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whats the shtory with this "madbid/wellbid"

  • 19-06-2014 10:21pm
    #1
    Registered Users, Registered Users 2 Posts: 537 ✭✭✭


    I see ads on tv for madbid and wellbid advertising NEW products for really cheap I.e(MacBook pro sold for 62 pounds or something). I have my doubts that its legit but does anyone know how it works.

    There advertising products completely new?? Clearly theres something wrong with this picture ?!?!


Comments

  • Closed Accounts Posts: 2,954 ✭✭✭Tail Docker


    It's Well Mad.


  • Registered Users, Registered Users 2 Posts: 25,070 ✭✭✭✭My name is URL




  • Registered Users, Registered Users 2 Posts: 624 ✭✭✭Crasp


    You don't get your bid back, that's how it works. ..

    The winner gets the laptop for €60 bid. The person who bid €59 paid for that €59 bid and doesn't get it back. The person who bid €58 loses that bid, etc etc.


  • Registered Users, Registered Users 2 Posts: 20,592 ✭✭✭✭kneemos


    Crasp wrote: »
    You don't get you bid back, that's how it works. ..

    The winner gets the laptop for €60 bid. The person who bid €59 paid that €59 bid and doesn't get it back. The person who bid €58 loses that bid, etc etc.

    Robbery then.


  • Closed Accounts Posts: 11,835 ✭✭✭✭cloud493


    Assuming they tell you about in the term and conditions, not robbery.


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  • Closed Accounts Posts: 6,720 ✭✭✭Sir Arthur Daley


    cloud493 wrote: »
    Assuming they tell you about in the term and conditions, not robbery.

    I imagine not many read the T&C and then moan afterwards.


  • Closed Accounts Posts: 11,835 ✭✭✭✭cloud493


    Their fault then sure :pac:


  • Registered Users, Registered Users 2 Posts: 19,717 ✭✭✭✭Muahahaha


    It's basically gambling but they don't explicitly state it


  • Closed Accounts Posts: 11,835 ✭✭✭✭cloud493


    https://ie.madbid.com/page/how/

    So you buy credits. They don't lose either way.


  • Registered Users, Registered Users 2 Posts: 537 ✭✭✭sw33t_r3v3ng3


    cloud493 wrote: »
    https://ie.madbid.com/page/how/

    So you buy credits. They don't lose either way.

    Win win situation either way for them so! There must be crazy money made that way!


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  • Closed Accounts Posts: 504 ✭✭✭Zed Bank


    Anyone who spells "story" "shtory" should be shot.


  • Registered Users, Registered Users 2 Posts: 1,931 ✭✭✭Zab


    cloud493 wrote: »
    Assuming they tell you about in the term and conditions, not robbery.

    That's up for debate.

    If people realized the reality of what it's likely to cost them vs the chances of them winning something then they wouldn't use the site. So, they're relying on people not understanding the reality which seems dishonest to me, i.e. I would not run that site as I'd consider myself to be scamming people. I realize that there's a thin line between scamming in this sense and profiteering, but I think these types of action sites are on the wrong side of it.

    Whether it's illegal or not is another question, but one to which the answer can be changed via legislation.


  • Closed Accounts Posts: 2,954 ✭✭✭Tail Docker


    Zed Bank wrote: »
    Anyone who spells "story" "shtory" should be shot.

    With the highest bidder getting to pull the trigger?


  • Registered Users, Registered Users 2 Posts: 537 ✭✭✭sw33t_r3v3ng3


    With the highest bidder getting to pull the trigger?

    All profits go to me though!


  • Closed Accounts Posts: 3,347 ✭✭✭No Pants


    Zab wrote: »
    they're relying on people not understanding the reality
    In other words, being stupid.


  • Registered Users, Registered Users 2 Posts: 920 ✭✭✭Dramatik


    If something seems too good to be true, it usually is!


  • Registered Users, Registered Users 2 Posts: 32,386 ✭✭✭✭rubadub


    cloud493 wrote: »
    Assuming they tell you about in the term and conditions, not robbery.
    Its more of a confidence trick.
    No Pants wrote: »
    In other words, being stupid.
    You could say that, I don't like to see people being conned, regardless of their IQ.

    The madbid site has a big banner saying "madbid have been featured in articles in...." and lists out a load of papers, but no actual links.

    Then I search one of the papers and sure enough they really did feature in an article in the guardian, warning against them. So yes they are truthful & legal but clearly pulling a fast one.

    How penny auction websites can leave you with a hole in your pocket


  • Closed Accounts Posts: 3,347 ✭✭✭No Pants


    rubadub wrote: »
    Its more of a confidence trick.


    You could say that, I don't like to see people being conned, regardless of their IQ.

    The madbid site has a big banner saying "madbid have been featured in articles in...." and lists out a load of papers, but no actual links.

    Then I search one of the papers and sure enough they really did feature in an article in the guardian, warning against them. So yes they are truthful & legal but clearly pulling a fast one.

    How penny auction websites can leave you with a hole in your pocket
    That's a fair point. I'm just pointing out that if something looks to be really, really, really good, start looking for the catch.


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi,
    This site is extremely clever and slick at getting you to join.
    Un-joining is where they really try to screw you.
    No refund they claim- because you used some credits-

    However, it seems that we have rights (14 day cooling off; european regulations)
    I'm in the middle of my 'battle' to get my money back.
    The company refuse.
    The ECC is looking in to it.

    Be wiser than me........STAY AWAY!


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Madbid should be renamed madtobid...


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  • Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    eamo1111 wrote: »
    Hi,
    This site is extremely clever and slick at getting you to join.
    Un-joining is where they really try to screw you.
    No refund they claim- because you used some credits-

    However, it seems that we have rights (14 day cooling off; european regulations)
    I'm in the middle of my 'battle' to get my money back.
    The company refuse.
    The ECC is looking in to it.

    Be wiser than me........STAY AWAY!

    You paid to have a bid. Don't know what your battle is about.


  • Registered Users, Registered Users 2 Posts: 218 ✭✭Fluxfan


    Sounds incredible dodgy:eek:


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi Gow...
    I didn't know I was 'paying' to have a bid -that is absolutelty not made clear. (Sites like Ebay do not charge you to bid...I, ignorantly, assumed a similar site.)

    But my problem is I only bid with one eighth of my credits before 'the penny really dropped' (--ok I'm slower than you perhaps).

    And so I wanted to cancel and get at least a refund of unused credits: but the sneaky small print thinks it has that covered so they say I can get lost.

    European law states that there has to be a cooling off period.

    Does that make any more sense to you Gow?

    Madbid be damned!


  • Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    Please, call me gowl, gow is my father


  • Closed Accounts Posts: 11,835 ✭✭✭✭cloud493


    But I'm sure it probably said that in the terms and conditions somewhere, even if it was really small print, so to speak.


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Does your daddy allow you to use the computer when he's not there?
    It's for your own good...
    Stops you makin silly comments...
    g'luck


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi cloud,

    I suppose they (Madbid) have tried to cover it in their small print...

    But European Law has small print as well...and they say there has to be a cooling-off period.

    So......


  • Closed Accounts Posts: 3,357 ✭✭✭Beano


    eamo1111 wrote: »
    Hi Gow...
    I didn't know I was 'paying' to have a bid -that is absolutelty not made clear. (Sites like Ebay do not charge you to bid...I, ignorantly, assumed a similar site.)

    But my problem is I only bid with one eighth of my credits before 'the penny really dropped' (--ok I'm slower than you perhaps).

    And so I wanted to cancel and get at least a refund of unused credits: but the sneaky small print thinks it has that covered so they say I can get lost.

    European law states that there has to be a cooling off period.

    Does that make any more sense to you Gow?

    Madbid be damned!

    Distance Selling Regulations (which is presumably what you are referring to) dont apply to services, only physical goods.


  • Registered Users, Registered Users 2 Posts: 1,931 ✭✭✭Zab


    You could try reversing the transaction with your bank.


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  • Registered Users, Registered Users 2 Posts: 20,592 ✭✭✭✭kneemos


    cloud493 wrote: »
    But I'm sure it probably said that in the terms and conditions somewhere, even if it was really small print, so to speak.

    Put what they like in the small print,if it ain't legal it ain't legal.


  • Registered Users, Registered Users 2 Posts: 1,931 ✭✭✭Zab


    Beano wrote: »
    Distance Selling Regulations (which is presumably what you are referring to) dont apply to services, only physical goods.

    That's not actually true (although that's actually a UK law anyway). The fact that they've already starting providing the service will complicate the matter though.


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Thanks Zab,
    But it's paypal and there is nothing they'll do...


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    The fact that they've already starting providing the service will complicate the matter though.

    Yes Zab,
    However....(and hopefully)
    They do all they can to encourage you to make your first bid-and who wouldn't try when you think it costs you nothing?-

    And we'll push it for them and say that because I spent credits (though I thought it an innocent bid-no cost if I don't win the item) I've lost them.
    But what about the rest? Unspent?

    And as another little squeezer, you can buy products at full price on the site, but there's nothing for sale below ?250 pounds---so my tentative 48 euro is...useless?

    Lucky you to not be caught!


  • Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    eamo1111 wrote: »
    Does your daddy allow you to use the computer when he's not there?
    It's for your own good...
    Stops you makin silly comments...
    g'luck

    I'm on my phone.
    I don't think he knows. Shhhh

    But it's in the small print of the the father son relationship that I made him sign.

    Would you like to know more?


  • Banned (with Prison Access) Posts: 5,575 ✭✭✭AlanS181824


    I used this a few years ago.

    Bought €5 I think it was worth of credits and at the last second of this auction I bidded and to my surprise I won.

    I won somethong like €20 worth of credits for €5 or something like that but it involved credits.

    Thought grand, mustn't be a scam, said I'd come back the next day to bid on something.

    Forgot about it and got an email about a week later saying my credits were about to expire then I couldn't log in as it said my account was disabled or banned.

    Contacted them through Facebook and they said my account had been banned as I had abused their system and I wouldn't be getting my money back! :confused:

    Never heard anything since!

    In short, avoid! :pac:


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  • Registered Users, Registered Users 2 Posts: 4,785 ✭✭✭KungPao


    Did a search for the site thinking it would be tricky to find out you have to pay for the bid...but the top result, before I even opened the site says:

    "Visit MadBid.com - UK's leading pay-to-bid site"

    My search for the "small print" didn't take long.

    This site, as said already, is basically gambling and takes money from wallies trying to get money for nothing.


  • Registered Users, Registered Users 2 Posts: 880 ✭✭✭Rachiee


    Its absolutely beyond me how people could think that you can bid for free ? Why then would they charge you to buy credits.? Its basically gambling and if you can't understand how it works Google it! Its clearly a bad deal. A fool and is money are easily parted. Hard for me to feel sorry for any adult so silly as to think it is a good idea no matter what the marketing used.


  • Closed Accounts Posts: 11,835 ✭✭✭✭cloud493


    I'm not saying you deserve to lose your money, just that on clearly dodgy sites like that you do need to read the small print.


  • Closed Accounts Posts: 2,301 ✭✭✭The One Who Knocks


    To be honest I'm a little surprised by this reaction!

    I don't know about wellbid, but madbid's pretty simple and I've won quite a few small prizes in the past.
    Crasp wrote: »
    You don't get your bid back, that's how it works. ..

    The winner gets the laptop for €60 bid. The person who bid €59 paid for that €59 bid and doesn't get it back. The person who bid €58 loses that bid, etc etc.

    It doesn't work like this at all! :O

    Every bid costs 1 euro worth of credits to place, and this raises the price of an item by one cent. Whoever bids last has the opportunity to buy the item for the price listed.

    So for example if something sells for €49.38 Madbid have actually made €4938.00 minus the cost of the item. The winner pays €49.38 + a euro for every bid they've placed. If you don't win the bid you have the option of buying the item discounted by the amount you have bid in total. It's ingenious really.

    If you wait till an item goes over its equivalent value (eg. €1000 item gets to €10.00) and then start bidding when you're sure there aren't many other bidders you have a pretty good chance of winning.

    More often than not if I'm actually looking to actually purchase something, I'll check madbid first and see if there's an upcoming auction. I start bidding when the item reaches its equivalent value but even if I don't win the auction I still purchase it through madbid discounted by the amount of bids I've placed, so I never really lose money.

    The people who lose money are those that just randomly bid - gamble, with no intention to purchase.

    You just have to understand how it works better I guess..


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi Kungpao,

    Yes-the point is I didn't do a search (silly, stupid etc)...I followed this link megabargains24.com/IE/?KW=DSPTBL&CAMP=A64 from a reputable website that I was on....you'll see no mention of pay to bid...I wonder why not?

    They also have references to newspaper articles (The links don't work because they are negative articles)...yep I didn't check those either.
    Now go to madbid .com homepage, then the how it works page...see any mention of pay to bid...nope; I wonder why?

    Now the thing is, though I am a wally, I did spot the problem after having used up (as I thought) 1/8 of my money ...so I said I'd cut my losses and get out with 7/8 still left...not so; their small print says once you have placed any bid--you are no longer entitled to any refund at all.

    HHHmmmmmm...did you see that any where in your search?

    Now there is hope; Wally I have been, but it appears we all have rights to 're-think' (14 day cooling off) and that's what I will fight for and so get a refund.

    But even better is the chance that someone who like me who was tempted to 'give it a go' to see what it's about will now not be the 'wally' I was-- and will stay away from Madbid.

    By the way it's not even as fair as the gambling sites I've played--if you want to cash out you can!
    Nor is it an auction site --you have to pay to bid.

    Madbid is operating more like the bastard son of unethical gambling and an innocent auction.


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  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi The one who knocks,

    Your post is very informed and interesting.
    And I wish I was as wise about this as you seem to be.

    However, I don't think you should be so self satisfied because you have figured out how to benefit from the mistakes of others.

    Bit like taking candy from babies...it's easy...but is it 'right'.?

    Madbid finds the fools for you to profit from...
    G'luck


  • Closed Accounts Posts: 3,357 ✭✭✭Beano


    Zab wrote: »
    That's not actually true (although that's actually a UK law anyway). The fact that they've already starting providing the service will complicate the matter though.

    It is EU legislation. As he has already used some of the credit he cant cancel the rest of it


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hi Beano,

    Can you direct me to where you found this info?
    Thanks


  • Registered Users, Registered Users 2 Posts: 1,931 ✭✭✭Zab


    Beano wrote: »
    It is EU legislation. As he has already used some of the credit he cant cancel the rest of it

    The regulation you mentioned is a UK specific implementation of an EU directive and, contrary to what you wrote, it does apply to services. Given that every part of your original post was incorrect, I really don't see why you've now come back to defend it.
    eamo1111 wrote: »
    Hi Beano,

    Can you direct me to where you found this info?
    Thanks

    You can find information on the Irish implementation here:
    http://www.citizensinformation.ie/en/consumer_affairs/consumer_protection/consumer_rights/distance_selling.html

    You also have your standard consumer rights:
    http://www.citizensinformation.ie/en/consumer_affairs/consumer_protection/consumer_rights/consumers_and_the_law_in_ireland.html

    If you paid with paypal using a credit card rather than already having money in your paypal account then you can still try a chargeback with your bank. However, I'm not 100% sure if this will jeopardize your Paypal account or not, perhaps somebody else can say. I think I've read before that Paypal don't care, they just take the money back from the merchant and don't take action against the consumer.


  • Registered Users, Registered Users 2 Posts: 12 eamo1111


    Hiya Zab,

    Thanks for your help...

    And I believe Beano is just messing and doesn't know what he's talking about (or he'd have replied).

    Good news-a person at eccireland seems to agree that I'll be entitled to a refund.
    I'll keep this post up to date on my level of success.

    I had credit on my paypal...and you're right about their attitude.


  • Registered Users, Registered Users 2 Posts: 215 ✭✭Mike1961


    Thanks lads and lasses .. you just saved me from pushing the button and spending €48 on credits.:)


  • Registered Users, Registered Users 2 Posts: 2,933 ✭✭✭holystungun9


    Dramatik wrote: »
    If something seems too good to be true, it usually is!

    How do you explain my 11" then??


  • Site Banned Posts: 2,922 ✭✭✭Egginacup


    kneemos wrote: »
    Robbery then.

    Digital Ponzi scheme


  • Closed Accounts Posts: 3,357 ✭✭✭Beano


    eamo1111 wrote: »
    Hiya Zab,

    Thanks for your help...

    And I believe Beano is just messing and doesn't know what he's talking about (or he'd have replied).

    ...

    or maybe i just couldnt be arsed responding to the likes of you?


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