Posted by
stevereels
15 yrs ago
I purchased an investment product online from a US-based company, which promptly went under. I paid by credit card (visa). Does the credit card company have any liability to refund me the money I spent, having presumably screened the good standing of the company involved?
Please support our advertisers:
The credit card company has NO LIABILITY……….your logic is like saying a bank should give you money back when you pay a third party vendor for a TV and it goes on the blink….…you paid/your choice….”caveat emptor”….BUYER BEWARE,,,,
Please support our advertisers:
Not my logic. I'm told that some customers in the States managed to recover their money from the credit card company(ies) on demonstrating that the product paid for was not delivered, and wonder if there is any precedent here for such an action. It's true the printed liability of the credit card company is to deny all liability. Thanks for your reply anyway. I know it's a flimsy straw of hope to clutch at, but need to sound it out.
Please support our advertisers:
I bought 2 returns tickets by credit crd to the UK with Oasis Airlines a few weeks before they went bust. The credit card company refunded the money because the product paid for was not delivered.
So you may have a case - I suggest you contact your credit card company and explain what happened.
Good luck!
Please support our advertisers:
Fixer
15 yrs ago
steve, to get refunds depends on where the cards are issued. AFAIK, HK issued ones offer very little if no protection to the consumer. UK issued ones, offer protection as they see that it's a joint purchase between the card user and card issuer.
As an example, a friend purchased a 15k membership for one of the recently gone bust yoga gyms paid over 12 monthly installments. After the 3rd installment, the company went bust and though the other 9 payments haven't been processed yet, she's still liable for the whole lot. The cc had already paid the whole amount to the yoga gym and bill instalments to the cc user.
Might be useful to give CS a ring to see what they can come up with.
Please support our advertisers:
Bumpydog and Fixer, many thanks for the feedback and suggestions. Hkgreatlady, the product was training to be a forex trader with an allegedly lifetime funded trading account, with advancement (bigger account) dependent on meeting certain profitability criteria. I did a one-week online course but before I could start training or trading the company convulsed and disappeared.
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail