In these crazy financial times businesses come and go. There’s no way to be certain a company you placed an order with, from entertainment centers to custom made drapes, will still be around when it’s time for pick up. Maybe you bought something through the mail and it never showed. Sometimes you may get the item but it's damaged or broken and the store is being difficult about taking it back. It's a complaint I hear from people all the time, "I didn't get what I paid for!"
I can't tell you how many times I've written this back, "how did you pay for the purchase? If you paid for it with a credit card and sometimes even a debit card, you're in luck. If you bought it with cash, you may be out of luck."
Under the federal Fair Credit Billing Act if you paid for something using a credit card and didn't get it, the credit card has to take the hit for the purchase. Even if the store filed for bankruptcy, took your money and ran or fled in the middle of the night, the credit card has to cover you.
Call your credit card company and immediately put the item in dispute, sometimes you can even do this online. The bank will investigate and unless the company can come up with a pretty compelling reason or a story that really contradicts yours, the charges should be reversed.
Debit cards are covered under different federal regulations and your local bank doesn't have to cover you, but if it's backed by VISA or MasterCard contact them--they may be able to help.
Yeah, I admit, I’ve written scathing articles about banks and credit card companies in this column. I’m still mad my interest rate shot through the roof, but gotta tell you when it comes to protection for something you did not get, paying with plastic the best way to shop. If you have the cash, just pay off the balance on the credit card to avoid the insidious interest rate increase going on right now.
For tips on liquidation sale shopping click here.
SCAM ALERTS AND TIPS:
- How to make sure you get your free credit report from a legit site, click here.
- For 'news you can use' about scam websites and emails claiming you can apply for economic stimulus money.
- How long will it take to pay off your plastic? Click here for the FTC's credit card repayment calculator.
- What are the top complaints and scams reported to the FTC and where do they happen? Click here.
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Comments
Informative! Good to know!
Whats your Twitter, since your local to me I want to follow you :D I like your money advice :D
You can follow me and news you can use on Twitter at: maryschwager
i purchased something online & paid using buyer credit with Paypal the company didnt send what they promised. I dint get what I paid for otherwise. I told Paypal as a dispute & they told me not there problem that they show it shipped & that all that matters they have no control over what I recieve unless the purchse is with ebay.. What a scam
You would think I would be covered for the purchase. What if I returned what they sent then could I get my 500.00 back. ??
Mary, If I booked a hotel in Europe and the booking company went bankrupt and the room was cancelled does my credit card take the hit or me?
Always try disputing the purchase, especially if the company went bankrupt ! Bottom line if you don't get what you paid for--you stand a darn good chance of getting a refund!
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