Refund alert: Customers struggling to get cash back for ‘UnRefundables’ – what can you do?

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Consumers have had to adapt to unprecedented circumstances in recent months as coronavirus changed how everyone lived and work. Unfortunately, evidence has emerged that certain elements of regular retail shopping are facing unforeseen problems, the kinds of which end up costing the customer.

In a survey of 2,000 UK respondents conducted by Opinium and commissioned by Visa, It was found that one in ten of consumers who had requested money back from a purchase are either still waiting for the money to come back to have been denied access to a refund or voucher altogether.

This, according to Visa, is a 215 percent increase from pandemic times.

The items have been dubbed “UnRefundables” and have left millions of concerned shoppers out of pocket.

Even for those who were able to access refunds for their items, one in five only received partial refunds through cash or vouchers.

The survey also found troubling evidence for poor retail practices.

Almost half (49 percent) of people who experienced refund issues didn’t get to use their purchase – receiving faulty or incorrect goods, items not arriving, products not being as advertised, being charged multiple times or billed the incorrect amount, or a purchase that wasn’t authorized.

The lockdown has also practically slowed processes down to a grinding halt.

During this period, 12 percent of respondents revealed that it took over a month to get their money back compared to seven percent who got a refund beforehand.

DONT MISS:
SEISS deadline falls next week as self-employed numbers fall by 238k [INSIGHT]
Martin Lewis warning: Bank account ‘danger debt’ to emerge [EXPERT]
Pension warning: Industry wide ‘ignorance’ costing savers billions [WARNING]

Older people (aged 55 or over) are experiencing the biggest wait for refunds, with five percent waiting over a month before the pandemic, compared to 17 percent who have experienced this wait time since.

The research revealed that overall, the fear of not being able to get items refunded has put fear into consumers who may limit their spending, which will have obvious negative repercussions on the economy.

Jeni Mundy, Visa’s UK & Ireland Managing Director, commented on the company’s findings: “With consumer spending crucial to Britain’s economic recovery, it’s concerning to see that people are worried about securing refunds should they need to, and that in some cases this is even preventing them from making purchases.

“It’s important that people understand the many options open to them to get their money back should something go wrong.

“A good place to start is to get familiar with a seller’s cancellation, refund and exchange policy before you buy – this can often be easily found on their website.

“Another good way to put yourself in the driving seat when it comes to getting your money back is to pay using a Visa debit or credit card – this opens you up to the option of making a chargeback claim or provides credit card protection to ensure you aren’t left out of pocket.”

Visa also teamed up with personal finance expert Jasmine Birtles to allay consumers’ fears of being left out-of-pocket over the summer.

Jasmine provided her insight into what consumers could do to handle these difficulties: “If you bought something online that’s not up to scratch or hasn’t turned up, but the seller won’t budge or they’ve gone out of business, it can be tempting to chalk it up to a poor purchase decision or simply bad luck. With money a particular worry for many households currently, it’s important to research your refund options – you don’t always have to accept rescheduled dates or vouchers for equal or lesser amounts that leave you out of pocket and inconvenienced.

“If, after speaking to the retailer, you are still unable to get a refund, there are alternatives available to claw back those costs.

“You should contact your bank that issued your Visa card and ask them to pursue a chargeback claim, where they may be able to submit a claim to the retailer’s bank to request your money back.

“You can pursue a chargeback claim if you received only a partial refund, goods that weren’t as described, or have been offered alternative refund methods, including vouchers, points and rebooking.

“Your bank has 120 days from when the payment was made to make a chargeback claim, which is great news for people who might have missed the returns window. However, it’s worth noting that banks’ time frames may vary and it’s best to file a dispute as early as possible to allow plenty of time.

“For travel, concert tickets or future-dated items, this time limit begins on the day of the event or holiday booking – providing extra reassurance to those worried about making holiday purchases.”

Source: Read Full Article