Hi Everyone,
Its been a while since I last posted and this will be the last.
Over the last 10 months I have been contacted by at least 30 people who have invested in this scam and have found out that what they received is no where near what had been promised to them over the phone by this company.
Most people I spoke with have tried the program for at least 3 months and the results have been far from what IVST promise you will make. If you are considering buying this program, DON"T you will just loose more money then you make.
If your lucky enough to have paid by credit card, there is hope of getting your money back. If you have paid by cash, unfortunately, there is not a lot you can do unless you take them to court, and then you need at least 5-10 people in the same situation to make it worth while. I found out that it would cost roughly $15000 - $20000 to do it and most lawyers won't even go there. IVST do not have any assets, and they transfer all their funds into private accounts which leaves the business with basically nothing, so even if you did win, there is no guarantee that you would even get your money back.
If you are one of the unlucky ones (like me) who went ahead with it (and paid by credit card) I would suggest the following:
1. Open a dispute with your bank against them. It is false advertising. The bank will let you know what happens and what you need to do.
2. Send IVST a letter (via registered post) stating the reasons you want a refund.
3. Send back the program with another letter again clearly stating the reasons for the refund and also make sure you put in there that they DO NOT have permission to send it back to you.
They will send letters back saying that you have simply 'changed your mind' and so does not give grounds for a refund. They will not address your reasons, so don't be put off by this.
Keep copies of the letters you send, the letters they give you, and copies of the tracking numbers of the letters you send. you will need this info to give the bank as evidence. If you have tried the program, keep track of what you have spent and also wins and losses to show the results.
IVST will have to prove to the bank in written form (something with your signature) that you were fully aware of what you were buying and how it works. The declaration you signed is not proof, that is simply to say who you are. They do not have any proof and all they send the bank is an article from Office of Fair Trading saying the Change of Mind is not cause for refund. If you have clearly stated your reasons, you will get a refund. The whole process will take about 6 months, so hang in there.
I brought the 'investment' in May 2009 and after a lot of research, talking to various lawyers and legal aids, I finally got a refund via my bank in December 2009.
I hope this helps a bit, and good luck to everyone.
Cara