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ConsuWijzer offers consumers tips to minimize chances of problems when companies go bankrupt

In the first half of 2013, consumer information portal ConsuWijzer received more questions from consumers about their rights if a company goes bankrupt. ConsuWijzer is operated by the Netherlands Authority for Consumer and Markets (ACM). The most frequently asked questions about this topic are:

  • I ordered a product, and have already paid for it (in full or partially), but the company has gone bankrupt. Have I lost my money?
  • I sent my device to a company for repairs, but now it is bankrupt. Have I lost my device?
  • I have a device that is broken, but the shop I bought it from is bankrupt. What happens to the warranty?

It is important that consumers know what their options are if they have a problem or what they should be aware of in order to minimize the chances risk of problems. The answers to the above questions are listed on ConsuWijzer.nl, as are tips and sample letters.

Tips for consumers

In order to minimize the risk for losing your money as a consumer if the company you ordered a product or service from goes bankrupt, ConsuWijzer offers the following five tips:

  1. Online shops often ask consumers to pay in advance. In most cases, companies are not allowed to offer 100% advance payment as the only payment option. Does the company in question nevertheless do so? Reconsider your purchase decision, and think about whether you wish to run that risk. Or you could decide to go to another online shop where you can pay on delivery.
  2. Do some research about the company’s reputation before placing the order if they ask for an advance payment. You can do so by searching for information about the company through an online search engine.
  3. Try to keep the time between paying for the order and the delivery thereof as short as possible. For example, pick up the product yourself or ask for an express delivery.
  4. When booking trips, 100% advance payment is allowed. It is therefore important to check whether the company you booked a package holiday with has made adequate travel compensation arrangements, for example through a travel compensation fund. Travel compensation means that, when you booked a package holiday from a company that has gone bankrupt, you will get your money back.
  5. Other companies that require advance payments, too, offer some form of safeguard through a travel compensation fund. This may seem like an extra safeguard, but do ask in advance under what conditions you are entitled to a compensation.

Consumers who are nevertheless faced with problems because the company they had placed an order with went bankrupt can find sample letters on ConsuWijzer’s website, which they can use to ask for a refund in case of bankruptcy. ConsuWijzer also has sample letters in case consumers brought in their devices for repairs.

Other facts and figures over 2013

In the first half of 2013, the categories with the most indications that ConsuWijzer received were:

  1. Consumers are called even though they are registered in the Do Not Call Me Register
  2. Questions about warranty in case of faulty products or inadequate service
  3. Questions about bills and payments

The industries consumers submitted the most complaints and indications about were:

  1. Telecom companies
  2. Electronics / domestic appliances
  3. Energy companies

In the first half of 2013, ConsuWijzer received approximately 36,500 questions and indications from consumers, which is a slight decrease compared with the first half of 2012 (was 41,000).