Offer to ex-Rpoints/CBK members

[colsey]

As you may be aware, Rpoints Limited the company that used to operate the Rpoints.com and CashbackKings.com cashback websites, was wound up by creditors late last year. Rpoints Ltd was founded by me back in 2003 and I continued to be involved up to its unfortunate demise, which left a significant number of members with unpaid cashback.

Please note: these websites have since been acquired from the liquidator by another company. The comments that follow only apply to the previous company

I have stated here, in the live webcasts and at length on the rpoints.com website (though the posts have since been removed) that I believe this was largely the fault of management who got involved in the company in 2007 (when I stepped down as a director) and provided supporting information to substantiate that. But inevitably the fact that I was strongly linked with Rpoints may put off some people from joining imutual.

I can point to several factors that should convince people that imutual is actually the least likely of all cashback sites to fail to honour cashback, namely:
- That imutual is owned by its members and therefore must act entirely in its members interests, not outside shareholders
- PLC status (which I believe no other 100% cashback site has) which obliges directors to publish full accounts and supporting information, as well as allowing you to attend and vote at AGMs
- The openess I believe I have demonstrated to reinforce this mutuality concept, as evidenced by forum discussions, webcasts etc.
- Most significantly, the recently-announced Directors' Guarantee where imutual's Directors personally guarantee any awarded-but-unpaid cashback in the highly unlikely event that the company becomes insolvent. Again, something no other cashback site offers

I also stated at the time of company's winding-up, my hope that some kind of offer could be made to members who had lost cashback as a result. I attempted to purchase the assets of the company from the liquidators but unfortunately these were acquired by another company. However, I still want to find a way to allow these members to get back every penny of the cashback they were due. To this end, I make the following offer:

Anyone who lost cashback as a result of the Rpoints Ltd liquidation* is invited to do future transactions here at imutual (a site that offers 100% cashback AND shares in the company), and I will top up their cashback earnings by an additional 20% up to the amount of their losses

A few things to note about this offer:
- I am underwriting this offer personally; i.e. I will finance any 'loss' incurred by imutual PLC in servicing ex-Rpoints/CBK members*. imutual will, of course, stand to benefit from any increased membership and transaction activity
- I no longer hold data from Rpoints Limited on members and who was owed what - that belongs to the new owners and the liquidator is unable to provide me with that. So I'll rely to an extent on existing imutual members to pass on the word about this gesture.
- Any losses will need to be proven (a copy of suitable correspondence from the liquidator should suffice) and exclude any payment the member receives as part of the liquidation process. I would expect the liquidation of Rpoints Limited to be completed later this year

So the procedure for any ex-Rpoints/CBK member* wanting to claim this top-up is as follows:

- Register at imutual and send a PM or query stating the total amount of your claimed loss.
- We will add a transaction to your statement, with "RpointsLtd" loss in the reference column and your claimed loss shown in the Order Value column
- Do future transactions through imutual. For each awarded cashback transaction, we'll add an extra 20% cashback to your balance (until the total amount of extra cashback equals the amount of your claimed loss). The extra cashback will be shown against your 'claimed loss' transaction, not the merchant transactions
- The offer remains open for any transactions done through imutual up to 1 Jan 2013. It also applies retrospectively (i.e. to ex-RpointsLtd members who have already done imutual transactions)
- On completion of the liquidation of Rpoints Limited, forward a copy of correspondence from the liquidator as proof of your loss.
- We'll then convert any pending '20% extra' transactions to awarded status, up to the value of your loss (adjusted for any dsitribution you may receive from the liquidator).
- Any such '20% extra' transactions will be ringfenced by the afore-mentioned Directors Guarantee (even while they are still pending, provided that the related transaction has been 'awarded')

* You can claim for any lost cashback with respect to rpoints.com, cashbackkings.com and shoppingtactics while they were run by Rpoints Limited (i.e. up to 11 Nov 2010), but not any other white label sites (for this, you should claim from the white label 'owner')

I hope you can appreciate why the above process is necessary (to protect myself against bogus/inaccurate claims). Of course this doesn't put right all the wrongs of the past and there is a danger of this looking like a 'guilt trip'; but I feel this is the right thing to do. Of course, I hope that this gesture also helps to boost imutual's membership (and image) which in turn would benefit me personally. But without that indirect benefit, I really wouldn't be in a position to make such an offer

Feel free to ask any questions about this and, most importantly, pass the word onto any people you know who might qualify

[pieman]

HI richard,

Thanks for this, it seems a very generous offer - (although no doubt you will still get some negative comments)

however, i have a query relating to how we actually prove our R points losses

Although i have screen shot of what i am owed, i didnt bother pursuing it through the liquidators as it seemed to be a fruitless exercise.

Therefore i can not supply any copies of correspondance with the liquidators.

So, how do i prove my losses?

Thanks

[carteroo]

I didnt even know you could put anything to the liquidators,i wasnt even aware of this, even tho i have £70 payable with cashbackkings and £70 pending.

[cccashbacklover]

Yes very kind offer Richard and appreciated, does it include no spends, I am in the same position as Pieman

[richard@imutual]

You should have received an email from the liquidators a couple of months ago. I would urge you to contact them (not sure if it's too late to lodge a claim but worth a try) as there is likely to be a distribution of some kind to creditors.

Details can be found at http://www.fashost.co.uk/pwddocs/6292/ and the contact is cbevan AT fasimms.com

[richard@imutual]

does it include no spends,

Yes, all transactions you do through imutual

[myfyr]

HI richard,

Thanks for this, it seems a very generous offer - (although no doubt you will still get some negative comments)

however, i have a query relating to how we actually prove our R points losses

Although i have screen shot of what i am owed, i didnt bother pursuing it through the liquidators as it seemed to be a fruitless exercise.

Therefore i can not supply any copies of correspondance with the liquidators.

So, how do i prove my losses?

Thanks

Ditto for me, with the same user name on rpoints.

It was only £1.04 anyway!

[kevinchess1]

V generous
I have questions;
1 Like a lot of eves i didn't bother to make a claim
does that mean i wont get nowt?
B. Is this even legal
Can a director make payments to some creitors and not others
Finally
When do you think SunderWho will score again(41 days and countin)

[colsey]

Great offer which once again proves RYs sincerity, personally already wrote my losses off so no claim from me.

[One Eyed Snake]

..... most importantly, pass the word onto any people you know who might qualify

Tried to do this at "newrp" but thwarted by madkev arguing the toss!

What was the point of that??