Cashback is an easy way to make money back when you’re shopping.
It’s really simple to use as well.
You just find the shop you plan to buy something from, click through on the cashback site and you get paid a percentage back.
(Here’s a full guide on how is cashback works)
Over the years, we’ve personally made hundreds and hundreds of pounds back (plus it’s all tax free money!)
One slight issue is that sites like this don’t have any kind of regulation and if they come into issues then it’s all unfortunately over.
And that’s exactly what’s happened for TBSeen.
TBSeen closes down
TBSeen launched in 2016 and was founded by TV presenter Kate Thornton, who you may recognise from Loose Women.
The company actually went into administration in September 2018 but didn’t make an announcement until two months later.
They stopped updating their social media accounts at the end of August.
In a statement on Facebook, they said:
“It is with heavy hearts that we have had to take the decision to place tbseen into administration.
Sadly, despite our very best efforts to preserve and save the business, due to a lack of investment we have had no alternative but to place tbseen into the hands of administrators Quantuma LLP.
The business was placed into administration on the 12th September and all cashback payments to eligible customers will be honoured from funds in hand ensuring no customers are left out of pocket.
Both prior to and following putting tbseen into administration we have pursued multiple rescue plans in a bid to keep the business going, some of which are still in discussion (via the Joint Administrators), which is why the website has remained live.
We would like to thank everyone who has shopped and supported us during our three years in business.
We understand that the Joint Administrators will set up a dedicated e-mail service to enable communications to be dealt with in short order, details of which will be posted on the website.”
What happens next?
TBSeen customers have been waiting months to be paid their cashback.
One user commented:
“I have been waiting since the end of August for payment and this is the third time I have had problems getting paid. I’ve sent messages to the support pages via the website and they are ignored.”
However, it has now been confirmed this any outstanding cashback will be paid to customers.
Trouble is, the website is still live!
This means anyone can go in and create a new account to try and get new cashback.
Hopefully, this will get resolved soon and a formal statement put up to stop new people from using the site.
Cashback does work
The trouble for new cashback providers entering the cashback world is that there is already really tough competition.
The two big players in the market are Quidco and TopCashback.
Both offer really competitive rates and have been giving cashback for years.
The news from TBSeen should not put anyone off creating a new account with either of the cashback providers.
Head’s up: Don’t just create an account straight away – there are some awesome new starter sign up deals, so check them out first.