As advanced in a previous article, you can still get returns
and refunds when a retail company
goes into administration. This article will look at more important things that
you should know of.
What happens if you have bought a faulty good and the shop
is unable to take it back? According to consumer law, this situation means that
you must turn towards the retailer, but if they are no longer operational, then
you should contact the manufacturer. In most cases, its warranty lasts at least
one year. If electrical products are involved, you are backed by an insurer
instead of the retail outlet.
What happens to gift
cards? Companies going into administration owe several creditors money that
they are unable to pay back. This means that vouchers and others are now
worthless. If you got a gift card as a present, the person who gave this to you
might talk to their bank to process a charge back.
Various firms offer ‘buy now pay later’ schemes.
Nonetheless, you must not assume that if a company goes into administration or
stops trading, you can discontinue payments. Keep on settling your bill on your
store branded credit card so that your credit
score is not impacted.
Payments have to be made after a firm goes into
administration © Royalty-free image
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