# Crown Currency concerns



## wildwood

I phoned them on thursday at 5pm to make an order for my $ needed for october had a good chat with them happy with my rate and she sent me a email of my order as normall so I then made the bank transferr thursday night . Assumed I would recive a email confirmation of reciving my paymnet yesterday but nothing arrived so I started calling free phone number busy tone , customer service number always a answer machine phoned all day and since 8am this morning really worried now . if you go on the site and try and orded money they say that there site has a tech hitch and you get directed to another compnay phone them and they say they have nothing to do with them I am now crying and felling very sick they have 1000.00 pounds of our money and there is no way we can find another 1000.00 in 25 days . 

So DH is on the phone to are bank that after 10 mins of explaining what has happened they have asured us that we can have the money back( as we had used internet banking) but we have to phone back on the 13th October to recive the money  as they have to have ten days to invesitigate , lets hope they stick to there word because I really do not know what to do if they dont refund the money . 

I have also contacted the FSA and they said they had a simmalar call from someone yesterday and they are now also investigating . I hope any one how has also used this company recently has recived there money for every one who has not I feel your anger 

sorry for the ramble I am so cross and upset I dont know what to do apart from warn all my Dis friends so hopefully I can stop someone else going through this .


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## igk

Oh dear, that's bad news, and if they have gone bust then there will be a lot of worried people - though it looks in your case there is a decent chance of being refunded by your bank. I guess it's going to be an agonising couple of weeks though...


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## 2Tiggies

I am really sorry.    I do hope you get your money back.  I don't use them, but I know so many have been really happy with them.  I don't have anything helpful to say to you except


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## SerpentQueenClaire

Oh no, we have used them too and have ordered both dollars and euros through them which are meant to be delivered very soon.

Is it definitely the case that they have gone bust?  How can I find out?


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## wayneg

Felt sick reading this as you all know I have warned against using them at every opportunity, so many people will be affected. Hope there is a way of getting your money back.


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## Sweet Pea UK

We have used them twice before with excellent service!  The site is still up and running - if they had gone bust would this not have been closed down immediately - surely taking any more money would be stealing and be a criminal matter.

Could it be right that their site was temporarily down therefore making the phonelines busier?

I have everything crossed for you that it all comes right.


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## wayneg

Sweet Pea UK said:


> We have used them twice before with excellent service!  The site is still up and running - if they had gone bust would this not have been closed down immediately - surely taking any more money would be stealing and be a criminal matter.
> 
> Could it be right that their site was temporarily down therefore making the phonelines busier?
> 
> I have everything crossed for you that it all comes right.



Their site isn't up and running unfortunately, if you click to order it says they are having technical difficulties and re-directs you to ICE currency. Doubt a site with tech difficuties would send their customers to a competitor.


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## joolz1910

I too will keep my fingers crossed for you.


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## alibeau

That is terrible news 

We have used them a few times in the past, hope you manage to get something sorted out 

Ali


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## rachelanne

Just to say, hope you and many others get your money back, sending lots of and hope it turns out ok, how flippin awful, im sure we will all be thinking about you


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## Mermaid2sea

Good Luck,,,,hope it all works out for you.


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## wildwood

wayneg said:


> Their site isn't up and running unfortunately, if you click to order it says they are having technical difficulties and re-directs you to ICE currency. Doubt a site with tech difficuties would send their customers to a competitor.



when i phoned ICE today they said they had nothing to do with crown cuurency and did not know why crown currency where directing people to them .


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## Marks281172

hope the bank sticks to their word.. good luck


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## wildwood

SerpentQueenClaire said:


> Oh no, we have used them too and have ordered both dollars and euros through them which are meant to be delivered very soon.
> 
> Is it definitely the case that they have gone bust?  How can I find out?



Hi I am really sorry this has also happend to you , after taking to the fanacial service assisocation I asked them if after everything I had told them did they think they had gone bust and they said yes , they recived call from people yesterday about them and they said they where going to look into it and asked me to call back next week. 

I dont know what bank you are with but we contacted our bank barclays this morning which put us through to the fruad center who said that because we paid via internet banking we where covered under there guartee but we have to give the company 10 days to contact us and if they have gone we can get a refund , so know i have to wait unti the 13th october and in the meantime no $ and no money to buy more ,really hope they have given me the correct info and i am covered and fingers crossed you can also find a solution .


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## irenep

wildwood said:


> I phoned them on thursday at 5pm to make an order for my $ needed for october had a good chat with them happy with my rate and she sent me a email of my order as normall so I then made the bank transferr thursday night . Assumed I would recive a email confirmation of reciving my paymnet yesterday but nothing arrived so I started calling free phone number busy tone , customer service number always a answer machine phoned all day and since 8am this morning really worried now . if you go on the site and try and orded money they say that there site has a tech hitch and you get directed to another compnay phone them and they say they have nothing to do with them I am now crying and felling very sick they have 1000.00 pounds of our money and there is no way we can find another 1000.00 in 25 days .
> 
> So DH is on the phone to are bank that after 10 mins of explaining what has happened they have asured us that we can have the money back( as we had used internet banking) but we have to phone back on the 13th October to recive the money  as they have to have ten days to invesitigate , lets hope they stick to there word because I really do not know what to do if they dont refund the money .
> 
> I have also contacted the FSA and they said they had a simmalar call from someone yesterday and they are now also investigating . I hope any one how has also used this company recently has recived there money for every one who has not I feel your anger
> 
> sorry for the ramble I am so cross and upset I dont know what to do apart from warn all my Dis friends so hopefully I can stop someone else going through this .


OMG - I just ordered some dollars from them last week. First time I ever used this company too. I have just spoken to my bank and they seem to think I should get my money back OK but not sure how long it will take. Fortunately I only ordered $500 from them as I just needed some cash to get me started.
I hope everyone.


I really hope you get your money back before your holiday - you must be sick.


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## wildwood

Thanks everyone for your hugs and thoughts I have not stopped crying all morning even though the bank have said we can get a refund I will not belive it unti I see it but I really apperciate all your dis love


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## fizz13

OMG!! I am so so so sorry you are going through this, no wonder you feel sick I am going to keep absolutely everything crossed for you


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## lin85prest

OMG this is terrible. I only received my dollars from them last Thursday.
I hope that everyone can get their money refunded.


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## london75

Woah there, possibly a bit too much drama and I feel for you if you haven't got your money and should have but there is nothing anywhere that says they've gone bust.

Their redirection merely says they are forwarding you to *their* supplier ICE to prevent you missing out on currency if you're in a hurry.

The site is still up, I can't find anything in the news and I'm sure the UK currency reporters would have picked up on it.

I'm remaining optimistic at this stage.  Given you can't actually order at the moment I don't think we need to be too alarmist.


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## igk

wayneg said:


> Felt sick reading this as you all know I have warned against using them at every opportunity, so many people will be affected. Hope there is a way of getting your money back.



Me too. Sometimes I have felt my posts warning about them were unpopular, but I had a feeling it was not a matter of if but when... 
I'm encouraged by wildwood's comment that their bank is confident that the money will be refunded. Let's hope other people's banks say the same.


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## Mrs Doubtfire

I hear what you are saying but I feel sick to the stomach reading this. I paid by cheque and I don't think I will have a leg to stand on if they have gone bust


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## Jets fan

sending you ad everyone affteced a big hug

Have just done a Reuters and Press Association search and nothing has come up so maybe they have sorted themselves out.

Good luck

Tina


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## SerpentQueenClaire

I just called my bank, HSBC, and they said there is nothing they can do as payment was made by a bank transfer and not directly via either a VISA card or credit card.  Strange that people are being told different things.


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## Cochise

Site is up and running it appears


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## wayneg

Just changed the title of the thread, as its been pointed out no other reports of problems, no news feeds showing concerns so although things don't look good lets hope this can be sorted by Crown.


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## wayneg

Cochise said:


> Site is up and running it appears



Looks OK til you try and order you get this message with a link to ICE currency

Customer notice
We are currently experiencing a technical problem with our ordering system. While our engineers are working on fixing this, we will be re-directing you straight to our currency suppliers 'International Currency Exchange' so you can continue with your order and still receive competitive rates.

If you do not want to wait to be re-directed, please click here.

Sorry for any inconvenience this may have caused.


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## Mrs Doubtfire

They are not on the comparison website anymore (that I normally look at) and the phone number isn't working.


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## buzz for boys

Omg this can not be happening we have put all or money into this company with delivery due next week !! 
Im going upto the bank now but the lady at telephone banking said we didnt have a chance of geting our money bacl 

I actually think if thats the case we are totally stuffed


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## Mrs Doubtfire

No doubt there are many people in our situation. Last time we went the taxi firm went bust & I lost £75 - this time half of our spending money - perhaps I should take note


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## UKDEB

Unless Crown or its holding company has used clients' funds to diversify into other ventures, or a rogue employee has been speculating on the currency markets, I can't see how it can possibly have gone bust.  It hedges using forward exchange contracts, meaning its forex dealings are risk free.  It should be enormously cash rich and, thus, not affected by the cashflow problems responsible for most company failures.


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## Michelle3000

UKDEB said:


> Unless Crown or its holding company has used clients' funds to diversify into other ventures, or a rogue employee has been speculating on the currency markets, I can't see how it can possibly have gone bust.  It hedges using forward exchange contracts, meaning its forex dealings are risk free.  It should be enormously cash rich and, thus, not affected by the cashflow problems which are what take most companies down.



Hi

Really hope you are right Debbie, fingers crossed for everyone (myself included!)


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## disney_princess_85

Good luck guys.


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## kristieuk

I really hope this is a glitch. We are due currency on Monday, looks like we will have to wait and see what happens. There is no point in panicking until the position is clear


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## scottish mum

I sincerely hope that it is just a glitch and that you all get your money, I have fingers crossed for all of you xx


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## skelfbsfb

Like others have said I do hope its a glitch and all get their money when due.


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## wayneg

No good news being posted on MSE http://forums.moneysavingexpert.com/showthread.php?t=2763962&highlight=crown


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## maggs

Oh no. I hope this isnt true, but it isnt looking good. I had thought about using them in the past but the warnings here and elsewhere made me steer clear. I am so sorry for all those who might be affected.

Maggs


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## tony64

I hope this comes good. I'm waiting on £500 worth, so glad we didn't order all of our money through them.


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## buzz for boys

I have been on phone all morning and neither the FSA or companys house are aware of any problems which is a glimmer of hope.

The bank cannot help at all as bank transfrs are not covered in any way !!

The FSA say that the money should be held in a seperate account and this would not be classed as an assest as it still belongs to the customer until the contract is complete - so again hopefully a bit of hope that all money has not been lost !!
I have a guy at FSA phoning me back at 4.30 to advice further as they have started an enquiry into what is happening with this firm ! Will post the details of that conversation !


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## igk

There's more discussion on Tripadvisor
http://www.tripadvisor.co.uk/ShowTopic-g34515-i19-k3964806-o10-Urgent_crown_currency-Orlando_Florida.html


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## tony64

buzz for boys said:


> I have been on phone all morning and neither the FSA or companys house are aware of any problems which is a glimmer of hope.
> 
> The bank cannot help at all as bank transfrs are not covered in any way !!
> 
> The FSA say that the money should be held in a seperate account and this would not be classed as an assest as it still belongs to the customer until the contract is complete - so again hopefully a bit of hope that all money has not been lost !!
> I have a guy at FSA phoning me back at 4.30 to advice further as they have started an enquiry into what is happening with this firm ! Will post the details of that conversation !



Thanks for this. Fingers crossed that it is just something like a power cut.


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## Mrs Doubtfire

buzz for boys said:


> I have been on phone all morning and neither the FSA or companys house are aware of any problems which is a glimmer of hope.
> 
> The bank cannot help at all as bank transfrs are not covered in any way !!
> 
> The FSA say that the money should be held in a seperate account and this would not be classed as an assest as it still belongs to the customer until the contract is complete - so again hopefully a bit of hope that all money has not been lost !!
> I have a guy at FSA phoning me back at 4.30 to advice further as they have started an enquiry into what is happening with this firm ! Will post the details of that conversation !



Thanks Louise


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## woolamstiger

Hi new to this forum and just picked up on this thread.......has anyone heard any more news about whats happening with crown currency really getting worried as we are due to receive our currency from them next week and from the sounds of it it doesnt look like thats going to happen we are due to go in 2 weeks and there is no way we are going to get enough money together in that short time


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## Michelle3000

http://forums.moneysavingexpert.com/showthread.php?t=2763962&highlight=crown+currency


Not sure if post number 19 is good news or not


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## Elise79

I am hoping this works out for all who have money with them. 

However there is something going on with this company - I have been having a dig around companies house records and they have recently had a director resign (as in the the form was filed at companies house 3 days ago) and they were late completing their Annual Return (a legal document that has to filed at companies house reporting the directors, secretary and shareholders).

Now I am not saying there is anything wrong - however guys this is only a small company (has £100 share capital) and is filing abbrviated accounts at Companies house so you only get limited information from them.

I tried to get a copy of the accounts however companies house website is having a few difficulites of their own this afternoon!


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## 2Tiggies

Hi Woolamstiger

Sorry this is not the happiest thread to be doing this, but a very big welcome to the DIS!    I hope that you are going to enjoy lots of happy posts on here too.


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## Fraggles

Hi well good luck with getting your money back we have 2000 pounds tied up with them the bank says it makes no difference that we internet bank as we willingly handed the money over so they won't be giving us our money back also we live near hayle where the company is based so I drove down there today as was so worried when I couldn't contact them well they are all locked up no one to be found so I popped into the wine bar next door and they said that the whole office were in yesterday for lunch more like the last supper!!!!!! It's not good enough we have worked bloody hard for that money and it makes me feel physically sick that they were still taking peoples money tuesday !!! Please don't tell me they didn't know what was going on tuesday yet they were still taking peoples money it's so not on ......


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## lin85prest

Read on another forum that someone received their currency this morning from them.  Hopefully everything wil be OK


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## debs69

I really feel for you all at this worrying time, for most families they would not be able to pull that sort of money together again. I hope you don't mind me asking but is the risk similar with Fairfx??


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## UKDEB

Michelle3000 said:


> http://forums.moneysavingexpert.com/showthread.php?t=2763962&highlight=crown+currency
> 
> 
> Not sure if post number 19 is good news or not


I worked for Barclays for 28 years and it's absolutely inconceivable that they would register with MSE and made a statement of this kind.


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## Michelle3000

UKDEB said:


> I worked for Barclays for 28 years and it's absolutely inconceivable that they would register with MSE and made a statement of this kind.



Must admit after I posted I thought it was more than a bit strange...

Looking for positive news anywhere I guess


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## skelfbsfb

Just checked a few money exchange sites and none are shown crown currency.

Hopefully someone will have better news to give.


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## maggs

I found a link re: CC. Could someone tell me if there is any significance (or none) in these entries in light of what might be happening? This came from the UK Data site.

Filed on: 27-09-2010  	APPOINTMENT TERMINATED  		
Filed on: 27-09-2010 	Annual Return made up to 16/08/2010 		
Filed on: 27-09-2010 	SAIL ADDRESS CREATED 	
Filed on: 30-08-2010 	Annual Accounts. made up to 30/11/2009

Maggs


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## UKDEB

They're just normal filings in relation to the Companies Act.  There's nothing obviously unusual about any of them.


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## buzz for boys

I have just got off teh phone to the FSA and their advice is that we should all contact the police and tell them that we have reasonable grounds to believe we have paid for a service that wont deliver !!
Unfortuneatly there is nothing else they can do as they are only registered with FSA to allow them to take payments they are not covered in anyway for any losses. 

Sorry its not more positive but basically teh advice is phone and lodge complaint wth police !!


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## kristieuk

Without wishing to sound unecessarily cynical, I can't see the police taking any kind of interest in it at all! The old 'it's a civil matter' will be banded about - and really it is, it's not necessarily a criminal offence, even if they have gone bust.

I am still trying against the odds to stay positive, but I am a little cross that the FSA have taken the view that 'it's not our problem', they could at least try to find out what is going on - surely there would be administrators or receivers involved if the plug has been pulled?


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## Pegasus928

I am constantly being accused of being overly optimistic - and will probably fall into that category again - but having looked aorund the net most of what I am reading always seems to come back to the same thing, that being that no professional body is aware that anything is wrong. 
I am truly hoping that everything is OK and that people who are owed money will receive it as and when the expect to.
Fingers crossed for all of you.


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## kristieuk

Just chatting to DH about this - he has his sensible business lawyer head  on, he was the one mentioning about adminstrators and liquidation etc. Alhough I think it may just be him trying to make me feel better, he is saying that if Crown use ICE, they must make their orders in advance. Obviously we can't guess how far in advance, or when they would make payment for it. There is also an issue as to whether Crown send the money directly or whether it comes direct from ICE or someone else? I'm not sure.

Also, if Crown have 'done a runner' as such or gone through entirely, would they go to the effort of updating their website to refer people to ICE at this time? Why not just shut the website down? If they were crooks, they would surely keep it up and running and allow further orders to be placed? As matters stand, they are not making it possible for new orders to be placed.

The long and short of it is, even if there is a problem, there is a glimmer of hope that orders have already been placed and will be fulfilled maybe? Our were due to be delivered on Monday, so maybe we wil be amongst the first to know whether or not there is hope.

Anyway, the sun is just shining through here (we are about half a mile from the Ryder Cup), so I am hoping someone up there is looking kindly on us all, and I have everything crossed


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## scottishgirl87

kristieuk said:


> Without wishing to sound unecessarily cynical, I can't see the police taking any kind of interest in it at all! The old 'it's a civil matter' will be banded about - and really it is, it's not necessarily a criminal offence, even if they have gone bust.
> 
> I am still trying against the odds to stay positive, but I am a little cross that the FSA have taken the view that 'it's not our problem', they could at least try to find out what is going on - surely there would be administrators or receivers involved if the plug has been pulled?



Sorry to hear this has happened, and good luck to anyone involved! 

I would agree with the police part as well though, unfortunately.

And as said, does anyone actually have any confirmation on this?! As all this seems to have come from here and/or the Dibb which seems to have transferred to Trip Advisor and MSE. I mean surely someone would have reported on it officially if it were true? Even Martin over on MSE I'm sure would be looking to report it and make people aware.


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## Lisa29

wildwood said:


> I phoned them on thursday at 5pm to make an order for my $ needed for october had a good chat with them happy with my rate and she sent me a email of my order as normall so I then made the bank transferr thursday night . Assumed I would recive a email confirmation of reciving my paymnet yesterday but nothing arrived so I started calling free phone number busy tone , customer service number always a answer machine phoned all day and since 8am this morning really worried now . if you go on the site and try and orded money they say that there site has a tech hitch and you get directed to another compnay phone them and they say they have nothing to do with them I am now crying and felling very sick they have 1000.00 pounds of our money and there is no way we can find another 1000.00 in 25 days .
> 
> So DH is on the phone to are bank that after 10 mins of explaining what has happened they have asured us that we can have the money back( as we had used internet banking) but we have to phone back on the 13th October to recive the money  as they have to have ten days to invesitigate , lets hope they stick to there word because I really do not know what to do if they dont refund the money .
> 
> I have also contacted the FSA and they said they had a simmalar call from someone yesterday and they are now also investigating . I hope any one how has also used this company recently has recived there money for every one who has not I feel your anger
> 
> sorry for the ramble I am so cross and upset I dont know what to do apart from warn all my Dis friends so hopefully I can stop someone else going through this .



I have called barclays to check where i stand and they said as it was paid through bank transfer, they will not cover it.  It is only covered if the card is actually used then Visa would cover it.

Did you not do yours by bank transfer?  And what barclays number did you ring please?


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## Shazzie B

Well from the excitment of tickets arriving to this

I've just rung my bank Lloyds TSB and they've not heard anything - he advised they normally do as soon as any one 'goes under'. His current advise is to wait for developments and has stated they'll 'dispute' payment even though bank transfer and not debit card transaction but can't do that unless 'goods' fail to arrive - no guarantee though.


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## misscrossbee

I just wanted to add my hopes that this is all some sort of technical glitch that can be easily sorted out and nothing more nefarious.  

Fingers crossed for everyone waiting for money.


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## wildwood

Lisa29 said:


> I have called barclays to check where i stand and they said as it was paid through bank transfer, they will not cover it.  It is only covered if the card is actually used then Visa would cover it.
> 
> Did you not do yours by bank transfer?  And what barclays number did you ring please?



i paid mine via my online barclays account through the pay some one option , we phoned customer service and they put us through to the  online banking department who logged our problem and gave us a ref number . They assured us that we could get our paymnet back through there online banking guartee but I dont belive anything until I see the money and talk to them on the 13th which is the day they said we need to talk to them so fingers crossed . i REALLY REALLY hope everyone gets there money and it is some problem that can be resolved but I also know that some one went to there offices in cornwall today and there is no one there .


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## stubb

have just rang our premium banking service with barclays and they say there is nothing they can do! Received some money from them last week but had ordered more to be delivered at the end of oct feel sick!!!!!


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## jackieleanne

Oh no hope that something gets sorted for all you guys.


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## orangetiggs

https://www.currency-express.com/comparetravelmoney/statement.html

statement re crown currency


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## Pooh's-Honey-Pot

Subbing to keep up to date. Will be gutted if this is true. All our spending money for our Christmas trip is with them


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## Pooh's-Honey-Pot

It wouldn't be covered on trip insurance, would it?


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## wayneg

Pooh's-Honey-Pot said:


> It wouldn't be covered on trip insurance, would it?



I doubt it very much but read your policy, they are all different.


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## cornish pixie

I am so sorry for every one affected by this we have ordered off them a couple of years ago and found their service to be good so am hoping for everyones sake that their is a simple explanation.
I live about 10 mins from Hayle and will go down and have a look over the weekend to see if there is anything posted on their door  not that really helps anyone but am happy to go and see if ther is anyone around : (.
Cornish Pixie xx


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## jen_uk

There doesn't seem to be anything on the web about them going under. Hope you all get your money


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## scottishgirl87

I don't know how legit this is or anything but there's mention over on MSE of contacting a Melanie Whitehead at the BBC over this. Mentioned here.

Was also going to suggest that people contact Watchdog??  At least they would maybe be able to get somewhere.


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## Sapper383

Keeping my fingers crossed for all of you who have money with Crown

I read on another tread that they are part of travel money services

http://www.travelmoneyservices.co.uk/


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## kristieuk

That site gives the same message if you click buy online, and it confirms that they are one and the same (Crown Holdings Ltd). 

The only glimmer of hope I can see is that they are at least trying to redirect business to an unconnected company - perhaps to cover some temporary cashflow issue? I don't know obviously, but they could just close the site entirely, and the fact that they haven't might be a tiny bit hopeful?

We only have £300 with them, which compared to some is barely anything - read over on MSE of someone waiting for £10k. I think I would be sick.

Good luck everyone, I really hope this is resolved quickly


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## les2425

oh humm not very nice, i hope you all get sorted out befor you go away.

les


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## rpbert1

I really hope anyone effected by CCE, gets their money back.
 Reading through this , maybe ,just maybe , while they are not taking any orders at this time, and nothing is reported about bankruptcy, maybe they will or plan to fulfill all outstanding orders


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## UKDEB

I followed this story on the various fora all day yesterday. So much nonsense has been spewed on so many aspects that my head's in a spin. However, that doesn't change the fact that clearly something is amiss.

It's difficult to see how CCE can have gone belly up, in what is a simple, risk free (to them) undertaking _unless_ its Directors have used clients' funds in other ventures (or just to support their lifestyles), a rogue employee has been speculating on the currency markets, or there is some other fraud involved. My educated guess is that it's most likely to be the first of these. 

CCE is small-fry, not a major financial institution. Whilst it would be prudent for foreign exchange brokers to hold clients' monies in a separate account, there's no legal requirement for them to do so. That would prevent them taking these funds as Directors' remuneration and would render these transactional businesses insolvency-proof (provided the Directors were law-abiding citizens, of course; it wouldn't protect against fraud).

As we speak, it seems unlikely that this company is in receivership or administration. In my experience, the Receiver or Administrator would have posted a notice on the website to that effect. However, it doesn't follow that the company is solvent, so it may just be a matter of time before official insolvency measures are implemented. It could be that the company has cashflow problems which have reached a head and is trying to secure funds to carry on trading. It may have been able to quietly do that were it not for a handful of internet posters. I'm not criticising anyone for making their plight public, but ironically it could well be the final nail in the coffin.


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## saratogagirl

I wish sometimes I didn't have internet, I would have been none the wiser to all the goings on...

Don't want to give anyone false hope, but someone on Money Saving Expert has just posted that they recieved their £1200 of euros this morning (they should apparently have been delivered yesterday)...


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## wayneg

On radio 4 now


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## cazzie

It is on radio 4 now.


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## UKDEB

What are they saying?


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## wayneg

Missed it, busy at work, wating for it to appear on iPlayer http://www.bbc.co.uk/programmes/b006qjnv


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## igk

Nothing new really. Just clarifying what has already been posted on various forums. The did mention Barclays had frozen their account I think, but that's tha same as what people had already been told. They interviewed a customer whose money failed to arrive yesterday, and then someone from the Independent, but again the Independent person (travel editor IIRC)  didn't really say anything useful - they spent half the time suggesting where you might go for a good deal on currency.


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## cazzie

Barclays bank have frozen their assets and the rest was more or less about how to get your currency, I really feel for anyone waiting for their money.


----------



## igk

Now available to listen to on Wayne's link above


----------



## UKDEB

I've listened to it now.  BBC Radio 4 is reporting the statement made on ICE's website and saying that "Barclays has issued a similar statement".  To whom? Surely it isn't taking the spurious post over on MSE as evidence of that?  Simon Calder claims that companies engaging in these transactions are betting on future exchange rates and that movements against them can wipe out profits overnight.  That's ludicrous.  Why would they take that risk?  They fix rates using forward contracts which is why they're able to offer such seemingly superior rates.  

Freezing a company's assets is certainly a pre-curser to a bank appointing a receiver, so I'm guessing there's a chance that may happen on Monday.


----------



## igk

UKDEB said:


> Simon Calder claims that companies engaging in these transactions are betting on future exchange rates and that movements against them can wipe out profits overnight.  That's ludicrous.  Why would they take that risk?  They fix rates using forward contracts which is why they're able to offer such seemingly superior rates.
> 
> Freezing a company's assets is certainly a pre-curser to a bank appointing a receiver, so I'm guessing there's a chance that may happen on Monday.



The reality is we have no idea at all what they were doing. However one of the things that has rang big alarm bells for me in the past is that their seemingly superior rates were so good that it seemed very unlikely they could have been achieved by forward contracts. Add that to the fact that they were taking their customers' money up to several months in advance and allegedly putting it into their own account, not a segregated one (according to the Investors Chronicle article I have linked to a couple of times in the past), they could have done anything they liked with it.


----------



## Disneynutinlondon

So sorry to everyone who has sent them their hard earned savings and not received their holiday money yet. I used them in the summer and their service was superb. Tons of good luck to all who have money tied up with them, heres oping for some good news on Monday.


----------



## UKDEB

Forward rates are often significantly higher than spot.  Contrary to popular misconception, they're nothing to do with a prediction of future rates: they're a simple mathematical equation based on spot with an adjustment for the interest (not exchange) rate differential between the two currencies.


----------



## igk

UKDEB said:


> Forward rates are often significantly higher than spot.  Contrary to popular misconception, they're nothing to do with a prediction of future rates: they're a simple mathematical equation based on spot with an adjustment for the interest (not exchange) rate differential between the two currencies.



I know how forward rates are calculated - I used to trade currencies for a living. A few months ago one of their rates looked so out of line I pointed it out to another FX professional who was as mystified as me.


----------



## UKDEB

igk, I have no truck with you and if in your professional opinion rates were offered that appeared to be seriously out of line, then maybe that will turn out to be significant in this particular case.  

I've got no interest in defending CCE per se, but until we know something concrete we're all making assumptions.  My assumptions may be a little different to the general consensus, and whilst I wouldn't dream of claiming expert status, this subject is as close as I could ever hope to get to that distinction. This is what I did for 28 years - forex, forwards, derivatives, corporate banking, insolvencies, turnarounds, yadda, yadda, yadda. For what it's worth, it does appear that I got it right when I suggested that "as we speak, it seems unlikely that this company is in receivership or administration." For the avoidance of doubt, I'll also reiterate that it _may_ only be a matter of time.


----------



## Fraggles

Hi all I went down to hayle to their office it was all shut up this was yesterday and no one has seen anybody although I went into the wine bar next door and was told that 14 of them were in on Thursday for a meal!!!!!!! We ordered our euro on the 24th august for delivery on the 22nd of October so imagine our joy and surprise when the postman gave us our euro in full this morning 3 weeks early couldn't believe it so don't give up we had and then this ours were cancelled contracts don't know if this makes any difference or the fact that the only other person on the money expert site to receive theirs were from Plymouth ???? South west people ????? On the other forum someone had a reply from a employee of  cce and she said she was sent home on Thursday ??? So maybe she wasn't one of the fourteen of them eating in the wine bar on Thursday??? I really really hope that other people get their money like we did fingers crossed for you all x


----------



## UKDEB

Thanks for taking the time to post, Fraggles.


----------



## MorningGlory

What a horrible situation.  Hopefully everyone will get their money.  There has been some encouraging news (like fraggles post above) so don't despair yet.

Fingers crossed for you all.


----------



## wildwood

I am from plymouth and not recived any money ( booked on wednesday afternoon at 5.15 for delivery on the 22nd Oct) I have just told myself that I will not be getting my money and with the help of my fantastic mum and dad we will still have $ words can not explain the relief I felt when they sadi they would help . I hope we all get our money back one way or another and the people who our going soon you can still enjoy your hoilday I am hoping that as soon as I land in florida I will get that tingling feeling again because at the moment the magic is diffently fading . 

Big hugs to all invloved lets hope we all get the right outcome .


----------



## igk

The Moneybox report is now on the BBC News's Moneybox site:
http://news.bbc.co.uk/1/hi/programmes/moneybox/9052113.stm



> Currency exchange site troubles
> 
> One of Britain's web-based retail currency providers is in difficulties, leaving customers wondering if they'll get the holiday cash they ordered.
> 
> Money Box has learned that Crown Currency Exchange has had its bank account frozen by Barclays to protect its creditors. Unlike most retail foreign currency dealers, Crown allowed customers to buy their currency up to a year in advance.
> 
> Money Box hears from one listener, Mark from Cumbria, who's still waiting for the holiday Euros he ordered from Crown Currency Exchange. The programme also speaks to Simon Calder, travel editor of the Independent.
> 
> Related information:
> 
> Crown Currency Exchange Statement


----------



## kristieuk

I am so sorry for everyone that our worst fears seem to be coming true  I feel awful that many people here have only used Crown based on recommendations from these boards (including from me). It's a sign of the times that companies are failing (big banks anyone?), but reading the MSE forum, there is a lot of 'if it was too good to be true, it was' and assuming the company was run by fraudsters who have committed criminal offences. I don't know if that is the case or not, but certainly we have used them for years, and they were a well established company that until now have fulfilled their obligations. That is the basis upon which I used and recommended them. Wayne has been a great ambassador of making sure everyone here was aware of the risk, and we certainly were. We only used them to top up our spending money (we have lost the £300 of change we save in a money tin, which is not the end of the world). 

I am so sorry for everyone that has been affected by this, and I truly hope everyone manages to make alternative money arrangements to enable them to have the wonderful trip they have planned. I understand that it does feel like a terrible catastrophe, but it is just money. You can replace that in a way that you cannot with health. I know it is a bit weird, but I am telling myself it is though we have 'paid' £300 to keep us all healthy enough to go on holiday in just 3 and bit weeks 

Lots of  to everyone, even those not affected who have been sensitive enough not to say 'i told you so'.


----------



## MorningGlory

I really really doubt this company is operated by fraudsters, and that this has been their whole intention.  This company has been going for far too long for that to be the case.  Not that i'm saying that it won't come out in the wash that there has been some kind of fraud, but I think it unlikely and if it is, it is something that has just occurred recently.

I never used them simply because I didn't like the idea of giving my money to a company and not getting anything back for months.  But I never had any inkling that they were anything other than a sound company.


----------



## Scarboro-red

I have just phoned Devon and Cornwall police and they have opened a log for this matter under the advice of the FSA , if anyone wants to call them the number is 08452 777444 .

The WPC I spoke to said that anyone affected should call and give their details e.g Full name, address, contract date , amount etc

They said they would start investigation on Monday and get back to me. They have received hundreds of calls already and as above they want to hear from anyone affected.


----------



## wayneg

On the Telegraph website http://www.telegraph.co.uk/finance/...without-cash-as-currency-company-falters.html


----------



## cornish pixie

Had a little trip down to Hayle yesterday and like a fellow poster said no one around etc, I hope for everyones sake that they are able to fullfill everyones orders,
Cornish pixie


----------



## wildwood

I to have phoned Devon and Cornwall police this morning she has taken all my details and said they will be in touch , not sure what they can do but at this present time I dont know either  Hope the monday post brings some people there money


----------



## MrsJobba1

Just wanted to add my support and best wishes to all who are involved. 
I hope that you are able to get your money.


----------



## strawberry blonde

I am so sorry to hear this as we have used them a few times.  Due to Uni and GCSE's we haven't booked for Feb 2011 but I would have ordered my $ by now if we were going.

I really hope that everyone can gets their money back.  My first thought was how many people are going for Halloween. Really hope this gets sorted soon.


----------



## Pinky166

Not really got anything useful to say but want to wish all of you good luck & I really hope that you all get your money either from CCE or your banks.


----------



## septimuswigley

Scarboro-red said:


> I have just phoned Devon and Cornwall police and they have opened a log for this matter under the advice of the FSA , if anyone wants to call them the number is 08452 777444 .
> 
> The WPC I spoke to said that anyone affected should call and give their details e.g Full name, address, contract date , amount etc
> 
> They said they would start investigation on Monday and get back to me. They have received hundreds of calls already and as above they want to hear from anyone affected.




Hope you don't mind but I've just shared this info with a thread on MoneySavingExpert.com here

Also, for reference please quote log number 399 for the 2nd October. If you haven't done so, please also contact the FSA to log it with them.


----------



## septimuswigley

Just set up a blog - Crown Currency Payback - that might be a focal point for all of us involved. If you hear anything, please let me know and I'll post it up there.


----------



## gemmybear83

I just wanted to say I am so sorry to everyone that is going through this


----------



## Mrs Doubtfire

I just want to thank everybody for their support and for taking the time to post the contact details for the FSA and Cornwall police  I still feel bad - but not half as bad as I did on Thursday when I first read the bad news.


----------



## paulfoel

wildwood said:


> I phoned them on thursday at 5pm to make an order for my $ needed for october had a good chat with them happy with my rate and she sent me a email of my order as normall so I then made the bank transferr thursday night . Assumed I would recive a email confirmation of reciving my paymnet yesterday but nothing arrived so I started calling free phone number busy tone , customer service number always a answer machine phoned all day and since 8am this morning really worried now . if you go on the site and try and orded money they say that there site has a tech hitch and you get directed to another compnay phone them and they say they have nothing to do with them I am now crying and felling very sick they have 1000.00 pounds of our money and there is no way we can find another 1000.00 in 25 days .
> 
> So DH is on the phone to are bank that after 10 mins of explaining what has happened they have asured us that we can have the money back( as we had used internet banking) but we have to phone back on the 13th October to recive the money  as they have to have ten days to invesitigate , lets hope they stick to there word because I really do not know what to do if they dont refund the money .
> 
> I have also contacted the FSA and they said they had a simmalar call from someone yesterday and they are now also investigating . I hope any one how has also used this company recently has recived there money for every one who has not I feel your anger
> 
> sorry for the ramble I am so cross and upset I dont know what to do apart from warn all my Dis friends so hopefully I can stop someone else going through this .



OMG. Used them less than two weeks ago to get our holiday money !!!


----------



## wayneg

paulfoel said:


> OMG. Used them less than two weeks ago to get our holiday money !!!



I remember you asking http://www.disboards.com/showthread.php?t=2552316
Scarey reading the warnings I gave now.


----------



## Disneymad

Really hope this all works out ok for everyone involved - I know this must be so worrying for people who pre-paid large sums of money.

I briefly considered using them because of the great rates but as I wasn't prepared to risk more than the minimum amount each time and because I didn't want my money tied up with them for too long a period which is where all the best rates were it just didn't feel right for me in the end. 

Big  to all - I hope it doesn't spoil your holidays.


----------



## wayneg

Hope this reporting is untrue, 18,000 customers owed £9million I can believe, £500 average, I expected more but £18million of debts, can't see how thats possible with this type of business, serious mismanagement if true. http://www.travelmoneycomparison.co.uk/2010/10/do-not-use-crown-currency-exchange.html


----------



## OrlandoMagic

I can't believe they are still allowed to keep their website up and trade as if nothing is wrong! 

Maybe we should all put a warning in our signatures so we can constantly make people aware to stay clear?


----------



## kristieuk

You can't actually place an order - if you click buy online, it says they are having technical difficulties and it re-directs you to their supplier, ICE (no problem with them, they are not connected to Crown on any other way). We are told to expect a statement on the site around 12pm, but nothing yet.


----------



## igk

Being discussed on BBC Radio Cornwall now:
http://www.bbc.co.uk/iplayer/console/bbc_radio_cornwall


----------



## wayneg

Site now updated with Administrators details http://www.crowncurrencyexchange.com/


----------



## juliebro

Just seen this

http://www.travelmole.com/stories/1144475.php


----------



## sandshal

What's the old saying ............ "No smoke, without fire"

Have never felt brave enough to use them myself, however, I feel absolutely gutted for all those concerned and sincerely hope you get some, if not all, of your hard earned cash back xxxx


----------



## Elise79

At least there is a glimour of hope for those invovled while they are in administration - it could have been a straight liquidation.

Administration will explore options to keep the companies trading and this offers the most hope for all those with money at risk.


----------



## aaronandterri

wayneg said:


> I remember you asking http://www.disboards.com/showthread.php?t=2552316
> Scarey reading the warnings I gave now.



We had some unexpected cash and was putting it towards holiday next year, was going to convert 3000£ but after reading your comments wayne decided to put it in the savings acc instead, literaly was hoovering over the button to do it, im so glad you posted that all the other week made us think twice otherwise we would be worse off now too, cant thank you enough xxx


----------



## Donald D Duck

This is on the BBC news website now

http://www.bbc.co.uk/news/business-11466272


----------



## irishthemeparkfan

This is awful news. I ordered money from them earlier in the year and thankfully got my dollars and travellers cheques in July based on the reviews on here. Always wondered how they did there special rates and as people have stated it was too good to be true.


----------



## septimuswigley

Elise79 said:


> At least there is a glimour of hope for those invovled while they are in administration - it could have been a straight liquidation.
> 
> Administration will explore options to keep the companies trading and this offers the most hope for all those with money at risk.



I'm a little confused as to what our rights are then as a consumer - We were about to recieve $3000 however based on media reports we are not going to get this for our hols. Used them before with no worries therefore used them again. as we paid by transfer we don't have ususal credit card insurance etc... if someone could explain it to us all in plain english, it would be appreciated! 
I do understand that administrators will try and keep it open by finding a buyer to buy the buisness but if no takers (which i don't think there would be) then what happens to our cash and rights?


----------



## cornish pixie

So sorry to everyone involved have been listening to Atlantic FM and they are talking about them going into administration as of today
Waiting for the local news to come on to see if there is any other reports.
Cornish pixie


----------



## Elise79

Basically if they can't get the company trading fully again then there will be a payout once all assets have been realised ie turned in to cash.

Unfortunatley there is an order as to which creditors get paid out and HMRC are always top of the list.

I feel having looked at the companys last filed accounts that the customers will see much if anything back

It is a limited company and all the profit has been drawn out by the owners - one company had negative balance sheet and the others balance sheet worth is based mainly on intangible assets which probably have no real value.

ETA I am not an insolvency practitioner - only an accountant so I only have to know the rough process as it is a very specialised area. 
Sorry folks


----------



## buffer

Im  gutted, ordered £700 worth of dollars back in July for delivery last Friday, obviously I didnt get it   My holiday is just less than 4 weeks away and I have no chance of saving up the money - it took us over a year to get it


----------



## cornish pixie

Well has just made headline news on westcountry Some people had turned up this morning to see if there were anybody at the building, there was but they weren't speaking with anyone they had hired security and basically all was shown were the unfortunate customers that had turned up to try and get there money 1 poor man was off to Australia and was waiting for £2000.One man was told to turn up and collect his money only to meet with others who were in the same boat, They don't know yet if anyone will get anything back and Westcountry are advising anyone who is affected to go on to there website were they will be directed to a contact where I believe they the administrators  will contact each person directly on a personal basis regarding amounts, currency etc. and what happens next.
Again I am so sorry to everyone involved .
Cornish Pixie


----------



## Disneynutinlondon

I feel soooooo sorry for everyone who has lost their money. Having used Crown this summer I can only imagine what you must be feeling right now, but I do know how I would be feeling having paid all out hard earned cash to a company that we had no chance of getting anything from before our holiday


----------



## paulh

Elise79 said:


> Unfortunatley there is an order as to which creditors get paid out and HMRC are always top of the list.
> 
> 
> 
> It is a limited company and all the profit has been drawn out by the owners - one company had negative balance sheet and the others balance sheet worth is based mainly on intangible assets which probably have no real value.
> 
> 
> :



death and taxes are the only things that are always there


As i work in construction always amazes me how many hide behind limited status fold on Friday start up on Monday

As for CCE always thought currency trading was gambling so stayed well clear,

Paul


----------



## saratogagirl

I am really sad for everyone who has been affected...

I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens.  I foresee much selling on e-bay for the next week xx


----------



## buzz for boys

saratogagirl said:


> I am really sad for everyone who has been affected...
> 
> I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens.   xx



I second this 
Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!

Thoughts are with everyone and I sincerely hope everyone affected finds a solution !!


----------



## sandshal

buzz for boys said:


> I second this
> Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!
> 
> Thoughts are with everyone and I sincerely hope everyone affected finds a solution !!



That's the spirit ........... I know it must be extremely hard but don't let it spoil your holiday ...... you guys so deserve it


----------



## howlongtillsummer?

Just wanted to say so sorry to everyone involved.


----------



## LisaStockman

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


----------



## wayneg

Hi Lisa, I have read a few stories like yours today, looks like they have sent out to the locals where possible. Very pleased for you.


----------



## Booknut

Am really so gutted for everyone who has lost money and will pray you get it back soon.


----------



## NicolaUK

So sorry for anyone caught up in this


----------



## UKDEB

saratogagirl said:


> I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens.  I foresee much selling on e-bay for the next week xx





buzz for boys said:


> I second this
> Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!



We had £1500 stolen from a villa in the first few days of our holiday in January, 2008 (and my brother, a similar amount). We couldn't afford to lose that money any more than anyone else and I'd be lying if I said it didn't affect our holiday at all, but we were determined not to let it ruin it altogether. We got a little bit back from our respective insurance companies and had to write off the rest to experience. Life is a series of little knocks and you brush yourself off and move on. In the scheme of things, it was far from the worst thing that could have happened. I hope those affected by this will be able to do the same once they get over the initial shock - it certainly sounds as though that's what the two of you are doing. 

BIG  for everyone caught up in this.


----------



## septimuswigley

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!!


----------



## 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

LisaStockman said:


> 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

septimuswigley said:


> 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

yolkie said:


> 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

tubtruck said:


> 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


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## juliebro

MSE have hired an insolvency expert to assist

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


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## 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.


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## 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.


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## kristieuk

yolkie said:


> 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


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## igk

septimuswigley said:


> 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.


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## 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


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## septimuswigley

tubtruck said:


> 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.


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## london75

tubtruck said:


> 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


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## fairytale

london75 said:


> 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.


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## higgy66

fairytale said:


> 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.



I work in credit control and I have to agree with the above. The administrators take such a huge chunk for their services that not a great deal - if any - is left. They have to pay any staff wages owed, pensions, followed by any secured creditors and then after all that, if there's money left anyone else who stakes a claim. The best that can happen is a dividend on the money owed - i.e. 10p for every £1 you're owed.

I just hope that in 3 months we don't see them trading again under a different name with all their debts wiped clean!


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## Latte Lover

fairytale said:


> 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.



I agree.  We've lost our money, but there are many worse things that can happen.  We won't let it ruin our holiday.

And for those who are either wise after the event or saying "I told you so" -please stop.  Frankly, it isn't helping.


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## jtlover

Latte Lover said:


> I agree.  We've lost our money, but there are many worse things that can happen.  We won't let it ruin our holiday.
> 
> And for those who are either wise after the event or saying "I told you so" -please stop.  Frankly, it isn't helping.



Totally agree, just hope it doesnt ruin anyones holidays


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## sarah_397

Didn't know if this might help anyone.
Just been having a look at the news and a special call centre has been set up to deal with enquiries.
The call centre number is 0844 826 8659


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## UKDEB

Latte Lover said:


> And for those who are either wise after the event or saying "I told you so" -please stop.  Frankly, it isn't helping.


Well said, T.  Whatever the intent and no matter how much anyone tries to dress it up, sadly it just comes across as smugness.


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## Disbabe

I have just seen the report on central news tonight. Was shocked to say the least! I've never ordered from them as this is exactly what I would be frightened of happening. 

To everyone on here that has been affected by this I am sooo very sorry x


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## tracipierce

wow, I haven't logged on for a couple of weeks so was unaware of this until just now, I'm so sorry for everyone, its just awful news


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## jjk

so sorry for all of you affected by this x


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## zippy99

The other day I offered a number of vouchers prior to this happening.  I am delighted that many of them went to people affected. With so many vouchers available both online or from people returning from trips perhaps we could start a voucher thread highlighting online vouchers that can be printed out to help those affected.

What has happened has happened and we can't change that however if we can help our fellow dis members save money then let's focus on that


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## Mermaid2sea

Fingers crossed for all that have been affected....hope you get your money back..x


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## crabbie1

Just got back today after using CC and canno believe it.I feel bad for telling people that they provided an excellent service as I had never used them before. I feel awful for those who listened to me.What an idiot but then I can only go on what I have experienced. 
I do agree with teressa though that saying you wouldnt use them because..........I had all that and luckily for me it worked out but I feel so sorry for you all and all that penny counting is awful. You will all still have a lovely time as it is what you make it-magical. One very sad Crabbie


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## MandyJane

crabbie1 said:


> Just got back today after using CC and canno believe it.I feel bad for telling people that they provided an excellent service as I had never used them before. I feel awful for those who listened to me.What an idiot but then I can only go on what I have experienced.
> I do agree with teressa though that saying you wouldnt use them because..........I had all that and luckily for me it worked out but I feel so sorry for you all and all that penny counting is awful. You will all still have a lovely time as it is what you make it-magical. One very sad Crabbie



Please don't feel bad about sharing info on Crown currency.My DH and me looked at their website and made up our own minds to use them.We actually received the first £500 we ordered with no problems but then decided to order £500 more which unfortunately we lost.We knew there might be a risk but we decided to take it so I consider that to be totally our fault and no-one elses.


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## crabbie1

forgot to say have $9.52 if it helps anyone


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## Latte Lover

I absolutely agree with Mandy.   Don't feel bad, Crabbie1. 

We knew there was a risk and it was our own decision to make.   

We will make sure we have a great holiday regardless.


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## TotallyAngelic

OMG I am so sorry to hear of people losing their money over the collapse of this company. We used them for some of our currency for our WBTA cruise in September and for once luck was with us ... after the Globespan fiasco I couldn't have have coped with another trauma. Just 2 weeks later and it would have been a different story. 

Sending  to all of you who have lost money through this, and I hope that somehow things get sorted out and you get at least some of your money back. Going on holiday is getting to be a very risky and stressful event.


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## wayneg

An update from BBC, 2 arrests made.
http://www.bbc.co.uk/news/business-11935516


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## tinkerbell 766

Has anyone any fears for other companies such as FairFX?


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## Pooh's-Honey-Pot

I keep meaning to ask if anyone has heard anything lately.  We had a form from the administrators to complete about 6 weeks ago, but not heard a word since.


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## Pegasus928

Lets hope that if they are found to have been involved in any wrong doing they are punished accordingly. 
The misery they have heaped upon people over the last few months can never be understated and they deserve to know that those responsible are held accountable


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## Mrs Doubtfire

Thanks for the update


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