Dinas Powys man loses home after spending thousands on novelty private number plate
A man is warning others after losing his home following an investment in a novelty private number plate for more than £15,000.
Kevin James, who lives in Llanharan in Rhondda Cynon Taf, bought the plate - which reads "MA55 AGE" - in 2015 as a nod to the profession of his wife Michaela, who was a masseuse.
He said he did not realise at the time he was paying about £10,000 above its actual value.
The number plate took on extra poignancy after she died from Covid-19 in 2021.
Mr James claims he bought the number plate for £15,132 after the dealer, Regtransfers, told him it could be worth as much as £30,000 in the years ahead.
He said he had got what he thought was a good deal, having "knocked down" a sales rep from an £18,000 asking price.
Having spent a large portion of the inheritance he got from his father on the item, he only realised what had happened when he tried to sell the plate but there was no interest.
After a couple of years of advertising the plate online for £30,000, he was left horrified when a separate dealer gave him a valuation of between £5,000 and £6,000.
The investment has had a significant impact on his life, according to the semi-retired 60-year-old.
Mr James, who has cancer of the skull, is relying on benefits as he struggles with his health.
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He said: "It [buying the number plate] has affected my life and my lifestyle. I could have invested that money in a savings account and got 5% interest.
"I have ended up losing my home, moving in with a friend in a housing association, and my lifestyle is nowhere near what it was before."
Talking about the response he received from Regtransfers, Mr James added: "They've no intention of giving me my money back. They say the deal's done."
Mr James is concerned others will end up in the same situation as him, saying "a lot of vulnerable people" are looking at the website.
The 60-year-old, who is a semi-retired roofing surveyor, added: "I want the whole world to know it's unfair what Regtransfers are doing."
Before his wife passed away, the couple were thinking about putting the plate on a motor home and moving to Bournemouth.
Now the plate is not on a vehicle and is in storage with other belongings the 60-year-old placed there after he had to leave his rented home in Dinas Powys in 2018 following the investment.
Mr James said: "This MA55 AGE plate is a sad memory and a lot of bad luck."
At a previous DVLA auction in 2006, the plate sold for £4,200.
In response, a Regtransfers spokesperson said: "[The registration] was never owned by Regtransfers but was sold on behalf of a third party. In such cases the owner decides the sale price, not the broker who facilitates the transaction."
They added the company does "not give financial or investment advice," but said: "We do, however, provide general information about the prices that the sales of similar numbers have achieved either in general terms or where specific information is already in the public domain.
"This enables potential purchasers to judge whether they see a potential return if they buy for investment.
"We also publish articles promoting the investment potential of private plates. These articles are data-driven and evidence-based.
"We often quote sources outside our industry who have objectively observed the increasing value of good examples."
Talking about the earlier DVLA sale, the spokesperson continued: "Prices for sales at DVLA auction are in the public domain and are visible on DVLA's website.
"With that information available a purchaser can make an informed decision about subsequently buying at a higher price."
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