The season for giving is almost upon us!

Be careful not to be giving your cash away…

Firstly, apologies for committing the mortal sin of mentioning Christmas before Halloween.

However, many people will be planning ahead, putting deposits down on their Christmas gifts and buying store vouchers.

At Gildernew and Co, we have already received several calls from people in the past month who have paid hefty deposits, one of which was for hundreds of pounds, to businesses that have now gone out of business. This can lead to most, if not all, of your deposit being lost.

How to protect yourself

1. If possible, avoid putting a deposit down at all.
2. If a deposit is necessary, DO NOT PAY WITH CASH.
3. Pay by credit card, NOT debit card. This will provide you with protection under S75 of the Consumer Credit Act. This works by bestowing the same responsibility on your credit card company to put things right, as the company you have bought the item /service from. This covers you if the product is faulty, broken or, does not arrive. To qualify for this protection, the item purchased must be bought for between £100 – £30,000, but crucially the deposit lodged need only be 1p to be covered.

And it’s not only deposits.  At this time of year, gift vouchers can seem like a really good gift.  But if the trader goes out of business, the recipient is at the back of the queue when it comes to getting any money back.

So be careful – and think twice before you pay that deposit across or buy that gift voucher.

These simple measures could prevent further financial burden, in what is already a tough economic climate.

Should you have any queries on this, please do not hesitate to contact Gary Bonner on 028 87724697.