Wirecard Scandal

[fairydustandpixies]

I'm posting this here rather than in money for traffic.

Why is nothing being mentioned about the Wirecard scandal? I'm one of 2 million victims in the UK and yet there is nothing in the press or in forums like this other than financial publications. This is affecting the lives of so many people and causing so much distress. I haven't slept since it happened and only have 80p in my purse cash.

www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

There talking about it on This Morning.

I have read a couple of things on the BBC.

There is a lot happening in the world right now, and the story at Wirecard is still developing so the tabloids are probably not prioritising it now. The Mail still covered it though (and I assume others).

I heard about it on The Money Programme. Do you think there's a bit of lazy thinking, that because the cards are used by some people without strong credit ratings, there's an attitude of 'it's their own fault'?

@vodkaredbullgirl That's great to know!

@ClaudiaWankleman It has been mentioned on the BBC but the people I've spoken with today regarding my direct debits such as council tax, insurance, etc, haven't heard about it.

@PotholePalace I use it and have a very strong credit rating, for other reasons I'm not able to get a standard High Street bank account. Yes, it is hitting vulnerable people but it certainly is not their own fault, it's everthing but! People with these accounts are actually doing something to better their credit ratings, to budget or like me can't open a traditional account. It is the fault of greedy corporations and the lack of action by the FCA to rectify this immediately. But yes, I agree with you, lazy thinking and it's affecting 'scum of the earth' and 'benefit scroungers' (of which I am neither!) so it doesn't matter.

I've been following it on the FT for months now, as they are the ones who have investigated and pursued it. It's been fascinating (I'm not personally affected so I am sorry for you OP - it falls within my professional sphere), but I also don't understand why it hasn't been reported more that a few articles here and there outside of the FT, especially recently.

@fairydustandpixies Annoying that they hadn't heard of it, but I think that comes down to the fact that the investigation is ongoing and the FCA's response is still being developed.

It is also within my professional sphere, and I have had briefings, but this isn't something I would expect everyone to have got to grips with yet, especially as there are much more widespread COVID related issues at the moment.

Are you able to open an overdraft account with someone like Monzo to tide you over?

@Sparticle I've done so much googling this weekend and I'm horrified at how long this has been going on together with the threats and stalking of FT journalists.

@ClaudiaWankleman (loving the username btw...) I would have thought that since it became public domain as it were on Friday when accounts were frozen that it would have been picked up by now. Also agree there is more going on in the world but this is massive and very distressing to victims.

Good suggestion about Monzo, I have tried to install their app (only way of opening an account) but it keeps coming up with an error saying unable to install. I'll keep trying...

In 10 years time there will be a movie made about this.

I really do appreciate how distressing this must be - personal finance problems have previously felt all consuming to me.

I had a quick look on the FCA website here which signposts to a generic local welfare service finder. Don't get more worried when it talks about the FCA protection - it does say that Wirecard complied with the client money separation requirements which means your money should all be returned to you. This is evidenced by Wirecard being FCA authorised and would be confirmed annually via an audit. The audits are usually taken particularly seriously by the audit firm as the fines for poor standards are huge, much higher than for other audits!

Could you try and liaise with your employer regarding receiving some of your salary early? They may be able to offer you something like this depending on your employer.

Thank you @Claudia. I'm due to be paid tomorrow, my boss is sending a small amount of it in cash to me and holding onto the rest for now.

I've spoken with the local council to see what's available, nothing apart from the food bank. They are giving me a month's grace on the council tax though.

My worry is about my car being impounded when the car tax DD defaults. DVLA aren't taking calls and I have nowhere to put the car to SORN it. Phoned the local police and told me to leave it in a council car park as that's private land and it won't be towed away. Council have confirmed they don't enforce parked cars with no tax. Interesting to know!

Still more people to phone (insurances etc), this is why I'm frustrated that no one has heard about what's going on. Even the police didn't know.

Thanks for your advice, I do appreciate it.

Oh and my bank have emailed to reassure my money is ring fenced!

MSE say that accounts might be unlocked this week.

If you don't get anywhere with Monzo, try Starling. You don't get credit checked if you don't have an overdraft on the account, they just need to be able to prove your identity. Providing you can do this, you can have an account number straight away and be fully up and running with a card etc within a few days.