Consumer Credit Act on Deposit on Credit & Debit Cards

lisyloo

You first post says this was discussed as an option i.e. "perhaps".

perhaps agreeing some kind of informal repayment plan by instalment

It does not appear from your first post that a repyament plan was ever agreed although it was discussed.
Have you been putting repayments aside for the past 2-3 years?
If so you should have a lump sum to pay so far, even if it isn't all of it.
You don't need an agreement to start saving.

It is my understanding that the price of gold has reached previously uknown levels over the last two years

So why not get a family loan, buy them then sell the gold?
I'm not an expert in gold but I suspect the raw value is nowhere near the retail jewelry price.
But if it is, then the answer is simple. Buy then sell. You must have a relative somewhere that could sub you for a week or two. If it's that convincing then you might even persuade your bank manager for a loan.

there will always be a market for them, they do not date as fashion jewellery does

I don't know about welsh gold, but there certainly are fashions in wedding jewelry.
For example Platinum became quite popular a few years ago.
But hey, I can't tell you what they are worth.
I just think you will have a hard time arguing against a dealer than will have years worth of data from one shop and possibly national data.
If it went to court then you would have to prove why the jeweler are wrong about their costs with no knowledge of their various costs of running the business e.g. insurance, storage etc.. If you think you can adequately do that with charts on gold prices then you should make a claim through moneyclaim online or take the other options of purchasing and re-selling the gold or seeling them privately.

If you think it's dead easy for the jeweler to sell with no loss then you should be able to do that too.

femme*fatale_2

Sorry, but I find your tone really high-handed and am not really sure why you're taking the time to reply.

If I had put aside repayments over the last 2 years or a sub from my family were an option I would not have posted in the first place.

What I was looking for was just level-headed, unbiased advice about where I stood legally, rather than getting into indepth discussions about trading in gold as a viable solution. As you say, 'the raw value is nowhere near the retail jewelry price', ergo the jeweller has paid nowhere near the price he is charging me, or indeed someone else if that's what he decides to do.

As I've said, I still want to pay for them and hopefully it will still be possible to formalise an instalment payment arrangement with them when their manager returns from holiday.

In the meantime, if anyone out there can offer any meaningfulness advice about the legalities of deposits, your advice would be very much appreciated.

To everyone else, thanks, but I can do without sarcasm and semantic analysis.

lisyloo

Sorry, but I find your tone really high-handed and am not really sure why you're taking the time to reply.

huh?
I've given you the legal situation.
Advice on how to handle it legally (money claim)
and also practical options.

There is no sarcasm, only options.
You either have to buy the items, pay their costs or dispute their costs.

Good luck with it.
I'm sorry if you don't like what I've told you, but the information is correct.

BTW - Detailed analysis is exactly the thing you will have to do if you go to court.
I'm NOT being funny at all.
But that is exactly the kind of discussion/arguments you have to have, to dispute the losses, so sorry if you thought I was being funny in some way cos I wasn't..

ILW

OK then.
The simple answer is you agreed to buy the goods at an agreed price.
The seller agreed to supply you the goods at an agreed price.
They have upheld their end of the deal.
You have (for whatever reason) not fulfilled your end of the deal.
They could sue you to complete.
They seem to be pretty helpful and if you can work something out with them it would be for the best.

femme*fatale_2

I don't like:

'Have you been putting repayments aside for the past 2-3 years?
If so you should have a lump sum to pay so far, even if it isn't all of it.
You don't need an agreement to start saving.'

If I had been putting money aside and had the money to pay the balance I wouldn't be asking for advice. Similarly, it is obvious that no one needs an agreement to start saving. I haven't been a position to because I am living on benefits and had a very redundancy package.

The legality I am interested in is whether £1,400 is a reasonable amount to keep if the goods were to be sold to another buyer. I chose to pay this amount, it could just have well as been £100 or half the total value. Covering their costs is one thing, a sense of arbitrariness is another.

lisyloo

The legality I am interested in is whether £1,400 is a reasonable amount to keep if the goods were to be sold to another buyer

It depends on their costs to sell them on.
Are these a male/female set?
If so then it's quite likely that one or both rings would need to be resized to fit 1 or 2 of the buyers, so that's an example of one of the costs they could claim.
Other examples would be loss of interest on the balance, storage, insurance and any difference in price between now and then (which could be either negative or posistive).

Covering their costs is one thing, a sense of arbitrariness is another.

It would be up to you to prove to a judge that those costs (some of which I mentioned above) aren't reasonable.
You could do some research on what similar rings are selling for, but I think it's very difficult for someone outside the industry to know and disprove all their costs.

What you could do is write to them and say you want a breakdown of their costs.
Then that might give you a better idea of whether you think you can dispute it.

There is also nothing to stop you contacting the card companies, but I woulnd't be ovely hopeful.

femme*fatale_2

If things don't work out, contacting them for a breakdown of their costs is a very good idea. Thank you for suggesting it.

In the past I've had to have rings resized and have only been charged a nominal amount, so that is one element they can't claim vast costs for. The rings are male/female but were not made for our sizes, they just happened to be right.

I also know that the retail price has definitely increased and that they are selling identical rings at higher prices. If they wanted to increase the total price of mine I would accept that, if it meant that I could still pay by instalment and not lose my deposit.

I will also contact Nationwide just to cover all bases.

Thanks

bengal-stripe

femme*fatale wrote: »

What I was looking for was just level-headed, unbiased advice about where I stood legally.

Just sue the company and let a judge decide. That way you'll get an unbiased opinion where you stand legally.

You talk about the jewellers having to get delivery of the gold, but you fail to mention, if the rings were
especially manufactured for you, according to your designs/preferences.

I don't think there is much of a chance, that you'll get your money back, but then, everybody who disagrees
with you is apparently 'biased'.

femme*fatale_2

If you're going to be a pedant, try reading the detail next time:

'Also, just to be clear, they were not made especially for me. The company was expecting them anyway, they just put my name against them.'

For the record, I have just telephoned the Nationwide and according to them there is every chance if I can prove that there was no formal schedule for repayment.

bengal-stripe

femme*fatale wrote: »

If you're going to be a pedant, try reading the detail next time:

I did!

femme*fatale wrote: »

I had to wait for them to be supplied by the gold mine in Wales..

A gold mine supplies gold! Who made the rings from the gold?