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Post by Ace on Jul 12, 2023 7:49:43 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. The consumer Credit act, including section 75, is to be replaced. Guess which highly competent organisation gets to write the new rules. www.gov.uk/government/news/uk-commits-to-reform-of-the-consumer-credit-actQuote: "The government will move much of the Act from statute to sit under the Financial Conduct Authority...". I'm sure we'll all sleep much better for that!
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adrianc
Member of DD Central
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Post by adrianc on Jul 12, 2023 9:06:10 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. Likewise. Yes, there's the material cost - but there's also a serious investment of time and labour for them. Having a non-trivial commitment from the customer doesn't seem unreasonable.
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agent69
Member of DD Central
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Post by agent69 on Jul 12, 2023 9:18:42 GMT
And if you're struggling to get a credit card try Bank of America, who've just been fined $150m. The regulator said they illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorisation to help bank employees reach sales incentive goals.
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Post by bracknellboy on Jul 12, 2023 11:04:43 GMT
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. Likewise. Yes, there's the material cost - but there's also a serious investment of time and labour for them. Having a non-trivial commitment from the customer doesn't seem unreasonable.Until you lose your money.......then your perspective is subject to a bit of a wobble.... I'm trying to keep smiling.
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james100
Member of DD Central
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Post by james100 on Jul 12, 2023 12:55:34 GMT
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. The consumer Credit act, including section 75, is to be replaced. Guess which highly competent organisation gets to write the new rules. www.gov.uk/government/news/uk-commits-to-reform-of-the-consumer-credit-actQuote: "The government will move much of the Act from statute to sit under the Financial Conduct Authority...". I'm sure we'll all sleep much better for that! Ha! at least the FCA is so damn slow to do anything my 6 years protection period will probably expire before they manage to fiddle with it!
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