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  #1  
Old 11th June 2012
Stephen Stephen is offline
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Jacobs Digital CLOSURE!!!!!

Dear All,
Jacobs digital has gone bust, any orders placed before the 1st June are "non refundable" I have a BLN-1 battery on order, been told will have to claim on my credit card for refund !
Steve.
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  #2  
Old 11th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

In this type of situation I think it is bad that customers who have placed and paid for orders do not get first bite of the cherry when it comes to payment of creditors. Effectively the money has been misappropriated but apparently it is legal. You can be sure the administrators will get their fee in full and the banks will pretty much carve up what is left, leaving Joe Public high and dry. My view is that money recieved by the company for spefic orders should not be regarded as part of the company's assets because it still belongs to the customer.
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  #3  
Old 11th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

The problem is that we make purchases without any 'conditions of purchase'

The ones who will get paid first are the ones who have contracts in place, such as conditions of sale (retention of title) and banks, all these organisations have clauses in the contracts to protect against this. the suppliers of the products (for example Olympus) will have retention of title clauses on the contracts, and they will visit the facility and mark up any items they have not been paid for. Still, most supplliers will lose huge sums of money (unless they have paid for credit insurance).

Usual thing, big companies can spend money on these things, but joe public isnt going to pay lawyers to write conditions of purchase, or insurance.


As Stephen says, CC can be a saviour (I don't know, but I suspect they have clauses written into their contracts with the shops who pay to accept credit card payments) so its worth having a credit card just for these crcumstances.


Hope you get your money back Stephen.
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  #4  
Old 11th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Must admit I'm surprised that a firm as big as Jacobs is/was took the money at order stage. Normal (or best) practise for larger companies is to obtain the authorisation to charge from the CC supplier at order time, but only make the charge at fullfillment.

Personally I always take it as a worrying sign if large companies don't do that, after all they are effectively making you 'loan' them the money - not something that is necessary if they have a healthy cash flow.

As it is every credit card user will effectively be paying for Jacobs failure in interest/card charges.

Whatever happened to business escrow accounts?

Nick
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Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Thanks Richard,
will contact my CC company today to see what the procedure is, I agree with you entirely about using credit cards for this type of transaction, thankfully it's only a 60 battery others may have much larger sums involved and not paid by credit card.
Stephen.
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  #6  
Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Just a quick up date, Jacobs Digital are still trading under the administrators with this small declaration at the bottom of the web page.

Edward T Kerr and Jim Stewart-Koster of PKF (UK) LLP were appointed Joint Administrators of the Company on 1 June 2012. The affairs, business and remaining property of the Company are being managed by them. Partners and staff of PKF (UK) LLP acting as administrators contract without personal liability. In the event that an order cannot be fulfilled a full refund of any monies paid will be made.
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  #7  
Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Yes, trading under the administrator's control allows them to sell their stock and pay the suppliers for it. It's normal.
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  #8  
Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

they might even continue trading for some time, and they may even bring in new stock to keep going!

If the administrators think thats the best way to pay the creditors, then thats what they will do. The administrators are effectively engaged to protect the creditors. They might even try to sell the business as a going concern.

None of the above is guaranteed to help those who paid for items and didnt receive them.
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  #9  
Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

A report on the Amateur Photographer website last Friday said the administrators have shut 7 shops but 12 are still trading. They are preparing to open negotiations with a number of organisations who have expressed an interest in purchasing the remaining stores.

Regards.
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Old 12th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Makes me a bit wary, as I only use debit cards, not credit cards...... maybe I should get one again, although most of my gear is either bought through PayPal or from Amazon, so the risk is pretty negligible I suppose....
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  #11  
Old 13th June 2012
Ulfric M Douglas Ulfric M Douglas is offline
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Re: Jacobs Digital CLOSURE!!!!!

Derek it is worth getting a credit card and then using it by paying it off in full every month.
I got one initially when Asda was offering 2p off every litre of Asda petrol forever ... that didn't last long, but I've still got the card and use it for Paypal, Petrol and plane tickets.
Suffice to say I don't build up a credit card debt, that's for the sheeple.
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Old 13th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

where do we stand now with free case and battery from the focus on imaging offer....sorry....don't mean to be unsympathetic with those having placed real orders with Jacobs.
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  #13  
Old 21st June 2012
Frank N Furter Frank N Furter is offline
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Re: Jacobs Digital CLOSURE!!!!!

I had some accessories on back order which I'd bought from the Jacobs website using PayPal. In order to get a refund I just had to put a claim in with PayPal, the refund came though in less than an hour! The paypal process did not even refer the claim to Jacobs for confirmation, it appears PayPal are fully aware of the situation. btw, you only have 45 days from order to make a PayPal claim.
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Old 21st June 2012
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Re: Jacobs Digital CLOSURE!!!!!

Good to know!

Ian
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  #15  
Old 25th June 2012
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Re: Jacobs Digital CLOSURE!!!!!

The administrators have now announced that all Jacobs branches have closed, with the Leicester branch remaining open until it has cleared their stocks. The attempt to sell the chain as a going concern has failed unfortunately.

Chris
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