Visa Chargeback for a Car… Now what?

Cam_17

Hi all, an update before I close the thread.

It has taken some time to finally get to a resolution but I must say, I have been extremely fortunate in this situation. 

An insolvency company was appointed to the above company, they have formally confirmed in writing that they would not be retrieving the vehicle from me, and the vehicle is mine to keep. They were aware I raised a dispute and said it was the right thing to do as I would not have got a refund as I was not a priority in regards to the other debts they company had.

My bank have also contacted me and said that the dispute has been closed in my favour and the temporary credit they gave me, is now permanent. 

Happy Days!

Grumpy_chap

Cam_17 said:

Hi all, an update before I close the thread.

It has taken some time to finally get to a resolution but I must say, I have been extremely fortunate in this situation. 

An insolvency company was appointed to the above company, they have formally confirmed in writing that they would not be retrieving the vehicle from me, and the vehicle is mine to keep. They were aware I raised a dispute and said it was the right thing to do as I would not have got a refund as I was not a priority in regards to the other debts they company had.

My bank have also contacted me and said that the dispute has been closed in my favour and the temporary credit they gave me, is now permanent. 

Happy Days!

Sounds like a good outcome for the OP, even if an unexpected one.  The duty of an insolvency practitioner is to recover the maximum they can for the creditors and then the shareholders of the business.  There is rarely anything left for the shareholders.  It has to be assumed that the IP assessed the value of the car to be less than the cost of recovery.

born_again

Nice result.
Keep that paperwork safe. 👍
Now you just have a car to sort.