Have Money4Gold Stolen Your Gold?

gold bar on coins

You’d have done pretty well to miss the growing number of websites and shops offering to buy up your old gold for cash, and it’s fair to say that either because of the nature of the offer or the way these companies advertise themselves, none of them appear particularly trustworthy.

On our post Sell Your Gold In The Post, Mary left this less than complimentary comment on Money4Gold :

Having sold odd bits of gold locally, I decided to try “Money 4 Gold”. I had my gold valued by a local dealer first (valuation £400), Money 4 Gold were advertising that they double all valuations. I sent my gold off on 18 September 2009, and received a cheque for £91. I refused this cheque and requested that my gold be returned. I have been waiting for my gold to be returned to me ever since. I have been telephoning this company constantly since I returned their cheque, trying to get my gold returned to me. On my last phone call to Money 4 Gold I was offered double their valuation! But I again declined, and they stated that my gold was being returned to me – I’m still waiting. Why are these companies allowed to trade this way? They are effectively stealing from people, well they have stolen from me as they will not return my gold.

We’re hoping that this is just a case of a postal delay causing the delay, although on their website, Money4Gold say, in their “12 reasons to trust them”, that your items are traceable at every step.

We’d be interested in hearing about any other stories of problems with these cash for gold websites – after all, trust is everything when you’re sending valuables to a little known company. Let us know your thoughts in the comments below.

UPDATE 10/11/2009: Following the large amount of extremely useful comments we’ve had on this post, we’ve opened up a forum thread on the new Money Watch community forum.

Creative Commons License photo credit: BullionVault

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475 thoughts on “Have Money4Gold Stolen Your Gold?

  1. I too was interessted in seeing what money4gold would give me for some of my jewelry. The pieces I sent had been evaluated at just over 300 pounds for insurance purposes. I sent it off and within a few days received my cheque for 25 pounds! I was disgusted so immediately returned the cheque (by recorded delivery on the same day) On the 21st September I received an email saying that they had received my cheque and what had I been expecting for the items. I told them what they were valued at but said that I want the items back as i was appalled at the amount they had sent me. To date I have heard nothing from them. I have emailed them every single day, and phoned everyday (I can only get through to an answer machine and they have not returned one of my calls yet). Something should be done about this company. How can BBC allow them to advertise etc when they are clearly a huge scam. Basically this company has stolen my jewelry, and the police should begin an investigation regarding this. I have posted this to warn any one else of this scam and to perhaps find out what I can do to recover my jewelry.

  2. I used money4gold and received my cheque for £66.01 well below what I was expecting for at least 31grams of 9k. I have emailed them and informed them I will be sending the cheque back even if they did phone and offer me double it would still be well below what the scrap gold price per gram is. This company is offering well below the value. Go somewhere else to sell your scrap gold.

  3. Please do not use Money4Gold to sell your scrap jewellery. I recently sent them a 9ct rose gold bracelet valued at £166 by my local jeweller. I received an email from Money4Gold telling me that there was no precious metal in the package. I have tried to phone them and email them numerous times and following their USA phone line directions got Ulsterbank who had never heard of them! Following phone calls to the Police and Trading Standard and two recorded delivery letters (which they have signed for)my bracelet has not been returned. They have effectively stolen it. My only recourse is to the Small Claims Court. I also looked at their address on Google Maps and it is a derelict-looking building in the middle of countryside. Be warned.

  4. Sorry to hear you are also having problems with Money4gold. As said in my previous post, I have returned their cheque and have spoke to someone this morning at m4g she has told me they will send back my gold (approx within 10 days) via special delivery as soon as they have received the cheque back, their are stories all over the web of people trying to get their gold back without success, one of the suggestions I have read is to tell M4G you are going to contact BBC watchdog, the tonight programme, Working lunch, basically cause a stink through the media. If I do not receive my property back from them I’ll be causing as much of a stink as possible. In regard to Watchdog the more people who complain about the company the more chance they investigate it and the less chance of others being ripped off.
    Wishing you all the best!

  5. I eventually got through to a human being on their phone line Wednesday last week – was told that a manager would phone me back withing 2 days!!! well surprise surprise – no one has phoned yet. I feel that in this scenario we should all stick together and as Sharon said – contact as many media places as we can – they just cant be allowed to get away with this – we’re talking a lot of money at stake here. I’m going to email as many places (watchdog etc) as I can and hopefully something will be done about this bogus company. All I want is to have my jewelry returned to me and its disgusting that I cant even get that.

  6. From experience (Farepak campaign)I know if you want anything done you have to keep shouting. I would also suggest anyone unhappy about M4G then complaining to OFT is also a option, as is complaining to your local Mp, use the they work for you website because the site follows up to check your Mp is responding. Hopefully we will all get our property back and can warn everyone else not to use this company.

  7. Thanks for all of your comments everyone, we’ll do what we can to highlight the problem.

    To be fair to Money4Gold, if you do get your gold back or you manage to find out what’s been going on, please let us know.

    It would be good if they were monitoring the web to react to this kind of feedback, but so far they’ve been silent, so we can only present this (negative) side of the story.

  8. I sent several item’s of jewelry off on the 16th September to M4G and recieved a cheque back for £6 something!! could not believe the insult! sent the cheque back immediatley and have not heard anything since, dispite several phonecall’s.don’t know where to go from here after reading the other storie’s, perhap’s watchdog could take the case up for us?

  9. Caroline I would phone them again, ask if your gold has been posted, ask for the tracking number, see what they say. Mention you will take further action if you do not receive your property back.
    I phoned yesterday morning and was told they will return my property within 10 days of receiving the cheque, which should arrive there this morning (recorded delivery) They told me they send out the gold by the way it was sent, which as we all know is special delivery.

    @ Rob I will post on here every step of the way, I feel its the only way other consumers will learn about this company and its actions and the more of a stink we cause the more chance we have of getting back our own property.

  10. Thanks Sharon – “within 10 days of receiving the cheque” just sounds far too long to me – no wonder people are worried about what’s happened to their gold.

  11. It does seem a long time Rob, if it is true and they send it via special delivery as they have told me, it would be able to be tracked if they gave customers the ref no. I am going to email them this morning and ask for the number to be forwarded to me once they have despatched my property. In my view this gives them a fair opportunity to respond and act accordingly. Unfortunately in many cases it appears from reading other posts that 10 days has passed and customers have not received their property back.

  12. Yes, Sharon I agree with you and will be doing the same – posting every step of the way. @Rob, I sent my cheque back on the 18/9/09 Recorded delivery – they received it on the 21/9/9! Thats almost a month ago!!. I have still not got my jewelry back and cannot get anywhere phoning them etc. The bottom line is this company have stolen my jewelry and at this moment I dont hold out much hope of receiving my items back. I have sent an email to watchdog and am about to contact trading standards.

  13. @Rob Just been checking their website which says 15 days to receive back your gold. Royal mail tracking informs me the cheque was received by M4G today. So fingers crossed!

    Can I just also say I also sent some gold to a different company recommended by a few people on Moneysaving expert forums and have today received a payment for over £200, not all these companies are rip off merchants. If your desperate to sell your gold, check out MSE forums for other people’s views.
    @ Kathy I have to give M4G fair chance to send back my gold but did notice on their site they have JVC logo on their page, not sure if this covers the UK but maybe worth looking into, please let us know any responses you get from trading standards, watchdog ect.

  14. I contacted consumer direct yesterday to ask them to confirm which part of consumer UK law would cover this sort of transaction and subsequent problems. Our contract with money 4 gold is governed by the supply of goods act 1982. Your argument is that the trader has failed to use reasonable care and skill by failing to return the gold, as is the procedure described by their guarantee. To pursue the matter further you need to send a further recorded delivery letter demanding that they return your goods within 14 days. Consumer Direct have sent me a template letter if anyone needs it.

    They have also asked for Money4Gold’s trading address so they can report the matter to the relevant trading standards. However as said I still need to wait the 10-15 days as their guarantee states to allow them to send back my gold. This is obviously not the case for Kathy, Caroline and Julia or anyone else who is still waiting for their gold. Therefore can I suggest each person contacts consumer direct individually, the more complaints the better in my opinion!

    Tel: 08454 04 05 06

    Web: http://www.consumerdirect.gov.uk
    Their is a online form if you’d rather not phone them.
    Open: 8:00am to 6:30pm Monday to Friday, 9:00am to 1:00pm Saturday

    Hope this helps!

  15. Thanks Sharon. I also contacted Consumerdirect and was told to send a letter via recorded delivery which I have done this morning. I phoned Money4Gold once again and once again – answer phone!! I am waiting for a reply from trading standards and watchdog, but I only hope that there are enough people aware of the problems with this company to complain too, otherwise they will not take up this matter. This is so frustrating and upsetting to have to deal with a company who are obviously in breach of their contract. I just feel the same as if I had been burgled, actually worse because if that was the case I could have claimed against my insurance. This is so frustrating, I have a good mind to physically drive to their address and investigate as to what is going on there. I think in this case we really do need a lot of media coverage, as I wonder how many more people are going through the same as us at the moment. I will keep everyone posted on any replies etc that I receive.

  16. At least Kathy we know Consumer Direct have at least 2 complaints and they will pass the details to trading standards, although legally at present I can’t complain but I am going to reword the template letter and state that I expect to receive my gold back within the time stated otherwise they will be in breach of the 1982 act and I will take further action. Hopefully this will be enough in my case.
    I used money4gold via Quidco (cashback site)so I have also informed them of possible future problems for Quidco members who also used Money4gold, obviously its up to Quidco what they do in regard to the information I have given them. I have noticed a few other sites offering incentives to use money4gold and their are a lot of sites which ask for reviews of companies which would help in getting the message across to members of the public.
    Kathy I understand how frustrated and upset you feel, some companies do think they are the “big fish” and they can do whatever they want. However Consumers are much better protected by law, the sad thing is many will just accept how they have been treated and not fight back. In time Farepak customers will prove little fish do bite back, it can work and it may encourage others to do the same when they feel they have been unfairly treated.
    I do hope the letter you sent this morning works and you receive your property back. Got my fingers crossed! If I can help in anyway just give me a shout.

  17. I have just had my email from money saving expert, which mentions selling scrap gold so I went visiting their website and have read a post similar to what we are experiencing. I have left a response, suggesting contacting consumer direct.
    Unfortunately I am a newbie on that site so could not post a link to here so if anyone is a member and able to post links it would be a good opportunity to inform others of Money4golds actions.

  18. Mike, thanks for pointing that out – I haven’t noticed them, but I guess it’s a little hypocritical of me to have them on here, so I’ll try to filter them out.

  19. to put it bluntly… its quite obviously a scam isnt it. these adverts are popping up all over the place. take your gold to the jewellers, and sell it there. cuts out postage, and all 3rd party costs= more money in your pocket. i wouldnt trust anything valuable in the post, especially to a company that has only just started popping up!!

  20. I have published some of this this elsewhere, but thought that it may help those of you who wish to sell your gold.

    Firstly, shop around. As you have seen, certain postal firms are being accused of ripping customers off, so if you can have a price in your mind before approaching a gold buyer, then you have ammunition that will reinforce your haggling (for haggle you must)

    Okay – here’s how to make sure you don’t get ripped off. Go to any one of the websites (or Google apps) that tell you the daily price of pure gold. This will tell you the value of 24 carat gold per Troy ounce. There are approximately 31.1 grams in 1 Troy ounce, so if the price is (for example) £665 per Troy ounce, divide 665 by 31.1. This gives you the figure of 24 carat (pure) gold per gram. In this case it is £21.38. Then, if you are selling 9 carat gold, this is 37.5% pure, so multiply 21.38 by 0.375. In this case, this will give you a figure of £8.018 or nearly £8.02. Any gold buying institution that offers you eighty percent of this (£6.41) or over is (IMHO) playing very fairly indeed. They have to make their profits too or they would not be there to pay you for your unwanted jewellery.

    The same calculation can be adapted for 18 carat (75% pure) or any other carat – just know what carat gold you have, use your calculator and – above all – be prepared to haggle.

    I have to admit that, before becoming housebound, I used to buy and sell jewellery and antiques. This formula was invaluable to me and you would be surprised how many other dealers approached me, annoyed that I was playing fair with what had been – up until then – their customers.

    I despise those companies who rip customers off and will follow this site and others in the hope that someone somewhere forces the hand of at least one of these companies and compels them to play fair. Good luck to you who are trying.

  21. Thanks for that Mike, its good to know how they are supposed to work out the value of the gold. However, I think that the problem here (well I for one) is that Money4Gold wont send the items back even though in their Terms and Conditions it clearly states that the items will be returned if the cheque is returned to them within 10 days. I sent the cheque back on the same day I received it via recorded delivery so I know that they received it (3 days later), so they are in breach of contract here. The problem I am still having is getting them to return my items to me. I cant get hold of them on the phone, they dont return my messages and my emails are ignored. As Sharon suggested I contacted consumer direct and upon their suggestion I posted a letter to money4gold via next day recorded delivery (posted yesterday – I have tracked it and it was signed for at their address today) so lets see if I hear any thing from them. I’ll keep you all posted as to what happens. @Sharon – thanks again for all the advise and the lovely words of support. I really hope they keep to their promise and send your jewellery back.

  22. It is heartening to read that so many people are standing up for themselves. The gold and jewellery market was once dear to my heart and it upsets me to see so many companies preying on people.

    I would be inclined to approach the media with this problem and encourage one of the more flamboyant presenters to doorstep the companies. Try Watchdog or The One Show – Dominic Littlewood and his ilk seem to get good results.

  23. Hi Kathy

    Glad money4gold have received your letter. Lets hope that gives them a kick up their butt’s and they get your gold posted back to you straight away.

  24. i sent 18 grams of 9kt gold, i had it valued before i sent it at £78 someting, i sent it of to money4gold and they sent me a cheque for £6.45! i have sent the cheque back with a letter demanding to know what they think they are doing, ill post back if or when i get my gold back.

  25. Hi Joanna

    Sorry to hear your unhappy with money4gold like the rest of us.
    Can I ask if you sent the letter and cheque back recorded delivery? So you knew that it has been delivered and within their 10 days as they state in the guarantee.

    For example purposes only another company I’ve used would have paid on today’s price for 18g 9kt scrap gold £133 plus odd pence.
    Which shows how much of a rip off money4gold is.

    I’m sending off a letter tomorrow to money4gold, quoting the 1982 act as above even though the 15 days are not up yet, hopefully it will be enough of a warning shot to get them to return my property.

    Hope you get your gold back!

  26. Hello to all,

    I am feeling quite sick after reading all of your comments. I too have been taken in by this company. Eight days ago I sent them my gold. I work in a laboratory and have access to balances accurate to 0.000g. I weighed my gold very carefully, I sent in both 9ct & 18ct gold, and a small quantity of silver. In total weight 9ct 37.81g, 18ct 10.95g, 52g silver. Today, I received my cheque for £99.41. That is about 25% of current value of gold prices on offer from various other co.(approx). In other words I should have received over £460. I telephoned to complain, I asked for their calculated weight of the items. This DID tally with mine. After 10 minutes I called back, and said that I would like to have my gold sent back to me. The same lady answered the phone, and offered to double the price. I said that I was still not happy. She said that she would escalate my complaint and that they would call me back. They did with another offer of £298.23. I declined this offer too. I said that I was sending back my cheque by Special Delivery to ensure that it arrived with the 10 day return limit. I asked how long would it be before I received back my Gold items, she said 10 days.

    The cheque was already 2 days in from them sending it to me. This will be guaranteed delivery by Monday,19.10.09.

    I am now really worried about this situation. However I do have another telephone no. to offer to anyone who has not had any luck from their freephone no. This no. was from the last price offered to me. 0207 0700230. Good Luck!!