Scam
Complaint
Denise
Country: United States
We also were pressured into buying a membership that we could not afford, but they gladly financed. Anyway, we found the same thing, we were replacing all of our major appliances and of course shopped direct buy and found that their pricing was outrageous! We would like to get out of our contract which is through Beta Finance. I don't care at this point if I get any money back, but I don't want to pay anymore? We joined about 2 years ago. Any help would be much appreciated.
Thank You!
Thank You!
Comments
We apologize for your negative experience with DirectBuy to this point, but we’d like to speak to you further to help resolve your concerns. Can you please email us at yourstory@directbuycares.com with your name, member #, and a way for us to get in touch with you. Thank you in advance for your help!
Kindest regards,
The DirectBuy Cares Team
We have been Members since 1998 and have found the pricing on Appliances and many other purchases, have saved us thousands of dollars, over and above the Membership investment.
Frankly, as Members, we are tired of hearing such "unsubstantiated" complaints !! If you care to put the facts forward regarding your quoted, "outrageous" pricing, then we are sure that your concerns will be addressed in an appropriate manner by DirectBuy.
Question...You say you couldn't afford the Membership, but on the other hand you say you were buying All new major appliances ? Please prove to us that your Membership investment was not a good return on your investment??
If you are not willing to do so, then your comments are to be taken as just another attempt to stop other people from the absolute savings that we have enjoyed over the years !!
Happy Member
Tuesday, November 8, 2011
DirectBuy May be Working on Distressed Swap, S&P Says
DirectBuy Holdings Inc., an operator of membership-based direct-buying centers, has a business model that is "unsustainable," according to a report Standard & Poor's issued yesterday while reducing the corporate rating two more notches to CC.
S&P previously downgraded in early September. A delay in issuing financial statements led S&P to conclude that the company "may be contemplating a business or financial restructuring to the detriment of creditors."
The loss of members has "worsened meaningfully," S&P said.
The rating on the $335 million in senior secured notes was also lowered to CC. The notes traded on Sept. 22 at 35.625 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. S&P predicts that the holders won't recover more than 30 percent following payment default.
S&P said that the decline in membership began in early 2010, in part because of lawsuits alleging that the company misrepresented the cost of merchandise.
The Merrillville, Indiana-based company was acquired in 2007 by management and Trivest Partners LP.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/ ... l#ixzz1dMqMr19f