Safe deposit money

[Sailfree]

We all feel sorry for those that have lost money through the Peters Opal debacle but can we do something about it??

To rely on the RYA/BMF is a waste of time BUT....
If you are going to SIB to seriously look at buying a new boat could you please make the point to the salesman that you WILL be buying one but the choice will be heavily influenced by the dealer that offers that all monies handed over will be protected by a bank guarantee against delivery of the new boat.

If we all said that the dealers would get the message and set up systems with the banks.

If you are mildly interested please also try to cover this point in any discussions.

I always pay deposits with a series of credit cards but recognise that for some purchasers/dealers this may not be possible.

 

[sighmoon]

[ QUOTE ]
I always pay deposits with a series of credit cards but recognise that for some purchasers/dealers this may not be possible.

[/ QUOTE ]

That won't necessary be of any help, if you are trying to claim it back after a month or so. At that point , the merchant has the money and all the credit card company can do is forward your letters to the merchant and ask him to please reply.

If you get no reply after a few weeks, they write back to you and say they tried but failed, and they'll be charging interest on the outstanding amount. Tough luck.

I 'bought' (well paid for) a seahopper folding dinghy at LIBS 2006. It's now with the court bailiff who, as Seahopper don't have a warehouse full of bullion, seem equally powerless. I find this particularly galling as, unlike Peters Opal, Seahopper are still taking people's money.

 

[MoodySabre]

If you buy a boat through a broker the cheque you give him should go into a clients account not his general account. Only when delivery takes place is his commission taken and the vendor paid out.

Doesn't this happen when you buy a new boat from an agent? Not something I am likely to do but you'd like to think that they had some protection in place for the consumer.

 

[sarabande]

"Client account" does NOT mean that the money is ring-fenced for the benefit of the client. It merely indicates that the broker or vendor has asked his bank to to set up AN account called Bloggs Client Account. It is still controlled by the broker / vendor.

"Client account" at a solicitor or other form of lawyer is a different thing altogether.

 

[pelicanpete]

As I've said many times before on this forum, invoking a Bank Guarantee is the only way to go for anyone putting a large wedge down on a boat. I did it when I bought mine and felt VERY comfortable! I used BGs to when I was in business trading globally, to great effect. Google "Bank Guarantees" but here's your starter for 10. www.hsbc.co.uk/1/2/business/international/guarantees

Note: Vendors will resist because it costs them money and/or assets to set up a guarantee. Bona fide, well structured companies won't resist. In a way, it's a way of calling their bluff, too!

 

[Sailfree]

[ QUOTE ]
[ QUOTE ]
I always pay deposits with a series of credit cards but recognise that for some purchasers/dealers this may not be possible.

[/ QUOTE ]

That won't necessary be of any help, if you are trying to claim it back after a month or so. At that point , the merchant has the money and all the credit card company can do is forward your letters to the merchant and ask him to please reply.

.

[/ QUOTE ]

Sorry but you are wrong. Using a Credit card also make the bank responsible for the transaction and in the failure of the merchant to rectify any defect you have an equal claim on the bank.

The banks try to avoid this but IIRC they recently lost a high court action and are also responsible for any defective purchases abroad.

 

[sighmoon]

Sailfree, I am very glad to be wrong. I currently have a small claims court judgement against the vendor, and a bailiff that's not having any more luck than I did. Can I switch my claim on to the bank at this stage? Do I have to wait until the bailiff's warrant expires and then start the whole process again against the bank?

 

[Sailfree]

My understanding is that if paid by credit agreement/ hire purchase or credit card you have right of redress from them. You mention bank if its a cheque amount no!

If a credit card I suggest you immediately inform credit card co and demand a refund pointing out that you have sought re-imbursment from vendor and that you will reimburse cc co any money finally received and alternatively that you are willing to asign persuing the action and any refund to the cc co.