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Well that sucks

March 15th, 2010 at 08:43 pm

As you know, I do a ton of medical surveys and market research programs. Almost without exception, they are pay as you go. Do a survey. Get a check. Do a survey. Get a check. No contracts. No commitments.

Last April, I was contacted by a company to join their panel. I was to enter data weekly online and after 52 weeks, I'd get a lump sum payment of $1,000. I signed the contract and went live with them in May. I've been doing the data entry ever since and it now being mid-March, was looking forward to the $1,000 that would be coming in a few more weeks.

Well, forget that. I got an e-mail today saying that due to the economy and consolidation within the pharmaceutical industry, they have been unable to sell the data we provide. They have let all of the staff go and filed chapter 7 bankruptcy. Of course, there is no money with which to pay the physicians as per the contracts. Poof. No $1,000.

I do believe that if I'm ever approached again to do an ongoing study, I will do so only if payments are made on some regular basis, not only after doing months of work. Lesson learned.

Posted in Personal Finance | 6 Comments »

6 Responses to “Well that sucks”

  1. gamecock43 Says:
    March 15th, 2010 at 09:11 pm 1268687477
    1268687477

    That does suck but I feel worse for the people really employed full time with them. At least it was only supplemental income!

  2. baselle Says:
    March 15th, 2010 at 09:18 pm 1268687934
    1268687934

    Sucks - you basically worked for them for free. I'd take a look at the contract again. You might not be made whole, but you should have some recourse. Wouldn't surprise me if another eager beaver is checking the same thing - you might be in on some sort of class action settlement as part of the bankruptcy.

  3. creditcardfree Says:
    March 15th, 2010 at 09:32 pm 1268688731
    1268688731

    Darn. That is too bad!

  4. disneysteve Says:
    March 15th, 2010 at 09:36 pm 1268689002
    1268689002

    The e-mail did provide the name and contact info for the attorney handling the bankruptcy. I guess I could contact him but from the sounds of the e-mail, there is no money left. It said that the company founder put in more than $1,000,000 of his own money and the president/CEO who wrote the e-mail spent more than 80K of his own money trying to keep the company afloat.

    gamecock43, you are absolutely right. It is aggravating to me but realistically no loss to my pocket. I wasted time entering information but won't suffer in any way from the company going under. I, too, feel bad for folks who lost their jobs. $1,000 would have been a nice little bonus but not getting it won't have any impact on my life. Always good to have some perspective.

  5. Ima saver Says:
    March 15th, 2010 at 10:02 pm 1268690520
    1268690520

    Sorry about that!

  6. Analise Says:
    March 16th, 2010 at 05:32 am 1268717524
    1268717524

    Wow, that's too bad. Although it won't impact your life, your time is valuable and you invested many hours. Lesson learned, amen.

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