Credit note bought on a card

mcduff16

Basically i have bought a table from a furniture clearance warehouse. I changed my mind and The shop is giving me a credit note which is fine.

Now if the shop goes out of business and i have not spent the credit note, can i reclaim the lost money (£100+) from my credit card company? Thanks

somethingcorporate

You didn't buy the credit note on the card though, you bought the table.

I think as long as you have the paper trail from table to credit note I think they would likely refund it.

Buzby

I'd say it was a risk. Your purchase was a table, and this has Section 75 protection. Exchanging this for a voucher/promissory note means you lose this protection. If this is all they are prepared to offer you, I'd buy a replacement item sooner rather than later.

jonesMUFCforever

I agree - you can't pick and choose.

ic

In my mind, you've essentially bought a gift voucher with your credit card - so the transaction is done as far as the credit card company are concerned as you have the note (voucher).

chattychappy

Oh good question. The relevant parts of s75 are:

75 Liability of creditor for breaches by supplier.
(1)If the debtor under a [credit card agreement] has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.

(3)Subsection (1) does not apply to a claim [...] (b)so far as the claim relates to any single item to which the supplier has attached a cash price not exceeding £100 [...]

Assuming the chair was more than £100, then the original transaction was covered under s75 in the event of breach of contract or misrepresentation.

IF, it was agreed at the time of purchase that the chair could be exchanged (the credit note being evidence of its return) then I believe you are covered if the shop now goes bust. You would be unable to obtain a replacement product and this would be a breach of the original contract - a transaction financed by the CC and relating to a single item to which the cash price exceeded £100.

If it wasn't agreed at the time of the original purchase, then I don't believe you are covered. It becomes a new contract. "I'll give you back the chair if I can have something else in return." I believe this is now separate transaction and no longer (directly) financed by the CC.