Guardian Get’s It’s Advice To A Reader Wrong

Friday, 15. July 2011

Hi, Graham Hill here, thank you so much for visiting my blog, I hope you learn a lot and as a result end up driving a great car. In order to do so you can get all the information you need by buying my book, An Insider Guide To Car Finance or use me to finance your next car. Happy driving.
Logo of the British newspaper The Guardian

Image via Wikipedia

The Guardian Newspaper offered some advice to a driver who bought a car from failed on-line provider, Autoquake. It seemed MW of Farnham in Surrey bought an £8,000 car but was seduced into taking out a warranty costing £859 which included breakdown cover, which he was very pleased with. However, after a month the administrator wrote to him and explained that the company had gone bust and as a warranty isn’t an insurance policy, he wouldn’t be covered by the Financial Services Act and was therefore just one of many creditors.

MW contacted his bank, as he had paid by debit card, and they said there was nothing they could do. This was re-iterated by the Guardian, who pointed out that Autoquake were not even holding a creditors meeting as there was no money left to distribute. So MW, you’ve lost the £895 that you spent.

Actually, it may not be the case. Again it’s knowing this sort of thing that makes me the world’s top car finance blogger and leading expert.

Most people know that if you pay by credit card for a purchase between £100 and £30,000 you are covered by section 75 of the consumer credit act and would be entitled to a refund if the company providing the goods or service goes under before receiving what you paid for.

Even if MW had paid just £10 on a credit card and the rest cash he would have been entitled to all his money back. Hindsight – perfect vision. But what the Guardian didn’t explain, probably because they don’t know is that there is protection attached to a large number of debit cards.

The protection is offered by the issuers of all cards that carry the Visa Logo. The protection is called Visa Debit Charge Back and it means that MW should be able to claim back what he paid under this scheme from the issuing bank.

His bank said they couldn’t help, probably because they either didn’t know about the scheme or they simply didn’t want to help. This is all a disgrace because the poor advice provided by the Guardian could have cost him £859 and readers considerably more if they use this advice to decide what action to take in similar circumstances.

I hope that the Guardian, to whom I have written, can contact MW and give him this full advice and that he has a Visa card. Did you find that information useful? Please let me know? By Graham Hill

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