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Credit card reclaim

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I booked a trip to a concert in September and was due to go the week of the lockdown March 25. It was cancelled and they said they would try to rearrange unfortunately a month later they went bust. I tried to claim on my credit card either under chargeback or section 75 and my claim has been rejected. They say it is just over the 120 days!! If this is right then presumably it shouldn’t be recommended that we pay for holidays as backup as most of us book a long way ahead.

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