What Happens if you Buy Something Expensive and the Store or the Business Goes bust?

If you buy something valued between £100 and £30,000 on a credit card then the credit card company is “jointly and severally liable” with the store or business.

This means that not only is the store responsible for providing the goods or services but the credit card company is also responsible and must give you a refund not only if the store or business goes bust but in other circumstances too.

Even if you only use the credit card to pay the deposit you are still covered for the same amount.

If you buy something with a debit card or with VISA or Mastercard and the retailer goes down, you may be able to cancel the payment using “chargeback” and you can ask your credit card company to try to recover the money you paid out.

If you are in doubt about your legal position contact us now at www.mosshaselhurst.co.uk