Jacobs gone bump!

gman said:
I'm guessing it's deliberate. Unfortunately, when it comes to a liquidation the liquidators are top of the list for being paid first and you can bet your life that their fees will magically amount to just under the amount of money they bring in, leaving a few dregs for everyone else.

I have a box full of administrator/liquidator financial reports from various companies and it's absolutely disgusting what and how they charge - they basically devour the assets for themselves. Pure greed and the system with this needs changing.
Click to expand...

Too true, I have had my honest days wages shredded more than once by a fleecing liquidator when one of the building companies I have worked for have gone bump. (tax man usually takes a big chunk too)
 
Kinda sucks that, although I'm surprised as you having to pay out to the tax man as if it was deducted at source by the company then you are no longer liable and the liquidation covers it (well HMRC do and make sure your qualifying years are kept up). Unless you were self employed?

I do wonder about administrations though because it's often more lucrative for the administrator to turn it into a liquidation. Lucrative for the administrator that is :(
 
So if someone who does not know Jacobs have gone, find their way to Jacobs on the net. They then try to buy on line, would their money be instantly lost? If so it does not seem right to still have the pages up!
 
jonbeeza said:
So if someone who does not know Jacobs have gone, find their way to Jacobs on the net. They then try to buy on line, would their money be instantly lost? If so it does not seem right to still have the pages up!
Click to expand...

Not if they have paid by credit card, the cc company would be legally bound to reimburse them. On the other hand, if that person was daft enough to pay using a debit card and the goods failed to materialise then they'd have to join the queue (after the liquidators, HMRC etc) and wait to get see if there were any crumbs left to return them a few pence in the pound.
 
Flash In The Pan said:
Not if they have paid by credit card, the cc company would be legally bound to reimburse them. On the other hand, if that person was daft enough to pay using a debit card and the goods failed to materialise then they'd have to join the queue (after the liquidators, HMRC etc) and wait to get see if there were any crumbs left to return them a few pence in the pound.
Click to expand...

That's incorrect
 
admirable said:
That's incorrect
Click to expand...

That's a somewhat sweeping statement without any explanation as to why.

I realise that they state a full refund would be made, however I doubt very
much that is guaranteed, it is more likely that you'd receive a full refund *if* the funds remained once the main creditors had been paid.

The only way other way is to instigate a chargeback via the debit card provider (Visa or Mastercard) however a refund isn't guaranteed in the way it would be with a credit card.

In either instance it's unlikely you'd see your
money for a long time....
 
Last edited:
What annoyed me was that I was in store with my credit note and they refused to accept, very unlikely I'll get anything back, quite frustrating as they had the stock instore.
And yes I think it stinks that its not clearer that they're in administration.

Incidentally, I believe that any payments made after the 1st of June fall under different rules and are honoured by the administrators.
 
Matholwch said:
What annoyed me was that I was in store with my credit note and they refused to accept, very unlikely I'll get anything back, quite frustrating as they had the stock instore.
And yes I think it stinks that its not clearer that they're in administration.
.
Click to expand...
I think I would have been very tempted to take goods to the value of a credit note. I would have deffo left the shop with something, i would have simply picked up goods to the value of the credit note that I would have simply left on the counter.
 
Debit cards can be covered under the chargeback scheme, although I believe this is an internal policy of the bank in question and isn't law.

I would say always use a credit card to buy things. If you are 100% against debt then prefund the credit card, it's just the protection you want and I bet one day this protection will be taken away as companies going under becomes more common.

Only the liquidators win.
 
You would be buying from the administrators/receivers not Jacobs so if the goods didn't turn up you would receive a full refund.
 
admirable said:
That's incorrect
Click to expand...

If the goods you have paid for can't be identified in the stock then I believe you will have to join the creditors queue and look forward to a few pence in the pound. Otherwise, the good should still be shipped out to you.

Administration and Liquidation laws can be complex, I only know the surface to be honest as it's a specialist area.

EDIT: It's important to note that various different rules can be placed by adminstrators, such as personal liability etc. Sometimes they are liable, sometimes they are not etc. With Jacobs I believe they are not personally liable but they will honour transactions and refunds as if it were normal trading, although I personally would not trust them as they always seem to have loopholes to hide behind.
 
Last edited:
admirable said:
You would be buying from the administrators/receivers not Jacobs so if the goods didn't turn up you would receive a full refund.
Click to expand...

So the receivers would, in effect, be liable under the SOGA too?
 
gman said:
Debit cards can be covered under the chargeback scheme, although I believe this is an internal policy of the bank in question and isn't law.

I would say always use a credit card to buy things. If you are 100% against debt then prefund the credit card, it's just the protection you want and I bet one day this protection will be taken away as companies going under becomes more common.

Only the liquidators win.
Click to expand...

Online, I always pay with a credit card, in shop more often than not I'd use a debut card. Was very annoyed when Jacobs refused refund and issued a credit note. Will enquire with HSBC about the charge back.
 
gman said:
Kinda sucks that, although I'm surprised as you having to pay out to the tax man as if it was deducted at source by the company then you are no longer liable and the liquidation covers it (well HMRC do and make sure your qualifying years are kept up). Unless you were self employed?

I do wonder about administrations though because it's often more lucrative for the administrator to turn it into a liquidation. Lucrative for the administrator that is :(
Click to expand...

By honest days pay I was being a little liberal with the truth...I mean contract s I took on for larger companies that went bust and I was left unpaid. As a sub contractor you will be the last to get anything from a liquidator.

Their fee 1st

Tax man 2nd

Banks 3rd

And us dregs last if there is anything left.
 
Just my luck!! I ordered the Hahnel Inspire last week, expected delivery last Thursday, when it didn't arrive I called them on the Friday, they told me they were signing up a new courier and that it should be sorted by beginning of this week. After a couple more calls this week I was told today that it's been dispatched today so I should be getting it tomorrow. He did also mention that they were closing all the stores. So fingers crossed it will turn up tomorrow, but I wouldn't like to bet on it!!
 
Stevea7 said:
Just my luck!! I ordered the Hahnel Inspire last week, expected delivery last Thursday, when it didn't arrive I called them on the Friday, they told me they were signing up a new courier and that it should be sorted by beginning of this week. After a couple more calls this week I was told today that it's been dispatched today so I should be getting it tomorrow. He did also mention that they were closing all the stores. So fingers crossed it will turn up tomorrow, but I wouldn't like to bet on it!!
Click to expand...

Shouldn't be a problem, the administrators run the business now. You have dealt with the Adminastrators, not the old Jacobs.
 
gman said:
I'm guessing it's deliberate. Unfortunately, when it comes to a liquidation the liquidators are top of the list for being paid first and you can bet your life that their fees will magically amount to just under the amount of money they bring in, leaving a few dregs for everyone else.

I have a box full of administrator/liquidator financial reports from various companies and it's absolutely disgusting what and how they charge - they basically devour the assets for themselves. Pure greed and the system with this needs changing.
Click to expand...
Yep, legalised theft, supported by the Courts, which are too naive to find against them even if they do cross the line.

And their charging structure... Clerks on min pay charged out at partner rates, partners (and everyone else involved) charged at the maximum permitted regardless of the amount of work actually done, often these charges are so high that they manage to manouvre their bill to slightly exceed the amount realised for the assets making themselves look like a victim and making the true victims suffer even more by getting nothing.

And that's just the unethical and dishonest fee sheet - all the other dodgy practices such as selling off assets below value to friends, former directors of the insolvent Company etc, should be reformed too.

Of course, I'm not suggesting that Jacob's liquidators do this sort of thing... From what I understand, there were talks with Calumet that came to nothing, and there was nobody else interested.
 
Dave1 said:
Shouldn't be a problem, the administrators run the business now. You have dealt with the Adminastrators, not the old Jacobs.
Click to expand...

Cheers Dave.
Just spoke to them again as it still hadn't turned up and apparently the issue is now with the courier (Yodel), so looks like, it will now be early next week before it gets delivered!
 
Must be time to open an ethical liquidating firm that undercuts the rest and puts them out of business or forces them to drop their charges to remain working.
 
srichards said:
Must be time to open an ethical liquidating firm that undercuts the rest and puts them out of business or forces them to drop their charges to remain working.
Click to expand...

If you asked every insolvency practitioner if they were "ethical" I bet almost to a man they say they were.

As for the price issue, I'm not sure it's an industry where Jack Cohen's pile 'em high, sell 'em cheap" ethos would work. It's not wedding photography :naughty:
 
Flash In The Pan said:
If you asked every insolvency practitioner if they were "ethical" I bet almost to a man they say they were.

As for the price issue, I'm not sure it's an industry where Jack Cohen's pile 'em high, sell 'em cheap" ethos would work. It's not wedding photography :naughty:
Click to expand...


Would like to see some wedding photographers dressed in blue and white stripes although I do believe Threshco have just rebranded their cheapo range.
 
tiler65 said:
Would like to see some wedding photographers dressed in blue and white stripes although I do believe Threshco have just rebranded their cheapo range.
Click to expand...

Seriously though, isn't that just the same point that gets made about wedding togs, that they charge too much? Then the person complaining goes to the £250 wedding tog and subsequently ends up pictured in the Daily Fail holding an empty photo frame?
 
Flash In The Pan said:
Seriously though, isn't that just the same point that gets made about wedding togs, that they charge too much? Then the person complaining goes to the £250 wedding tog and subsequently ends up pictured in the Daily Fail holding an empty photo frame?
Click to expand...

Bingo......we have a winner.
 
gman said:
Debit cards can be covered under the chargeback scheme, although I believe this is an internal policy of the bank in question and isn't law.

I would say always use a credit card to buy things. If you are 100% against debt then prefund the credit card, it's just the protection you want and I bet one day this protection will be taken away as companies going under becomes more common.

Only the liquidators win.
Click to expand...

Pre loading a credit card with money is generally against the T+Cs of lenders.... And I'm pretty sure that by doing so you void any further protections/benefits of using a CC online.

Also re your comment about always using a CC to buy things, and flash's comment above about being daft for using a debit card ... Not everyone can get credit very easily, people like me for instance who have no credit history and didn't live in an era where the banks threw credit at you. My only options for buying online are to use a Visa card with a very small credit limit, or my bank card which is compatible with most websites as it carries the mastercard symbol. Even then I only managed to get the credit card very recently and many others aren't even lucky. So with that said its not just as simple as pulling out your credit card in this day and age for some people... To suggest otherwise is just ignorant...
 
Last edited:
Prepaid credit cards are readily available these days but of course it's dependent on your ability to obtain one (as with credit cards).

There's an easy solution if you don't have a credit card.
 
gman said:
Prepaid credit cards are readily available these days but of course it's dependent on your ability to obtain one (as with credit cards).

There's an easy solution if you don't have a credit card.
Click to expand...

Isn't a "prepaid credit card" an oxymoron?
 
lol, yeah I guess but depends on how you read it; is it a card which provides credit or is it a card which is in credit? On a serious note, they do exist although I think they are a fairly new thing?
 
gman said:
Prepaid credit cards are readily available these days but of course it's dependent on your ability to obtain one (as with credit cards).

There's an easy solution if you don't have a credit card.
Click to expand...

Prepaid cards do not have section 75 protection, so you might as well pay with Visa Debit for the (limited) protection Visa provides.

One of the prepaid providers claimed to offer the equivalent of Sect 75 a few years ago (but it was a voluntary thing they were doing without any legal standing), Payplus or Pluspay was the name from what I can recall.

Edit, actually think it was called Cashplus.
 
Last edited:
yep, no s75 protection on a prepaid job, and they have fees left right and centre so might as well use a debit card.

they also require no credit check, so anyone can get one.
 
photo39.JPG


Went shopping today went into Liverpool Centre, the missus went into her shop and she said save me tagging along with her, I was to go into my camera shop..I did tell her Jacobs had closed down, she just does not listen to me :|

A pic of the old Jacobs branch in Liverpool, a snap with my mobile.
 
lol, oh what would you do without Google ;)

I'm not an expert on credit cards and I can't be bothered to trawl the internet so if you can't get a regular credit card due to no/bad credit then you either take a chance or don't buy online, simple.
 
trencheel303 said:
Not everyone can get credit very easily, people like me for instance who have no credit history and didn't live in an era where the banks threw credit at you.
Click to expand...

I have to say for someone apparently born after 2008 your grasp of written English is a credit (if you'll pardon the pun) to whichever kindergarden you attended. :D
 
jonbeeza said:
photo39.JPG


Went shopping today went into Liverpool Centre, the missus went into her shop and she said save me tagging along with her, I was to go into my camera shop..I did tell her Jacobs had closed down, she just does not listen to me :|

A pic of the old Jacobs branch in Liverpool, a snap with my mobile.
Click to expand...

Sad to see, I've not been past the old Edinburgh store since it closed.
 
jonbeeza said:
photo39.JPG
Click to expand...
I did see a few workmen clearing things from the shop a few days ago, they looked like builders. I did notice about three of four black bin bags of rubbish they had placed outside the shop, as in the picture. I did half think what was the possibly of a lens or maybe even a body falling into the bag, or maybe even an unwanted item being binned. I did not think it was work rooting through, not that I would really ;)
 
Flash In The Pan said:
I have to say for someone apparently born after 2008 your grasp of written English is a credit (if you'll pardon the pun) to whichever kindergarden you attended. :D
Click to expand...

Badly worded I think... I turned 18 in 2008 so just as I was eligible for credit was when banks were tightening up the strings.
 
trencheel303 said:
Badly worded I think... I turned 18 in 2008 so just as I was eligible for credit was when banks were tightening up the strings.
Click to expand...

Lucky white heather :lol:

(You're probably far too young to remember that too)
 
You must log in or register to reply here.
Back
Top