M.F.I Warning on credi card, Are you covered

PamelaMc0

Hi Just wanted to warn anyone about this!!
I bought an item of furnture from MFI, and it has since went bust! I payed with my credit card (GE Money:mad: ) and I thought I was covered to relclaim the money! NO I am not!!! I was under the understanding that if you pay by credit card and a firm goes bust your card protects you!!! Not this one!!

Does anyone have any suggestions???:mad:

dzug1

So why aren't you covered?

PamelaMc0

They said they only cover for lost, stolen or damaged goods!! No good telling me now! And am sure most of the country just presume if you pay by credit card you are covered! NOT!

paulsin

Under the consumer credit act you are covered. Look it up and then check the terms and conditions of your card. I'm 99% sure that all credit card companies that operate it the UK sign up to this. They will try and get away with it but you are covered. They are also liable for any warranty purchased on goods that comaneis go bust.

SteveScooby

Section 75 info here:

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/31/creditcards-31.htm

Is it a charge card as opposed to a credit card?

PamelaMc0

Am not sure waht you mean by a charge card, it is a Debenahams credit card! (thats what is ays on the card)

YorkshireBoy

http://www.moneysavingexpert.com/shopping/mfi-administration-help

SteveScooby

A charge card has to be paid off in full every month and is excluded from Section 75 regulations

NickX

The Card Provider do not appear to be acknowledging their legal obligations.

I suggest that you speak to them again and escalate the issue if necessary.

Good Luck.

SteveScooby

The key points are as follows:

[SIZE=-1]For section 75 to apply, certain conditions must be met. Most credit card purchases will be covered, but:[/SIZE]

<LI class=arbody>

[SIZE=-1]the cash price of the goods or services must be more than £100 and not more than £30,000; and[/SIZE]
[*][SIZE=-1]purchases are not covered if they are made by debit cards or by charge cards (where the monthly bill has to be settled in full).[/SIZE]However, credit card cheques are not covered because they can be made payable to anyone – not just to the suppliers appointed to accept the credit card.

PamelaMc0

Thanks for your comments!

I am going to phone them right this minute! And qoute some of your comments! Cheers for the help and watch this space!:xmassmile