Let’s set the scene. You were dazzled by a shiny investment prospect. The promise of returns were high, and the representative sold the heck out of it.
Perhaps the first date (or two) of your dividend payments came around and you got paid. Great. All was going to plan. But then…
Help! There’s been a missed payment on my dividends. Where do I turn to?
Firstly, of course, you must contact the company directly. If you get radio silence, or a dodgy excuse (a classic one is: ‘We are having administrative issues at the moment’), then you must act.
Secondly, it’s important that you ensure a single missed payment does not pluralise into missed payments. You must act if you’ve not been paid within 7 days of the scheduled date. Yes, as little as 7 days (although there may be a perfectly legitimate reason for the missed payment)!
Investment scam victims should act quickly
Far too many people give companies the benefit of the doubt by enduring months (and sometimes years) of missed payments. Stop being so polite! You’ve entered a contract the other party has broken, which gives you the right to do something about it.
Caught in a scam? You must act quickly. You’ll want to get your funds back before the company falls into insolvency, or its directors do a runner. In a previous post, we outlined the red lags to look out for. Do the utmost due diligence before deciding to invest.
But if you’ve already taken the plunge, don’t beat yourself up. The main step to take is to contact an independent advisory firm such as Insolvency & Law who will guide you in the right direction.
Instruct someone to take legal action on your behalf if you feel like you are in a tricky situation. Let them take over and alleviate any stress. And remember: 7 days. Don’t Hesitate. Act Now.
Scam Alert
This message serves as a warning against potential online scams, including website scams and investment scams. Please exercise caution and conduct thorough research before engaging in any online transactions or investments. Protect your personal and financial information from fraudulent activities, and consult with trusted sources for advice.
Insolvency and Law Peter Murray is an award-winning consultancy firm specialising in Insolvency, debt purchasing and business rescue.