Can a company keep a deposit after finance they offered was declined?
I called the company and they are holding the deposit against the item until I pay in full.
I was given the option to pay them direct and they hold the item until it was paid up in full, about 4 years time, when they would send it to me.
Answer:
Without delving too deep into the small print of your contract/credit application - Know this :
ALL Charges to a credit-card ( and a Debit Card with a Visa/MC logo )- can be disputed !! and cancelled ( withing 60 days )
All the rest is trivial.!!!
If they charged your Credit Card - Contact your Card issuer and have it disputed.
9 Times out of 10 - The CC co. will side with you .
Know your rights !
Best of luck.
Contact your local trading standards agency for advice. I am fairly certain that a company cannot do this,
I would expect that the distance selling regulations would allow you to cancel and obtain a refund.
No consumer credit act 1974 gives you a cooling off period.
Also they offered you a finance deal which did not come to fruition. Go to trading standards or just threaten them with going should be enough.
absoluteley not that is illegal trading . take out a judgement in the small claims court for the deposit and costs. When that drops on their door i am sure you will get your money
What was you buying that a company would take a deposit and then decline you finance. It doesn't make sense. Is it a reputable company, that maybe has a federation attached to it, for you to contact them. Boooooooooooy, if it was me I would be going nuts.
Are you a forceful person, when telephoning them, or do you just take what they say, and leave it at that. Threaten them with legal action, also contact your bank and see if they can do anything for you. I would also contact Trading Standards and visit your local Citizens Advice Bureau.
What company was it, I am curious, so I can have a look?
Keep all your emails etc, with the dates, and the times of receipt etc. In case you need to prove it was declined after, they took your money.
I am just looking at their website now and notice they have an email address, please email them explaining everything you have put on here, i.e. that it was declined after taking your deposit, just so you have it down in writing. Change your settings on your email account, so that you receive a receipt to say it has been opened. Will post back later.
I'm Back
I have just sent them an email, enquiring about purchasing a registration number on finance, so hopefully they will reply to me tomorrow. I will get back to you.
Have a read of this, I don't think they are following these rules from what you have said. It might be worth emailing them too.
http://www.webtraderuk.org.uk/content/co.
When you phone tomorrow, you tell them that unless you get a full refund you are going to make a complaint to the following:
Office of Fair Trading and the Department of Trade and Industry, both these sites have complaint procedures, just email them your complaint.
DID YOU TELEPHONE AND GET YOUR MONEY BACK.
First of all, you should contact your local trading standards to ask for further advice. But any legitimate company should not be able to do this.
In addition, it is also possible that this is not a genuine company offering anything and therefore, they are a con - I suggest you call your bank as well - if you have paid by credit card, your credit card company should be able to stop the payment to them. If you paid by debit card, your bank may still be able to stop payment if there could be an element of fraud but it's best you notify them if it turns out to be so - then they'll have to bear some of the responsibility.
I wish you all the best.
I would suggest contacting trading standards to clarify the legal standing. If the company is acting illegally, then contact your credit card company to seek advice on the procedure. The credit card company will probably ask you to contact the trader directly to try and resolve the problem.
When you subsequently contact the trader, its important that you mention that you've already been in contact with your credit card company and trading standards - this usually frightens them into compliance. When a trader obtains a credit card reader, they have to abide by the laws. If the credit card company is forced into taking action, it can result in the trader being stripped of their credit card reader and being put on a blacklist - which makes it difficult for the trader to get another credit card reader.
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