Bad debt insurance

[O'Reilly]

I'm looking for something like bad debt insurance. I am looking at buying some equipment, but the company I am buying from want a large proportion up front. They are a relatively new company, and companies House says they don't have a lot of cash about. Is this something that can easily be insured and who with? It would be quite a lot more than a regular credit card could handle!
Thanks in advance.

 

[Highland Mule]

How much are we talking and what sort of goods? Plenty of cards out there which will handle tens of thousands, but obviously adds a few percent which the supplier might not be comfortable with. Can you not get them to borrow the cashflow from their bank on the back of a formal order signed by yourselves?

 

[robs1]

Just pay a few hundred by credit card the card company will have to repay the whole amount if the equipment doesnt arrive, or finance it then let them worry about it

 

[d williams]

I'm looking for something like bad debt insurance. I am looking at buying some equipment, but the company I am buying from want a large proportion up front. They are a relatively new company, and companies House says they don't have a lot of cash about. Is this something that can easily be insured and who with? It would be quite a lot more than a regular credit card could handle!
Thanks in advance.

Is it special build or one off what about stage payments as to build stage

 

[Wombat]

Just pay a few hundred by credit card the card company will have to repay the whole amount if the equipment doesnt arrive, or finance it then let them worry about it

Not if the invoice is a business one as they will say its the consumer credit act and business transaction are not covered

 

[Highland Mule]

Not if the invoice is a business one as they will its the consumer credit act and business transaction are not covered

Good point - forgot that part. Only applies to personal transactions.

 

[robs1]

Good point - forgot that part. Only applies to personal transactions.

Just got a refund from Lloyds for some timber from a business that went bust on a credit card, took me months and had to give them a bollocking, they never asked me if I was a business

 

[Highland Mule]

Just got a refund from Lloyds for some timber from a business that went bust on a credit card, took me months and had to give them a bollocking, they never asked me if I was a business

You were lucky. Probably wouldn’t work for an obviously business machine though.

I got about £3k for replacement flights after Thomas Cook went under - they paid for the new ones which were more than the old. Took a bit of convincing but I knew my rights. Interesting about timing - apparently there are no limits for S75 claims, so they can take as long as they want.

 

[Wombat]

Just got a refund from Lloyds for some timber from a business that went bust on a credit card, took me months and had to give them a bollocking, they never asked me if I was a business

I had to send in the copy of the invoice to claim for one i had been not supplied goods for and they took one look at the name on the bill and said it’s a business one and have a nice day

Just be glad they didn’t realise yours was a business to business transaction or they would have left u hanging for it

 

[robs1]

Perhaps I was lucky then, I supplied a copy of the invoice, and they gave me ten quid for the hour I was on the phone complaining about how long they had been and 25 quid for the hastle, perhaps I scared them. First woman last was useless and belligerent, the second was great had it sorted in ten minutes

 

[Breakthru]

I think you can put the money in total in an escrow account. They can't touch it until the goods have been delivered and approved as what you paid for.