Amand Posted June 20, 2019 Share Posted June 20, 2019 5 minutes ago, TEAMYAKIMA said: Good news, but just out of curiosity does this mean that the credit card company are now out of pocket? Are they now creditors of DJM? I have no issue here - I'm just curious. It depends. In this scenario there are 4 parties. The consumer who holds the piece of plastic. The issuing bank, who supply the consumer with the piece of plastic. The acquiring bank, who process the credit card payments on behalf of the merchant / retailer etc. And the retailer, or receiver if things go wrong. If a consumer has an issue with a transaction, the issuing bank can do three things. 1) turn the claim aside as out of time or monetary value 2) submit a chargeback to the issuing bank 3) just credit the consumer. Chargebacks cost money to process whether successful or not. If case 2 applies, then the merchant's bank will have to pay out the funds should the chargeback be successful. They then add the extra amount owing to any claim they've made for repayment, being creditors. The whole credit industry works on risk assessment. For issuing banks, it’s the risk that borrowers are not able to make the minimum monthly payment required. For an acquiring bank, it’s the risk of the merchant going out of business. They don't really lose out, high interest rates cover the cost of writing off debts. 2 3 Link to post Share on other sites More sharing options...
truffy Posted June 20, 2019 Share Posted June 20, 2019 6 minutes ago, Amand said: For an acquiring bank, it’s the risk of the merchant going out of business. A moot point in the current circumstances! 1 Link to post Share on other sites More sharing options...
Ed-farms Posted June 20, 2019 Share Posted June 20, 2019 1 hour ago, dpgibbons said: The NGS forum is now reporting successful credit card claims on DJM payments. Debit cards are as well, someone on Facebook said his bank has refunded him. Fingers crossed for me then, although I am having to claim through a former bank as I switched banks this year to complicate matters 4 Link to post Share on other sites More sharing options...
woodenhead Posted June 20, 2019 Share Posted June 20, 2019 39 minutes ago, TEAMYAKIMA said: Good news, but just out of curiosity does this mean that the credit card company are now out of pocket? Are they now creditors of DJM? I have no issue here - I'm just curious. On a Chargeback the Merchant's bank is out of pocket unless they claim in the liquidation, for Section 75 it is your credit card company that is out of pocket unless the claims are sufficient for them to consider a claim in the liquidation to be worth the effort in monetary terms. Link to post Share on other sites More sharing options...
LaGrange Posted June 20, 2019 Share Posted June 20, 2019 20 hours ago, AY Mod said: Not at all but we have acted to protect some individual members from themselves posting comments which could be argued to be libellous or at least unproven. Most of the things I said were proven - eventually. I can understand why the admin are keen to keep a lid on things though, especially given what may follow in the next few days Link to post Share on other sites More sharing options...
Moderators AY Mod Posted June 20, 2019 Moderators Share Posted June 20, 2019 5 minutes ago, LaGrange said: especially given what may follow in the next few days Hopefully we'll get to see. 1 Link to post Share on other sites More sharing options...
Porcy Mane Posted June 20, 2019 Share Posted June 20, 2019 11 minutes ago, LaGrange said: especially given what may follow in the next few days 1 3 Link to post Share on other sites More sharing options...
philiprporter Posted June 20, 2019 Share Posted June 20, 2019 OK now I'm really baffled?! I'm probably being very dim, but what has Winnie the Pooh got to do with anything and why are the next few days of importance? Ignore me if I am missing something very obvious here! 2 1 Link to post Share on other sites More sharing options...
Amand Posted June 20, 2019 Share Posted June 20, 2019 3 minutes ago, philiprporter said: OK now I'm really baffled?! I'm probably being very dim, but what has Winnie the Pooh got to do with anything and why are the next few days of importance? Ignore me if I am missing something very obvious here! Previous page, 4th from bottom posting. Some information may be available from Companies House. Usually the info is free to download. It may or may not show why DJ Models had to fold. 1 1 Link to post Share on other sites More sharing options...
philiprporter Posted June 20, 2019 Share Posted June 20, 2019 Just now, Amand said: Previous page, 4th from bottom posting. Some information may be available from Companies House. Usually the info is free to download. It may or may not show why DJ Models had to fold. OK that's great thanks for helping me! Link to post Share on other sites More sharing options...
RMweb Premium John M Upton Posted June 20, 2019 RMweb Premium Share Posted June 20, 2019 So middle of next week then. Time to get some more cake/popcorn/beer in as befits your preference.... 3 Link to post Share on other sites More sharing options...
RMweb Premium Compound2632 Posted June 20, 2019 RMweb Premium Share Posted June 20, 2019 22 hours ago, Edwardian said: But a railway suspension bridge that is that is (a) Victorian, (b) for standard gauge, and (c) in the UK? Unfortunately, Pont Gisclard is (d) none of the above. Apologies, this is becoming increasingly off topic. The pont Gisclard is Victorian to the extent that Gisclard's patent for the particular form of suspension dates from 1900. Link to post Share on other sites More sharing options...
Dr Gerbil-Fritters Posted June 20, 2019 Share Posted June 20, 2019 (edited) 8 hours ago, Colin_McLeod said: From Companies Office this morning. I really, really hope its the chuffing end... Edited June 20, 2019 by Dr Gerbil-Fritters 5 Link to post Share on other sites More sharing options...
RMweb Gold Joseph_Pestell Posted June 20, 2019 RMweb Gold Share Posted June 20, 2019 4 hours ago, philiprporter said: OK now I'm really baffled?! I'm probably being very dim, but what has Winnie the Pooh got to do with anything and why are the next few days of importance? Ignore me if I am missing something very obvious here! That's not the real Winnie the Pooh anyway. 1 2 Link to post Share on other sites More sharing options...
Amand Posted June 20, 2019 Share Posted June 20, 2019 (edited) 2 hours ago, Joseph_Pestell said: That's not the real Winnie the Pooh anyway. It's an early CAD, just like the APT, but more fettling needed! Edited June 20, 2019 by Amand Trypo 3 Link to post Share on other sites More sharing options...
woodenhead Posted June 20, 2019 Share Posted June 20, 2019 2 hours ago, Joseph_Pestell said: That's not the real Winnie the Pooh anyway. 4 minutes ago, Amand said: It's an early CAD, just like the APT, but more fettling needed! Its from Heljan so it's a little tubby but he's not a duff 1 Link to post Share on other sites More sharing options...
truffy Posted June 20, 2019 Share Posted June 20, 2019 2 hours ago, Joseph_Pestell said: That's not the real Winnie the Pooh anyway. 9 minutes ago, Amand said: It's an early CAD, just like the APT, but more fettling needed! 4 minutes ago, woodenhead said: Its from Heljan so it's a little tubby but he's not a duff There are distinct unique design elements. It's an IP thing, you wouldn't understand. 1 5 Link to post Share on other sites More sharing options...
RMweb Premium polybear Posted June 20, 2019 RMweb Premium Share Posted June 20, 2019 8 hours ago, philiprporter said: OK now I'm really baffled?! I'm probably being very dim, but what has Winnie the Pooh got to do with anything and why are the next few days of importance? Ignore me if I am missing something very obvious here! Winnie the Pooh is appropriate for any situation, period.... Though Tigger scores top marks in my book 4 Link to post Share on other sites More sharing options...
RMweb Gold adb968008 Posted June 20, 2019 RMweb Gold Share Posted June 20, 2019 I’m wondering whether we should have a whip round and buy DJM... the forums traffic is going to be very quiet when it's wrapped up.. unless of course a certain someone started a blog / writing memoirs. 3 Link to post Share on other sites More sharing options...
RMweb Premium petethemole Posted June 20, 2019 RMweb Premium Share Posted June 20, 2019 19 minutes ago, polybear said: Winnie the Pooh is appropriate for any situation, period.... Though Tigger scores top marks in my book and mine... 7 Link to post Share on other sites More sharing options...
RMweb Gold Jonboy Posted June 20, 2019 RMweb Gold Share Posted June 20, 2019 The fun with chargebacks really occurs in that it isn’t always final for a period, as the merchant and their bank have a period to investigate and prove it isn’t due....how it applies in this situation is anyone’s guess...and will differ bank to bank. Link to post Share on other sites More sharing options...
roythebus Posted June 20, 2019 Share Posted June 20, 2019 Having been MD of a company that went broke in 2003, the liquidators are only interested in getting their fees. they don't give a damn about the little people at the bottom of the pile, the investors. Pecking order is wages for staff, outstanding holiday pay, redundancy pay. then everyone else gets thrown into a pot to be shared out. so if the Chinese are owed £5000, and 1000 investors are owed £5 each, and the Revenue is owed £5000, who get priority? There's not likely to be any saleable assets to cover the outstanding debts, so nobody is likely to get anything. As a matter of interest, I looked uo my old firm on Companies house the other week. It closed down in December 2003 and wasn't taken off the CH Register until last year, it took the liquidators that long to deal with it. I suspect as they got nothing out of it, it was costing them an amount every year just to keep it on the books! Those of you who have paid by credit card, your contract is with the credit card company so you'll get your money back from them. How they get thers back isn't your worry. Unless there's been some massive misdemeanour from the owner of DJM, then the limited liability of the company status limits his personal liability to the value of his shareholding. He may well have mortgaged his house to finance some of the business, so he's likely to lose that too. Everyone who is owed money will receive a letter from the liquidators to stake their claim and there will be a creditors' meeting which every creditor can attend. The chair of that meeting won't allow it to be turned into a slanging match, that is if anyone bothers to turn up. there's only usually 4 or 5 attendees at such meetings so I've been told, and that is usually HMRC and a few private individuals who are owed a bit. Otherwise it's pointless going, there's nothing to be had so don't waste you time. It's probably a waste of time speculating on here, time would be better spent doing some modelling. 9 1 2 Link to post Share on other sites More sharing options...
maico Posted June 20, 2019 Share Posted June 20, 2019 9 hours ago, Amand said: ... Some information may be available from Companies House. Usually the info is free to download. It may or may not show why DJ Models had to fold. Mr Micawber's Principle in David Copperfield: "Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." 6 1 Link to post Share on other sites More sharing options...
Amand Posted June 20, 2019 Share Posted June 20, 2019 37 minutes ago, Jonboy said: The fun with chargebacks really occurs in that it isn’t always final for a period, as the merchant and their bank have a period to investigate and prove it isn’t due....how it applies in this situation is anyone’s guess...and will differ bank to bank. From the one and only time I contacted my credit card company about a transaction that went wrong they suspended the transaction so it didn't attract any interest whilst they waited for the chargeback to be fully accepted. It was around 2007, and it took around 2 months before the disputed amount found its way into my bank account as I'd already settled the balance. I only use the card maybe twice a year for the CCA protection and I dislike paying interest! Link to post Share on other sites More sharing options...
lightengine Posted June 20, 2019 Share Posted June 20, 2019 1 hour ago, adb968008 said: I’m wondering whether we should have a whip round and buy DJM... the forums traffic is going to be very quiet when it's wrapped up.. unless of course a certain someone started a blog / writing memoirs. Don't these type of people usually open up a new business often in the same line of work? I wonder if and when that happens how many crowd funders he will attract. Link to post Share on other sites More sharing options...
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