If you have signed up to Greg Secker's Trader's University (KnowledgetoAction organise "free seminars" to entice you to join the course), then you might not have noticed the small print on the back of your invoice that says you will lose £500 if you cancel.
This smallprint is illegal. KnowledgetoAction are not allowed to keep your money if you cancel within 7 days, as their sale was done "away from their usual premises" and as such qualifies as distance-selling, giving you the right to cancel within 7 days.
From our experience, and the comments left on this blog, KnowledgetoAction will ignore the law unless you send them a letter by RECORDED DELIVERY asking for an immediate full refund. Those who sent a letter by recorded delivery received a refund for the trader's university course THE VERY NEXT DAY!
Please let us know your experience in a comment, to help others in the same situation!
This smallprint is illegal. KnowledgetoAction are not allowed to keep your money if you cancel within 7 days, as their sale was done "away from their usual premises" and as such qualifies as distance-selling, giving you the right to cancel within 7 days.
From our experience, and the comments left on this blog, KnowledgetoAction will ignore the law unless you send them a letter by RECORDED DELIVERY asking for an immediate full refund. Those who sent a letter by recorded delivery received a refund for the trader's university course THE VERY NEXT DAY!
Please let us know your experience in a comment, to help others in the same situation!
Make sure that you visit our main posting on the KnowledgetoAction share trading course
I went to a trader's secret seminar where they said they would reveal secrets to trading - in fact they just wanted people to sign up for their course. Like you say, I signed up but did not know about the small print on the back, and when I tried to cancel they said that I would lose £500 if I went ahead and canceled. They tried to give me a discount for me to stay on!!! They offered me to see their trading floor at trader's university - I couldn't care less about seeing their trading floor!
ReplyDeleteThank you for the tips about getting a refund from these guys: in my opinion knowledgetoaction are definitely a scam!
I attended the forex seminar last week, and yes this is a rip off scam. There are others out there that are not scammers.
ReplyDeleteSTAY AWAY!
ReplyDeleteI <3 JAMES
ReplyDeleteI have filed for a court case against Knowledge to Action Ltd at my local county court, YES, I am suing the company at the moment. Their presenters misled me and tricked me to sign up with their course. They told me that I would be able to make £2,000 a month with trading capital of £2,000 by only trading 20-30 minutes a day. I was told this is achievable after 6 months of attending their two-day training and using their methodology.
ReplyDeleteIt was a big lie, I was a newbie and did not know that it is absolutely impossible to achieve 100% return on my trading capital each month. Later, I discovered that you need £30,000 – £40,000 or more trading capital with very good trading experience and excellent discipline to possibly make £2,000 per month. I was conned, I lost money on trading and had to pay £32 per month for using ShareScope software.
I was completely misled and therefore I want to exercise my consumer right to bring the company to court for justice. You are completely nuts to sign up with their courses after reading all these negative reviews, unless you have too much time and money to waste!
If you believe Knowledge to Action is a scam and you have been conned by the company please report them to Consumer Direct 08454 040506, http://www.consumerdirect.gov.uk/scamnesty and the Office of Fair Trading by sending an e-mail to sc@mnesty.net
ReplyDeleteHey All,
ReplyDeleteI have been to the ('Free') seminar and I said to them that I'll join the course later and pay them in instalments. Now I have changed my mind, I don't want to join them after seeing so many bad remarks about them. Although I haven't paid them so far, they have sent me an invoice saying I will have to start paying from the day I said I'll pay them, if I don't they will keep on adding interest charges and eventually I will have to end up paying more than what they 'offered'. Although I haven't paid a single penny nor I am willing to, the interest charges is worrying me.
Is there anyone out there who can help me on this please, will be very grateful.
Simon
My name is Simon, I don't have a google account, So I have to post the comment as anonymous.
ReplyDeleteThe above comment is mine, please reply as Simon.
Please reply ASAP, I was supposed to make payment on Friday 27th August, which has already passed.
Hi Simon,
ReplyDeleteI wouldn't hand over any money.
When did you sign their contract? if it's less than 7 days then you have no problem - you can cancel for free within 7 days.
Even if it's more than 7 days I'm pretty sure you can still cancel and not pay anything. You should contact consumerdirect for free advice. http://www.consumerdirect.gov.uk/
Thanks a lot for the information, I really appreciate it..Thx
ReplyDeletethanks
ReplyDeleteHi,
ReplyDeleteI have signed up for the 2-day Traders University course last Wednesday (16 Feb 2011) in Dublin. I only managed to come across and read tonnes of bad remarks about this course few days later. I would not risk my hard earn money on such lousy con artists. I would like to get my full refund. I know in UK, you have 7-days cooling off period so that you can withdraw within the 7-days without any penalties. Not sure if this consumer law applicable to Ireland? Hope it does.
Could you please let me know where I stand and how to proceed?
Thanks….
Regards,
Lee
Lee, send them an email immediately cancelling the course and ask for a full refund. Also telephone right after to follow up and get the name of the person you spoke to. This was if the 7-days do apply (and they probably do), at least you did your bit.
ReplyDeleteGood luck!
Mark
Mark,
ReplyDeleteThanks for your prompt reply.
That contract was signed on the 16/02/2011 right after the introduction. The 7-days you mentioned here is from 16/02/2011 - 23/02/2011? or 7 working days which I still have sufficient until this Friday? Please advise.
I need to go back and go through the yellow contract first just to make sure that they didnt change the T&C. I plan to give them a call before hand tomorow and follow up by a register post the same day.
I will update this blog with my progress and results.
Thanks.
Regards,
Lee
7 days - don't know if working or calendar. Just don't risk it and phone+email right away.
ReplyDeleteGuys,
ReplyDeleteI tried to ring the office and hope to inform them about the cancellation before sending out the email. Tried several times but no avail. Anyway, I have emailed them the cancellation notice with a Read Receipt Request attached. I doubt they will respond to it, anayway.
I will send out a register post to their head office in Fulham tomorrow morning. I think this is what I can do for the time being. If you guys think i missed out any important steps, please advise accordingly.
Thank you.
Regards,
Lee
Hi Lee, did you manage to get your money back?
ReplyDeleteLesley
I have had a shocking experience with Knowledge To Action, they still owe me £500.00 for a down payment on a course I did not go on and they refuse to refund it. I have taken it as far as Trading standards but their contracts are so robust, even the authorities couldn't help... All I would state is don't hand any money over to these con artist unless you are not bothered about getting it back... Since the bad experience I have learned to trade through a reputable company, who do refunds if you are not happy. There are plenty of reputable companies out there... Do not have to be deceived by Knowledge To Action.
ReplyDeleteHas anyone who enrolled in K2A's 2 day seminar in Sydney who decided to cancel been able to get their money back? I am planning to file a dispute after I have been misinformed of the expiration of cooling off period (contract says 5 calendar days) and I was assured of a 5 business day instead. Not sure if I can win the case as I only had verbal agreement from the agent though
ReplyDeleteyou have to be very persistent. "5 days" might not be enough, in the UK they had a term in their contract which was shorter than UK law. Report them to the authorities if you need to.
ReplyDelete