Sterling Exchange Ltd. - Beware this company

I'm writting to warn people who are considering dealing with the company Sterling Exchange Ltd. (website www.sterlingexchange.co.uk).

The last 3 transactions I've had with them are unpaid, with the result that I'm 600 pounds sterling out of pocket.

The facts are as follows:

  • I agree to advertise their services and provide referals to them.
  • In exchange for this, they agreed to pay me 200 pounds per month.
  • This contract lasted for approximately one year, with each of the monthly payments being made (although often months late).
  • In January, 2010 I contacted Sterling Exchange Ltd. to let them know that traffic to my website had reduced and I would no longer be able to provide them with the same level of referals (note that I contacted them, as a goodwill gesture) and as a further goodwill gesture I would wave billing for January 2010 (which they had already agreed to pay).
  • Sterling Exchange confirmed that they would pay the three outstanding invoices (October, November and December 2010).

Unfortunately, despite numerous EMAILs and phone calls, the outstanding invoices have not been paid. No justification for this has ever been provided. As a small businessman, I'm relucant to pay the legal fees associated with taking on a larger company (a fact which perhaps they are taking advantage of).

I admit that I don't know if other suppliers have similar issues. Likewise, if any of their currency exchange clients end up losing money with them. However, it would seem to me that a company which does not pay its bills is one to be carefull of.

I've forwarded the address of this page (0n 29/5/2011) to Sterling Exchange Ltd. Should they have any response, I will publish it here upon receipt. I will not be publishing this page (including posting it on other websites or making it available to interested parties) and ask any readers to likewise refrain from publishing until Sterling Exchange has had a chance to respond.


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