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Ben Jones
Ben Jones, UK Lawyer
Category: Law
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How can I check out Portman Chandlers Ltd - 08913315 company

Resolved Question:

How can I check out Portman Chandlers Ltd - 08913315 company number. They are offering to recover my Carbon Credit and Rare Earth Metals investments and place the £60,000+ into their Corporate Bond? Are they legitimate and is the Bond safe when paying 12% per annum for 2 years.
Submitted: 3 years ago.
Category: Law
Expert:  Ben Jones replied 3 years ago.

Ben Jones :

Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today. Can you please clarify what exactly they are offering to do - from what I understand you have already made an investment elsewhere but they are offering to recover that for you and place it in their bond, and in the process you are expected to pay them a fee for doing this?

Customer:

IF I agree to place the recovered monies into their own corporate bond there is no fee, but monies are locked for about 15 months. (Recovery process plus 12 months. Interest of 12% is promised rate.)

Customer:

I can access monies quicker if I pay them 10% up front deposit - which is repaid upon successful recovery. They say it is certain, just allow 3 to six months.

Customer:

are you preparing an anser??

Ben Jones :

The issue with this is that the company is so new that it has absolutely no track record


And it is impossible to see whether what they say or promise is true. They may have given you all sorts of guarantees, but it is impossible to see whether such guarantees have been fulfilled in the past and how likely they are to be fulfilled this time round.


 


Their website does not work so it is not possible to check anything about them but according to Companies House they only have one director, who is just 24 years old and is the driving force behind the company. What experience someone of that age may have in this market to be able to give you such guarantees is anyone’s guess but you may draw your own conclusions from this.


 


The main concern here is that there are plenty of scams involving carbon credits, their sale, investment and recovery and any time you are being asked to pay money in advance before you have the cash in your possession should be treated with a great deal of suspicion. They may claim that they have recovered the money on your behalf and ask you to pay the fee up front but there is no guarantee that claim is true and anything they show you can be doctored and you could easily end up paying the requested fees and seeing nothing in return. Whilst there are some genuine companies out there, at least they have a track record where you can go and research them and see what they have promised in the past and the fact they do as promised, but any new companies with absolutely no track record and no independently verifiable information about them, who as fees up front, should really be treated suspiciously and generally given a wide berth.

Customer:

What is risk if agree to enter their Bond when / if monies are recovered? Is the Bond covered by FCA? How can I send you copy of the Bond - unless you can get from their website which was working yesterday?

Ben Jones :

the risk would depend on what you are expected to do as a result, for example are you going to have to pay them anything - because anything you pay in advance and before having seen the returns in your possession will be a risk. The company is not registered with the FCA so you would not get any protection from them

Customer:

OK thanks. I shall play along until they ask for monies!! I know of no other way to recover my investment in Carbon Credits and Rare Earth Metals . . . . do you?

Customer:

At age 73 I do not cope well and I have lost £100k+ . . . . it seems. Now desperate straits.

Ben Jones :

we cannot recommend anyone to recover these investments as you need specialist advice which we cannot give...but many of these carbon credits, etc were scams, or at least not what they were advertised to be and there are plenty of examples of people losing a lot of money in them. I think people were tempted by the promised returns when other traditional savings methods dropped their rates and it is what prompted them to invest, but many went on to regret that.

Customer:

Understood and agree with your comments. Thanks.

Customer:

No more questions. Thanks.

Ben Jones :

You are most welcome, best of luck and hope you get to resolve this one way or another

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