How to protect yourself from a failing Toys-R-Us
Toys-R-Us has been struggling financially in the last few weeks. The treasured toy retailer feels like part of the UK high street but it’s actually owned by a US firm. The US owner has been struggling and this has led to the UK arm feeling the pinch. The well known brand is already planning to close a number of stores in the new year but they’re now in a pickle over pensions. If they don’t find some more money for the pension pot, they are likely to be forced into administration. This means all branches are at risk with potential for 3200 jobs across the UK to go. Protect yourself from toysrus going bust with our tips.
What do you need to know?
The main thing you need to know to protect yourself is ensure Toys R Us don’t owe you anything. Read on for how you can do that…
Take Time To Pay
You might have taken advantage of a buy-it-not-pay-later deal and have made a deposit or multiple payments. If you haven’t received the item yet, now is the time to try and collect it or get a refund. If the company goes bust before you get the toy, you’ll likely lose your deposit.
If your kids have Toys R Us gift cards then now is the time to spend them. Gift cards are not money and no-one will guarantee them if the company goes bust. If there is nothing you or your family need, buy something you can sell on like a lego set or a video game.
Pay with Paypal
Paypal offers really good buyer protection so if you order gifts using paypal, you’re normally safe if the company goes bust. Make sure you’re covered by checking paypal’s terms and conditions.
Pay by credit card if spending over £100
Purchases over £100 and under £30,000 are protected under Section 75 of the Consumer Credit Act if an item fails to turn up or goes bust.
Pay by debit card
Some banks will refund customers under the ChargeBack scheme, although it’s at their discretion. If you’ve ordered and can’t get a refund or the toy/gift, then it’s worth a try.