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Cruise Ship And Travel News "A GIANT PONZI SCHEME" Cruise Refund Problems Are Mounting
Cruise ship and travel news ^ | FEBRUARY 11, 2021 | Bruce Frommert

Posted on 02/15/2021 2:54:21 PM PST by Capt. Tom

In today’s cruise ship and travel news we hear about the Giant Ponzi Scheme going on with some of the cruise lines and customers that want a refund and can’t get one after months of trying. Jim Walker a Marine Lawyer based in the Miami area has called out the cruise lines for their poor handling of this multi million dollar issue.

(Excerpt) Read more at boo-k.com ...


TOPICS: Business/Economy; Conspiracy; Miscellaneous; Travel
KEYWORDS: ponzischeme; refunds
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This ponzi scheme is covered in the video starting at 1:15 to 7:38 by Bruce.

To bring the video up, click on the link:

https://boo-k.com/cruise-ship-and-travel-news-a-giant-ponzi-scheme-cruise-refund-problems-are-mounting/

1 posted on 02/15/2021 2:54:21 PM PST by Capt. Tom
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To: Capt. Tom

Honestly, if you have prepaid for a cruise right now, you’re so stupid you deserve to lose your money. There’s no chance that any cruises are happening this year. Maybe 2022, *if* any cruise companies survive...


2 posted on 02/15/2021 2:56:03 PM PST by dinodino ( )
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To: dinodino; gibsonguy; NormsRevenge; Chgogal; Ann Archy; dennisw; entropy12; Captain Walker; ...
There’s no chance that any cruises are happening this year. Maybe 2022, *if* any cruise companies survive...

I believe they will survive, but they have to reorganize and the big 3 CARNIAL- ROYAL-NORWEGIAN should downsize the number of ships they have. -Tom

3 posted on 02/15/2021 3:07:38 PM PST by Capt. Tom (It's COVID 2021 - The Events, not us, are still in charge -Tom)
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To: Capt. Tom
Repeating my post from 2/10/21:


The answer is simple: cash flow and float.

Cruise lines know that if you cancel before they do, then you forfeit non-refundable deposits.

If they wait until after the final payment date to cancel, then you either have to cancel and give up the deposit, or make your final payment and tie up the money.

Once the cruise line eventually cancels the cruise, it could take up to six weeks to get a refund.

Bottom line: they get an interest-free two month loan from you, the customer, by not canceling the cruise until after the final payment date.


To make matters worse, I'm reading that the refunds are not coming in the same increments as the purchases.

The refunds are being separated into cabin purchase, excursion purchases, dining/drink package purchases, port fees, and other prepaid packages.

It's causing the customers to have to piece together their refunds to make sure they're being totally refunded the cost of their cruises. The cruise lines are stringing out the refunds piecemeal to hold onto the money for as long as legally possible.

-PJ

4 posted on 02/15/2021 3:08:58 PM PST by Political Junkie Too (Freedom of the press is the People's right to publish, not CNN's right to the 1st question.)
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To: dinodino
There’s no chance that any cruises are happening this year. Maybe 2022, *if* any cruise companies survive...

In the year 2525
If man is still alive
If cruise ships can survive
They may find...

5 posted on 02/15/2021 3:16:14 PM PST by Flick Lives (“Today we celebrate the first glorious anniversary of the Information Purification Directives.”)
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To: Political Junkie Too
snip...It's causing the customers to have to piece together their refunds to make sure they're being totally refunded the cost of their cruises. The cruise lines are stringing out the refunds piecemeal to hold onto the money for as long as legally possible.

Right on the the money, in an earlier post you made.

I didn't see this video until after I mentioned on another FR thread tonight that the Cruise Lines were running a Ponzi type scheme, and afterwards I looked on the Internet to see if others had the same feeling.

I hope this video wasn't posted on FR before.-Tom

6 posted on 02/15/2021 3:24:46 PM PST by Capt. Tom (It's COVID 2021 - The Events, not us, are still in charge -Tom)
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To: Capt. Tom

Clever trick. You buy an $8000 cruise and it’s cancelled. You get a seeming good deal, a $10000 credit. But the same cruise that was $8000 is now $14000. You have to pay up front, they cancel again and now you’re in for another 4k and you can’t get your original 8k back because all you have is a credit. They will get sued, but how enforceable will that be? And, did you read the fine print on the contract? Probably not. I’ll bet you are just out the money.

Now, why are they doing that? My guess is they have already spent the money and those ships are burning through actual cash every day whether they are earning money or not. If that cash stops, likely, countries will start impounding the ships. The cruise companies are most likely in the condition where they either steal your money, which there’s nothing you can do about, or they go bankrupt. So, they’re taking your money.

The cruise business only worked under certain circumstances, which were perfect for decades. But times have changed and likely, the cruise business as we have known it is now not a viable business model. If inflation kicks in like in the late seventies under Carter...*cough, Biden* you will pay your X-thousand dollars and then owe another several grand by the time you sail, or no sailing for you. That’s because the real costs went up. And, there will be a fine print clause nobody reads saying you’ll owe the extra. People will get mad, but the reality is, the cruise lines have to do what the cruise lines have to do. And, they’ll probably mostly be gone in five years no matter what.


7 posted on 02/15/2021 3:25:06 PM PST by Gen.Blather (Wait! I said that out loud? )
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To: Political Junkie Too

I can’t speak to any delay tactics the cruise lines may be implementing.

But I know Royal. It would be absolutely normal for the booking and precursor purchases (excursions, dining, drinks) to have refunds issued separately. They are completely separate divisions, and the systems issue refunds separately.

Also, with Royal, when I was in charge of precruise systems, you would get a separate refund for each purchase you made. So, if I bought 3 excursions separately, I would get 3 credit card refunds.


8 posted on 02/15/2021 3:27:48 PM PST by laxcoach (Wear a hijab or you are selfish!)
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To: dinodino

So you’re in favor of taking advantage of elderly, and stupid, people?


9 posted on 02/15/2021 3:30:24 PM PST by EEGator
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To: Capt. Tom

It would be a damn shame if their moorling lines came loose in the middle of the next stormy night.


10 posted on 02/15/2021 3:30:42 PM PST by cquiggy
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To: Capt. Tom

A poster, here, is advocating Vaccine Passports for ALL travel.

Unreal.


11 posted on 02/15/2021 3:31:50 PM PST by Jane Long (America, Bless God....blessed be the Nation 🙏🏻🇺🇸)
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To: Gen.Blather
snip....The cruise business only worked under certain circumstances, which were perfect for decades. But times have changed and likely, the cruise business as we have known it is now not a viable business model. snip...

I think you nailed it with that statement. -Tom

12 posted on 02/15/2021 3:35:46 PM PST by Capt. Tom (It's COVID 2021 - The Events, not us, are still in charge -Tom)
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Please Donate Click The Pic


13 posted on 02/15/2021 3:49:30 PM PST by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: EEGator

Not my question but the Elderly? No. But taking advantage of stupid people? Isn’t that a foundation of capitalism?


14 posted on 02/15/2021 3:53:05 PM PST by Rebelbase (COVID misanthrope)
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To: Flick Lives

Good tune.... had to listen to it as it’s been awhile.


15 posted on 02/15/2021 3:54:33 PM PST by LastDayz (A blunt and brazen Texan. I will not be assimilated.)
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To: Rebelbase

“But taking advantage of stupid people? Isn’t that a foundation of capitalism?”

I thought it was to provide a good, or service, that someone desires. Capitalism without morals isn’t really any better than Communism, because that’s where unjust societies head.


16 posted on 02/15/2021 3:57:25 PM PST by EEGator
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To: EEGator

In the land of rainbows and unicorns your ideals exit. In reality the market will try to sell you the cheapest piece of crap with a higher profit margin than not.

Examples?
Ford Pinto
Chevy Vega
Pontiac Aztek
John Deere lawnmowers sold by Big Box stores
“Homeowner” grade chainsaws sold under brand name
Anything sold at Harbor Freight (yeah, its chicom but no one who shops there cares)


17 posted on 02/15/2021 4:04:24 PM PST by Rebelbase (COVID misanthrope)
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To: Capt. Tom

They don’t give refunds.
They give credits.


18 posted on 02/15/2021 4:04:59 PM PST by oldbill
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To: Rebelbase

The free market also exists in the same rainbow and unicorn land.

I know some companies, and people, sell garbage.
Some people have pride and decency still.

That’s one big downside to the lockdowns, even less “one off” businesses.
I always try to support the Mom and Pop stores.


19 posted on 02/15/2021 4:09:06 PM PST by EEGator
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To: Capt. Tom

Don’t believe all this crap! We had 7 cruises cancelled and got ALL of our money back within a couple of months.


20 posted on 02/15/2021 4:15:56 PM PST by Ann Archy (Abortion....... The HUMAN Sacrifice to the god of Convenience.)
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