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Safety afforded by paying a deposit with credit card

Credit Cards, borrowing on Loans and discussions on Stoozing
Newroad
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Safety afforded by paying a deposit with credit card

#708741

Postby Newroad » January 30th, 2025, 1:25 pm

Afternoon All.

I'm just about to purchase a Solar Panel system with battery, EV charger etc. In round terms, the payment schedule is

    £1,000 deposit on placing order
    £8,000 on install completion and functioning system
    £1,000 retention when scaffolding down etc

Am I right that paying the deposit by Credit Card affords full coverage for the whole £10,000 via Section 75 of the relevant act?

Is there anything else material I should consider on the payment side?

Regards, Newroad

the0ni0nking
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Re: Safety afforded by paying a deposit with credit card

#708751

Postby the0ni0nking » January 30th, 2025, 3:13 pm

I note you previously posted on the Solar Together thread - is this installation through them or have you progressed outside of that?

In my paperwork re Solar Together, I was required to pay a 25% deposit.

They can then ask for a further amount (up to a max of 60%) 14 days prior to installation with the balance due on completion. My installation isn't due until mid March so I won't hear whether they want that for another month or so.

I had no option but to pay by bank transfer but the deposit has been insured (with certification provided for me to claim in case the company goes bust) which was required by the Solar Together scheme.

Spet0789
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Re: Safety afforded by paying a deposit with credit card

#708756

Postby Spet0789 » January 30th, 2025, 3:52 pm

Newroad wrote:Afternoon All.

I'm just about to purchase a Solar Panel system with battery, EV charger etc. In round terms, the payment schedule is

    £1,000 deposit on placing order
    £8,000 on install completion and functioning system
    £1,000 retention when scaffolding down etc

Am I right that paying the deposit by Credit Card affords full coverage for the whole £10,000 via Section 75 of the relevant act?

Is there anything else material I should consider on the payment side?

Regards, Newroad



IIRC, paying £100 is enough.

scrumpyjack
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Re: Safety afforded by paying a deposit with credit card

#708758

Postby scrumpyjack » January 30th, 2025, 4:07 pm

Companies often will not accept payment of large amounts by CC because of the charges they suffer.

swill453
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Re: Safety afforded by paying a deposit with credit card

#708762

Postby swill453 » January 30th, 2025, 4:13 pm

The last couple of times I've bought a car (from a dealer), I've paid the deposit by credit card and then the balance by debit card.

Scott.

Newroad
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Re: Safety afforded by paying a deposit with credit card

#708765

Postby Newroad » January 30th, 2025, 4:18 pm

Hi All.

To answer the questions thus far

    Yes, I posted on the Solar Together thread, but I'm not using them to provide my solar panels - it was more of an FYI

    My reading of Section 75 is that paying anything, e.g. £1, on something that costs between £100 and £30,000, covers you for the lot (but I'm just checking)

    Yes, companies often don't like losing the credit card fee on large amounts. In fairness, I don't want them too either, so if I can pay the rest by another mean and still get the protection, all good

    Yes, me too on the car (though it can take some wrangling with one's bank to prepare them for a large debit card payment)

I hope the above clarify where relevant.

Regards, Newroad

scrumpyjack
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Re: Safety afforded by paying a deposit with credit card

#708775

Postby scrumpyjack » January 30th, 2025, 5:48 pm

When I paid the deposit on my v large solar/battery etc (25% of the £30k contract), it went into an escrow account - the supplier did this automatically I didn't ask

ps actually an insured scheme
The Deposit and Workmanship Warranty Insurance Scheme

stevensfo
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Re: Safety afforded by paying a deposit with credit card

#709194

Postby stevensfo » February 2nd, 2025, 9:19 am

Newroad wrote:Hi All.

To answer the questions thus far

    Yes, I posted on the Solar Together thread, but I'm not using them to provide my solar panels - it was more of an FYI

    My reading of Section 75 is that paying anything, e.g. £1, on something that costs between £100 and £30,000, covers you for the lot (but I'm just checking)

    Yes, companies often don't like losing the credit card fee on large amounts. In fairness, I don't want them too either, so if I can pay the rest by another mean and still get the protection, all good

    Yes, me too on the car (though it can take some wrangling with one's bank to prepare them for a large debit card payment)

I hope the above clarify where relevant.

Regards, Newroad


Thanks for this! Yes, the question of cc protection for the total even when paying a small % of total is a very important point. I think a number of us have asked the same question over the years. In this case, paying a small % via cc and the rest by bank transfer wouldn't worry me, since I don't like using credit cards. The only reason I do occasionally use them is simply to stop them becoming dormant. A period of time that appears to have dropped from over ten years to one or two.

Yes, me too on the car (though it can take some wrangling with one's bank to prepare them for a large debit card payment)

Yes, banks are starting to become quite a pain in the proverbial, not wanting you to -shock, horror -spend your own money. ;) I do understand the security/safety reasons, but they do tend to exaggerate.

Steve


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