We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Storecards - what happens?

Hi All:)

Anyone know what the OR does with stuff bought on storecards - i have one with Argos - balance around 700 - would stuff bought on it be reclaimed by the store?
:j Goodbye debt - Hello sanity! :j

Comments

  • DON79
    DON79 Posts: 3,842 Forumite
    Hi jellygirl, it cannot be reclaimed by the store, it is unsecured debt. I have a bit of the same worry though with a catalogue account but I am pretty certain they can't reclaim it. If it was an asset worth reclaiming, then the OR would have first claim on it anyway to sell to put the proceeds towards all the creditors. It should be fine, don't worry. and the OR is usually only interested in assets worth over £1000 from what I have read on here. :D
    BSC #215/No.1 Jan 09 Club
  • do argos/next, etc, do Rolex and Cartier?
    Now we all know how it felt to play in the band on the Titanic...
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    It cannot be reclaimed. You own the stuff bought from Argos and most store cards and catalogues - its all unsecured debt.

    Now, somewhere like Brighthouse (boo... hiss...) is different as they own the stuff - you are paying on HP and technically they could reclaim.
  • skylight wrote: »
    It cannot be reclaimed. You own the stuff bought from Argos and most store cards and catalogues - its all unsecured debt.

    Now, somewhere like Brighthouse (boo... hiss...) is different as they own the stuff - you are paying on HP and technically they could reclaim.

    Thanks - didnt think theyd want my fireplace back anyhow:)

    thanks for clearing that one up:T
    :j Goodbye debt - Hello sanity! :j
  • I think you'll find that the debt is owned by someone else other than the store that the card is with?
  • Make sure it is a store card and not on HP. Queen recently had to pay her OR for her computer that he wanted to take from her.

    :j :j


  • Make sure it is a store card and not on HP. Queen recently had to pay her OR for her computer that he wanted to take from her.

    Thanks - its just a bog standard Argos storecard which can be used to purchase anything from their stores so I think going on what youre saying it should be ok.
    :j Goodbye debt - Hello sanity! :j
  • mattogier wrote: »
    I think you'll find that the debt is owned by someone else other than the store that the card is with?

    Argos: Credit provided subject to status by Home Retail Group Card Services Ltd, Royal Avenue, Widnes WA88 1AL.
  • Yep, should be fine.

    :j :j


This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.