Post by Admin on May 11, 2013 10:18:13 GMT
I invested in carbon credits and just want my money back. I am not linked to any company, I don’t get paid to do this. I just want to expose the truth and help others in the same boat. I want your sob stories with all the details.
I was made redundant in 2010 and wanted to set up a source of income. I put out some feelers over the web and eventually found a carbon credits salesman. I researched the market and was careful to find out as much as I could about it. I read about CERs and VERs and how they were traded over the counter. I was lead to believe that now was the best time to get in on it. I already knew about carousel VAT fraud and double checked with the wholesaler that the salesman referred to in order to check that the credits were real, they were APX-VCS which is legit.
I was told about the companies that will be buying very soon. These were local councils, airlines and shipping companies. They dropped in stuff like J.P.Morgan, Kyoto, floor price, 50% in 12-18 months. I bought two lots of them.
The brash salesman called me up for a third offering of credits I pulled out of this deal as I started to get cold feet. Instead I asked him to sell some off my existing credits that had gone up, according to him. His tone changed after that. He would not let me visit their London office. Eventually I got to visit the office to see a different salesman who explained that the new higher price quoted was in fact for a recent sale of a different credit and that there is a delay of about six months for the original exit. Well it all went quiet for a few months more. I phoned them, they were still there and was told that the price had gone up. I was supposed to get a letter in February 2013 regarding the exit but it never happened. They had ‘ceased trading’ and my details had been given to a different firm of salespeople.
The new sales firm working on behalf of the original carbon credit wholesaler had a rescue plan, swap the VERs for green CERs for a £2.50 fee per credit and make 50% by the end of March 2013. I declined the offer fearing another scam.
I could not trace the original salesmen to confirm the details but I did speak to the wholesalers. They confirmed that the market had gone down. They said that the previous sales firm had invested heavily into credits with the expectation that the market would rise. They had all been laid off. I said that I could not raise the money required for the rescue plan and asked them for a letter to present to a bank for a loan but was told it would not work. I then asked them to pay for the new credits on the understanding that I would pay for them after they sell at the higher price, they declined.
I phoned some other carbon credit sellers and they say a similar thing about the state of the market, it is saturated and no one is buying. Large companies may buy them in big quantities but not in small quantities. There does not seem to be a trading platform for trading in small quantities. Perhaps the market will improve one day. Apparently in 2020 the credits ‘retire’ and it will not be possible to sell them at all at that time.
Some things to watch out for
You say no and the salesman emails the contract to you anyway.
You say I only want £x amount and he ups your order to £2x or more without telling you.
You say no and the salesman calls you back anyway. You say you'll think about it and the salesman calls back in under an hour demanding that you send the money and stop wasting his time.
The salsman understands why you are nervous about this sort of thing and claims to be the only 'clean' advisor out there.
The salesman suddenly becomes your best friend.
The salesman no longer wants to meet with you.
The salesman passes you on to another one who puts more pressure on you.
There is an unexpected delay.
'Market conditions'
Quick paced marketing spiel with industry buzz words.
They share their life story with you.
Come to our office and we'll map out your future with us.
Think about it and I'll call you on Monday.
The story changes each time you speak to them.
'Can't fail' business model.
'It's a no brainer'
I was made redundant in 2010 and wanted to set up a source of income. I put out some feelers over the web and eventually found a carbon credits salesman. I researched the market and was careful to find out as much as I could about it. I read about CERs and VERs and how they were traded over the counter. I was lead to believe that now was the best time to get in on it. I already knew about carousel VAT fraud and double checked with the wholesaler that the salesman referred to in order to check that the credits were real, they were APX-VCS which is legit.
I was told about the companies that will be buying very soon. These were local councils, airlines and shipping companies. They dropped in stuff like J.P.Morgan, Kyoto, floor price, 50% in 12-18 months. I bought two lots of them.
The brash salesman called me up for a third offering of credits I pulled out of this deal as I started to get cold feet. Instead I asked him to sell some off my existing credits that had gone up, according to him. His tone changed after that. He would not let me visit their London office. Eventually I got to visit the office to see a different salesman who explained that the new higher price quoted was in fact for a recent sale of a different credit and that there is a delay of about six months for the original exit. Well it all went quiet for a few months more. I phoned them, they were still there and was told that the price had gone up. I was supposed to get a letter in February 2013 regarding the exit but it never happened. They had ‘ceased trading’ and my details had been given to a different firm of salespeople.
The new sales firm working on behalf of the original carbon credit wholesaler had a rescue plan, swap the VERs for green CERs for a £2.50 fee per credit and make 50% by the end of March 2013. I declined the offer fearing another scam.
I could not trace the original salesmen to confirm the details but I did speak to the wholesalers. They confirmed that the market had gone down. They said that the previous sales firm had invested heavily into credits with the expectation that the market would rise. They had all been laid off. I said that I could not raise the money required for the rescue plan and asked them for a letter to present to a bank for a loan but was told it would not work. I then asked them to pay for the new credits on the understanding that I would pay for them after they sell at the higher price, they declined.
I phoned some other carbon credit sellers and they say a similar thing about the state of the market, it is saturated and no one is buying. Large companies may buy them in big quantities but not in small quantities. There does not seem to be a trading platform for trading in small quantities. Perhaps the market will improve one day. Apparently in 2020 the credits ‘retire’ and it will not be possible to sell them at all at that time.
Some things to watch out for
You say no and the salesman emails the contract to you anyway.
You say I only want £x amount and he ups your order to £2x or more without telling you.
You say no and the salesman calls you back anyway. You say you'll think about it and the salesman calls back in under an hour demanding that you send the money and stop wasting his time.
The salsman understands why you are nervous about this sort of thing and claims to be the only 'clean' advisor out there.
The salesman suddenly becomes your best friend.
The salesman no longer wants to meet with you.
The salesman passes you on to another one who puts more pressure on you.
There is an unexpected delay.
'Market conditions'
Quick paced marketing spiel with industry buzz words.
They share their life story with you.
Come to our office and we'll map out your future with us.
Think about it and I'll call you on Monday.
The story changes each time you speak to them.
'Can't fail' business model.
'It's a no brainer'