Rights if company goes bust

Eassenav

Hello, 
At the beginning of the year before anyone knew what was going to happen we booked a holiday with Center Parcs for August 2020.  We have paid the deposit and are due to pay the balance in 3 weeks.  At the moment they are saying that they are opening in July but we know that is subject to change.  My understanding is that we will be given the option to cancel or amend our booking should they still be closed or we choose not to go in August.

We would be happy to carry our booking forward to next year, however, I am not sure what rights we would have if the company is no longer in business.  Would we lose our money?

My thoughts are that I am happy to transfer the booking as this will help the company with their cashflow and the chances are the prices are going to be higher if we wait until next year to make a fresh booking.  But I am also worried that if we don't take the refund now we will lose our money if the company ceases to trade.

Does anyone know what the legalities of this are?
Many thanks for your help.

bradders1983

Pay on a credit card, put in a S75 claim if they go under. Projected loss = £0

Eassenav

Thanks for the information.  I paid the deposit on a credit card and intend to pay the balance on a credit card.  Is there a time liit on a S75 claim?  If I paid in January 2020 (the deposit) and the balance in June 2020 but I move the holiday to August 2021 would I still be able to claim should I need to in 2021?

Alan_Bowen

There is a limit but its 6 years so hopefully you will have had your holiday by then!

Eassenav

Thank you for your confirming that, I hope so too!