API magazine is closing

Discussion in 'Property Information Resources & Tools' started by Daisycutter4, 30th Nov, 2016.

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  1. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    It's quite interesting... Banks obviously earn enough on credit cards that they can back issues like this. I would imagine that under administration, staff wages of the company in liquidation would need to rank higher than reimbursing customers, so the bank is unlikely to get its money back.
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Choice Magazine: What to do when a company collapses - shopping

    Time limits for chargeback apply and vary between financial institutions, so it's important to contact your bank or credit union as soon as possible.
    • National Australia Bank requires cardholders to notify the bank of chargeback circumstances no later than the due date shown on the statement of account.
    • Teachers Credit Union Visa cardholders should contact the credit union within 45 days of the transaction.
    • American Express cardholders should call Amex on the phone number on the back of their card no later than 120 days from the transaction date or expected date of receipt of goods. All chargebacks are considered on a case-by-case basis.
    • MasterCard holders should contact their card issuer within 120 days of when the transaction was debited to the account.
    • Visa cardholders have 120 days to initiate a chargeback and are advised to contact their card issuer as soon as possible.
    • Diners Club cardholders should call customer service on 1300 360 060 and dispute the charge within two months of when the transaction was debited to the account.
     
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  3. snekinv42

    snekinv42 New Member

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    Thanks for the info. Should read Choice more often. Interesting how American Express includes the expected date of receipt of goods as part of the conditions here. Wonder if it's different if you dive down into the details of all the other companies.
     
  4. spludgey

    spludgey Well-Known Member

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    Is there any other provider that offers three months of pricefinder for $99? My cat's access ran out and now I feel bad, because I can't get my other cat a subscription in his name.
     
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  5. mcarthur

    mcarthur Well-Known Member

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    Ditto. My imaginary friends have enjoyed reading API over the years...
     
  6. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    They probably did themselves a disservice offering that deal, I wonder if Domain only paid them for successful sign ups or for every trial referral too and whether they were wrapped up in subsidising it. No one could make the jump to $200pm.
     
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  7. ZoomZoom

    ZoomZoom Member

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    Which API now gone what other resources are there for the databank?
     
  8. SaberX

    SaberX Well-Known Member

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    Jeez - I am sure out of the loop! MY magazines were piling up as it's been hectic having built and moved in since November last year. Didn't even realize API had gone under!

    I'm abit out of the loop but can anyone advise on what is happening with subscriptions? Found my paypal and I did the 'bulk' 3 year buy of print and digital back in 1 Nov 15.

    Quite distressing that 2 years to go down the drain? Is the resolution process for others here to get a chargeback from the credit card that we paid through (I paid via paypal though so not sure if it matters, just go straight through to the underlying credit card provider I assume?).

    Leaves only my YIP subscription. Explains why I wasn't getting any other issues in the mail! Guess I should think twice about throwing in bulk my excess copies.. might have some pearls of advice now. Plus at least I"ll have something to show for being out of pocket.
     
  9. Simon Hampel

    Simon Hampel Founder Staff Member

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    I asked the administrator a couple of weeks back what was happening with subscriptions but never received a response. It is possible that he simply doesn't know - it would be in the hands of the new owners (if any).

    I recommend approaching your credit card company and requesting a chargeback - don't leave it any longer since there are limitations on when you can make such claims.
     
  10. Tattler

    Tattler Well-Known Member

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    I had to search my past emails to find my tax invoice for my API subscription. It occurred on 22 Jan 2015, and I bought a 2 year subscription with digital service. I must have timed my subscription perfectly.
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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    I spoke to the administrator who indicated that settlement was already supposed to have gone through, but has had a slight delay and he expects settlement of the sale of the business in the next few weeks.

    He gave no indication as to who has purchased the business or the nature of any agreement regarding existing subscribers (if any).

    I don't know if the new owners intend to continue publishing the magazine in any form - we'll have to wait and see.
     
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  12. MTR

    MTR Well-Known Member

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    Any updates on what you are now doing, only if you care to share????:)

    All the best
     
  13. Daisycutter4

    Daisycutter4 Well-Known Member

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    Hi there MTR - thanks for asking!
    I've accepted a role as a real estate reporter at The Courier Mail. It's (not surprisingly) Brisbane-centric property news. We get a couple of general news stories for print plus stories in each Saturday liftout, and there is A LOT of online content being produced every day.
    I'm still on the hunt for stories and trying to weave in important info where possible although I miss having six pages and four weeks to devote to each topic.
     
  14. MTR

    MTR Well-Known Member

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    Great news
    All the best
     
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  15. Gockie

    Gockie Life is good ☺️ Premium Member

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    Hi @Simon Hampel and @Daisycutter4, any further development in this space?

    I think print isn't really viable now that you can get so much off the internet for free and without using paper but I think the magazine works well as a resource for newbie investors.
     
  16. Simon Hampel

    Simon Hampel Founder Staff Member

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    I've been in contact with the liquidators and apparently they were unable to complete the sale with the tender winner and they are now negotiating with other tenderers for the business.

    Doesn't look like we'll see any resolution soon.
     
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  17. SaberX

    SaberX Well-Known Member

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    Given my tax invoice seems to be a 3 year subscription on 1/11/2015 - i assume that it is pointless requesting a chargeback? The guides above all mention 120 days and what not, basically all are under 1 year? So am I correct in resigning myself to the fate of losing those 2 years of subscription? Sucks as i am usually an annual and two year at most renewer, but obviously 3 year was alot cheaper for economices of scale. Clearly cheap for a reason... now that money is gone unfortunately :(
     
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    @SaberX - you're just another in a long line of creditors. Read any correspondence that you've received from the liquidator and write to the liquidator claiming the balance of your subscription.

    You could be lucky and get 2 cents in the dollar on your remaining subscription, just like every other creditor.
     
  19. adrian_christian

    adrian_christian Well-Known Member

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    If advertisers who paid five and six figure sums a year in advance arent getting any $$$$$ back...
     
  20. adrian_christian

    adrian_christian Well-Known Member

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    I see the site is back up and running, presuming the business is now operational?