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Post by bracknellboy on Jul 10, 2023 16:31:54 GMT
Was about to have some work done on the house (bedroom fit out). Just been told the company has gone into administration. Taking with it our 50% deposit. Which I did by bank transfer not credit card. Even though I hesitated and almost did it on CC.
So much for supporting a smallish local company rather than one of the big boys.
Not amused. Nor is the other half.
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registerme
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Post by registerme on Jul 10, 2023 16:37:34 GMT
Ouch  |
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 10, 2023 16:39:22 GMT
Was about to have some work done on the house (bedroom fit out). Just been told the company has gone into administration. Taking with it our 50% deposit. Which I did by bank transfer not credit card. Even though I hesitated and almost did it on CC. So much for supporting a smallish local company rather than one of the big boys. Not amused. Nor is the other half. Oh dear; really sorry to hear that. Hope it wasn't too much of a hit. But good advice re credit cards.
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benaj
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Post by benaj on Jul 10, 2023 16:47:34 GMT
My recent experience suggests those offering service without taking upfront payment is usually less problematic. They only get paid by providing good services.
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Post by bracknellboy on Jul 10, 2023 17:09:14 GMT
My recent experience suggests those offering service without taking upfront payment is usually less problematic. They only get paid by providing good services. I don't think it is unusual or unreasonable for something like a fitted furniture supplier to take a significant deposit up front. I suspect even the larger companies would do that, but I might be wrong. And they were (going to be) bespoke units. I actually think they were a genuinely 'decent' company and owner - I don't feel like I've been 'conned', which is the only consolation as that would p**s me off even more. I am kicking myself for not paying on CC. And maybe I could have done more to establish their financial stability, but it wasn't like they hadn't been around a decent time. Still, **** **** ****.
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Greenwood2
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Post by Greenwood2 on Jul 10, 2023 17:10:45 GMT
My recent experience suggests those offering service without taking upfront payment is usually less problematic. They only get paid by providing good services. If they are making bespoke stuff it's reasonable to take enough to cover costs upfront, but worrying with chunks of money involved. Edit: Crossed with above.
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james100
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Post by james100 on Jul 10, 2023 17:28:16 GMT
Was about to have some work done on the house (bedroom fit out). Just been told the company has gone into administration. Taking with it our 50% deposit. Which I did by bank transfer not credit card. Even though I hesitated and almost did it on CC. So much for supporting a smallish local company rather than one of the big boys. Not amused. Nor is the other half. Sorry to read that. For next time, know you only need to put a small amount of the total invoice (even less than 100) on a cc for protection on the whole invoice job/amount (to 30K), and under sec 75 if a fault emerges within 6 years you can still claim via that mechanism. I was astonished to find this out while getting nervous about paying for bathroom & kitchen materials upfront with a medium-sized outfit. The tradespeople were outstanding (and both jobs were completed) but company management were rubbish and it went bust just a couple of weeks later. Horribly common.
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Post by bracknellboy on Jul 10, 2023 18:29:59 GMT
as an aside: we have been told that "your deposit invoice is with the administrators". I assume that there is nothing we would need to do to initiate a claim, as we will just automatically be in the pool of creditors ?
And for the record: I think the chances of receiving anything back are slimmer than getting a recovery any further recovery on any Funding Secure (sic)/Lendy loan.
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travolta
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Post by travolta on Jul 11, 2023 16:11:56 GMT
as an aside: we have been told that "your deposit invoice is with the administrators". I assume that there is nothing we would need to do to initiate a claim, as we will just automatically be in the pool of creditors ? And for the record: I think the chances of receiving anything back are slimmer than getting a recovery any further recovery on any Funding Secure (sic)/Lendy loan. ....as if you need yet ANOTHER of those to add to the collection 
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adrianc
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Post by adrianc on Jul 11, 2023 16:27:23 GMT
We've got a couple of five-digit home-improvements in the pipeline at the moment - a replacement shed (non-trivial size) and a new kitchen. Both from small local businesses, both totally bespoke manufacture.
Both have asked for (and been paid) 50% upfront before manufacture starts, months before any install starts. Neither takes plastic, so both have been done by bank transfer.
I'm not worried... Much.
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travolta
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Post by travolta on Jul 11, 2023 16:37:06 GMT
oooo,I understand paying for advance materials in good faith ,but 50% seems steep .
I'm always amused when the bank queries removing large sums of money and one says ' to pay carpenter/builder/plumber etc ' and they nod complicitly ,oh cash ,right, hmm.
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Post by martin44 on Jul 11, 2023 20:30:22 GMT
We've got a couple of five-digit home-improvements in the pipeline at the moment - a replacement shed (non-trivial size) and a new kitchen. Both from small local businesses, both totally bespoke manufacture. Both have asked for (and been paid) 50% upfront before manufacture starts, months before any install starts. Neither takes plastic, so both have been done by bank transfer. I'm not worried... Much. As long as you have done some basic DUE DILLIGENCE... all should be ok.. i wish you well nevertheless..
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Post by martin44 on Jul 11, 2023 20:33:56 GMT
My recent experience suggests those offering service without taking upfront payment is usually less problematic. They only get paid by providing good services. I suspect even the larger companies would do that, but I might be wrong. And they were (going to be) bespoke units. I actually think they were a genuinely 'decent' company and owner - I don't feel like I've been 'conned', which is the only consolation as that would p**s me off even more. I am kicking myself for not paying on CC. And maybe I could have done more to establish their financial stability, but it wasn't like they hadn't been around a decent time. Still, **** **** ****. Sorry.. but yes it is... what is significant?.. anything over 20%... you dont say what % you paid up front... thats what we ask... 20%. PS.. included in the deposit is an insurance policy that covers the deposit should i flee to ibiza with your hard earned.
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adrianc
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Post by adrianc on Jul 11, 2023 21:45:44 GMT
We've got a couple of five-digit home-improvements in the pipeline at the moment - a replacement shed (non-trivial size) and a new kitchen. Both from small local businesses, both totally bespoke manufacture. Both have asked for (and been paid) 50% upfront before manufacture starts, months before any install starts. Neither takes plastic, so both have been done by bank transfer. I'm not worried... Much. As long as you have done some basic DUE DILLIGENCE... all should be ok.. i wish you well nevertheless.. DD in that they're both suppliers I like and trust, yep. What does that say about their finances? Well, there's the question. No idea. Shed are a reasonable-size local specialist. The delay is in the groundworks (my problem, not theirs). Kitchen is one-man band. He starts fabrication imminently. Both likely to be installed late next month, early September.
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Post by bracknellboy on Jul 11, 2023 23:09:42 GMT
We've got a couple of five-digit home-improvements in the pipeline at the moment - a replacement shed (non-trivial size) and a new kitchen. Both from small local businesses, both totally bespoke manufacture. Both have asked for (and been paid) 50% upfront before manufacture starts, months before any install starts. Neither takes plastic, so both have been done by bank transfer. I'm not worried... Much. That's interesting, in that perhaps mine would not have taken plastic if I'd asked. Mine too was 50%, also bespoke. Regardless of what travolta has said later, I don't intuitively find that %age ridiculously high.
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