of a long shot but how about selling your story to a paper or magazine? I've seen things like this in our local paper and people often help them out. Hope you manage to find the money

 

[yolkie]

Hi Jen, kirstie, could you please delete my comments in your quotes please as apparently we're getting targeted elsewhere on the internet

 

[tubtruck]

I would be interested to know how much people honestly anticipated saving using a company like this than say going to the post office or a high street store to get currency where it is passed directly over the counter.
I have every sympathy with people who have been burned here but honestly think that forums like this and the internet can have a lot to answer for. Unheard companies and alternative ways of doing things seem to become common knowledge then on occasions fall like a pack of cards.
It seems a fairly regular that something or other folds that is not the old fashioned way of doing things that people would probably been blissfully unaware of a few years ago. Be this a ticket agency, strange flight company or ticket agency.
Personally I am fairly risk adverse when looking at companies ability to come up with the goods I have paid for I would say to others if you cannot afford to lose it use high street companies the majority have heard of for buying goods.
Get currency from the high street, straight in your hand, get flights from a flag carrier airline or a major charter company like thomas cook, thomson etc and get your tickets direct from Disney. Look at the few extra pounds spent as an insurance policy against misery. Oh and pay for all of them with a credit card for extra protection.

 

[Pegasus928]

Hi Jen, kirstie, could you please delete my comments in your quotes please as apparently we're getting targeted elsewhere on the internet

I have deleted the quote from Kirsties thread above as per yolkies request.
Shame that you are unable to have an opinion without the abuse - hope it doesn't continue nor get out of hand.

 

[paulh]

I would be interested to know how much people honestly anticipated saving using a company like this than say going to the post office or a high street store to get currency where it is passed directly over the counter.
I have every sympathy with people who have been burned here but honestly think that forums like this and the internet can have a lot to answer for. Unheard companies and alternative ways of doing things seem to become common knowledge then on occasions fall like a pack of cards.
It seems a fairly regular that something or other folds that is not the old fashioned way of doing things that people would probably been blissfully unaware of a few years ago. Be this a ticket agency, strange flight company or ticket agency.
Personally I am fairly risk adverse when looking at companies ability to come up with the goods I have paid for I would say to others if you cannot afford to lose it use high street companies the majority have heard of for buying goods.
Get currency from the high street, straight in your hand, get flights from a flag carrier airline or a major charter company like thomas cook, thomson etc and get your tickets direct from Disney. Look at the few extra pounds spent as an insurance policy against misery. Oh and pay for all of them with a credit card for extra protection.

Paul

 

[juliebro]

MSE have hired an insolvency expert to assist

http://www.moneysavingexpert.com/ne...ert-over-crown-currency-exchange-compensation

 

[stubb]

we were telephoned today by the liquidators and we have been told that it is highly unlikly we will get any money back. So we will just put it down to the slings and arrows of life, we will still have a fab time in Florida and no one has died. I wonder how many other firms will be going under in the next 12 months and am glad we have bought are disney tickets and dont have the worry that one of those companies will be next.

 

[StephenKay]

Like many I thought people were kidding when they said CCE have stopped trading, it's out first day back after WBTA cruise and that's the last thing I wanted to hear.

We are down a grand.

 

[kristieuk]

Hi Jen, kirstie, could you please delete my comments in your quotes please as apparently we're getting targeted elsewhere on the internet

So sorry, only just saw your post, can see it is all sorted now. Just want to add that I hope things get better for you very soon, you have enough on your plate

 

[igk]

Article just posted on thisismoney.co.uk regarding CCE's collapse. It's not overly helpful, but more interesting is an article posted a year ago almost to the day warning of the risks.

It's on my blog which is linked in my signature - saves me cutting and pasting the links yet again!

The article you mention above by Richard Dyson was also in the Daily Mail.
It's one of the articles I linked to in a post back in January.

http://www.disboards.com/showthread.php?p=35072475#post35072475

I feel gutted that I wasn't able to convince more people if not to listen to me, then to at least do some more research before parting with their hard-earned cash.

 

[zippy99]

Whilst I have not lost any money with CCE - I have to offer my sympathies to all those affected.

For different reasons we are on a tight budget this year as I lost my job, I was able to get another but still spent 4 weeks out of work - as such we were able to pay off the holiday but will only have limited spending money. Fortunately we have the DDP so food is pretty much covered we only need to cover Taxis to universal from OKW and a few souveniers for the kids -we will take a trip to Walmart to stock up on some beer and we are pretty much sorted.

Last week i was in tears -worried that I did not have enough spending money - but really the important thing is we are going to the magic!! We may not be able to buy our trainers, the Uggs I wanted and other bits -but these are just material - the moment we all see that castle we will have the biggest smile on our faces!!

Best of luck to all xxx

 

[septimuswigley]

I would be interested to know how much people honestly anticipated saving using a company like this than say going to the post office or a high street store to get currency where it is passed directly over the counter.
.

As many people, we used the company before and have managed to save money - I would say about a couple of hundered pounds over about 3 america trips and two europe trips. this time, we standed to save £70 for our 'investment' and having some patience to wait 1 month for our order to come through. I thought of it as ordering an item which they made to order and you paid up front (much like our DD pram when she was born... different story and thankfully no-one went bust!)
anyway, yes we could have (and now have to) get currency over the counter. If all was well, we would have saved money which in these tough times, how doesn't want to do that?!!??
you pay your money and take your choice. Thankfully we will not let this ruin our trip... Feel very sorry for those who have used their life savings etc... especially for a trip to the happiest place on earth. needless to say we will not be cancelling and will have a fantastic time just rubbish timing and bad luck. only hope some resolution in our favour (even at 6 months time) will be coming.

 

[london75]

I would be interested to know how much people honestly anticipated saving using a company like this than say going to the post office or a high street store to get currency where it is passed directly over the counter.
I have every sympathy with people who have been burned here but honestly think that forums like this and the internet can have a lot to answer for. Unheard companies and alternative ways of doing things seem to become common knowledge then on occasions fall like a pack of cards.
It seems a fairly regular that something or other folds that is not the old fashioned way of doing things that people would probably been blissfully unaware of a few years ago. Be this a ticket agency, strange flight company or ticket agency.
Personally I am fairly risk adverse when looking at companies ability to come up with the goods I have paid for I would say to others if you cannot afford to lose it use high street companies the majority have heard of for buying goods.
Get currency from the high street, straight in your hand, get flights from a flag carrier airline or a major charter company like thomas cook, thomson etc and get your tickets direct from Disney. Look at the few extra pounds spent as an insurance policy against misery. Oh and pay for all of them with a credit card for extra protection.

I bought 4500 pounds at 1.77 when the post office offered 1.32 and two years before I bought 3000 pounds at 2.05 when the going rate was 1.6 ish.

I think that works out to roughly $3300 better off for using CCE from the most profitable two occasions I used them.

Now I always knew the risks and I'm really sorry for recommending CCE here although I did always caveat it with the risks in my forum posts but please will everyone stop patronising us. We knew the risks and when it was good it was really really good.

It's a shame that the company went under but I'd suggest this was poor management and possibly some dividend irregularities from the directors, from everything I read, the concept was sound and they were obviously doing well for some time, you can't keep a scam going for 7 years.

Thanks, Andy

 

[fairytale]

I bought 4500 pounds at 1.77 when the post office offered 1.32 and two years before I bought 3000 pounds at 2.05 when the going rate was 1.6 ish.

I think that works out to roughly $3300 better off for using CCE from the most profitable two occasions I used them.

Now I always knew the risks and I'm really sorry for recommending CCE here although I did always caveat it with the risks in my forum posts but please will everyone stop patronising us. We knew the risks and when it was good it was really really good.

It's a shame that the company went under but I'd suggest this was poor management and possibly some dividend irregularities from the directors, from everything I read, the concept was sound and they were obviously doing well for some time, you can't keep a scam going for 7 years.

Thanks, Andy

I totally agree

We have gained thousands over the years from using CCE especially when they were offering the 2.01 $ to the £ back in 2008.

I do send my sincere thoughts out to all those effected in this situation but always live with my life with the outlook that as long as my nearest and dearest are healthy and well anything else lifes throws at me comes second.