MFI gone bust....

annettemc

Anyone help clarify what the situation is regarding getting money back from MFI. One friend has been told customers who paid in cash or cheque will be 1st to get their money back, however another friend has paid by switch and not sure what category this falls into? They cancelled their agreement before the official 'gone bust' date and were told money would be credited to their a/c but nothing as yet.... I understand if paying by credit card their money would be refunded from credit card company but not sure what happens with switch cards..... Any help on this 1 would be much appreciated. They are newly weds and cannot afford to lose £1,500....
Everything has been ripped out the old kitchen waiting for the new 1 to be delivered (which is now obviously not happening) HELP!:mad:

Nilrem

IIRC cash and cheque are legally last in line for refunds when it comes to companies going bust
As (from memory) the money/assets available goes to pay staff, taxes, then creditors depending on how much they are owed, with cash customers tending to be right down the bottom of the list

Credit card, and finance deals are covered under the consumer credit act (basically anything over a certain limit means the credit company is jointly responsible), and some banks offer similar protection via their debit cards as a customer incentive.
However I suspect they'll need to contact their card issuer to see what the exact situation is

Hopefully the switch card issuer will be able to help them.