Initially we do this under the chargeback scheme in an attempt to recover the funds.

BBC: Debit card customers tied down by time limit on refunds

This agreement generated tens of thousands of dollars of value due to an advantageous chargeback clause.

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Logically as a consumer, you may still want your VISA chargeback rights for certain purchases.

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If the goods were purchased on a Visa or Mastercard debit card, then you may be able to claim under the Chargeback procedure.

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John had beaten that deadline, but card scheme rules also say a chargeback is also supposed to be claimed within 540 days of the transaction.

BBC: Debit card customers tied down by time limit on refunds

The bank had realised that even if he was too late for a chargeback, he would still be eligible for a refund under Section 75 of the Consumer Credit Act.

BBC: Debit card customers tied down by time limit on refunds

Plus550 has funded seven companies so far, according to Clay Andrus who has been working with the group since its beginning: Chargeback Guardian, CloudVu, Contact Point, Drop Ship, Marketecture, Right Intel and Salt Stack.

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But the bank will probably first attempt something called chargeback, where under Visa and Mastercard rules they can try to get a refund from the bank of a business that has failed to supply goods or services.

BBC: Debit card customers tied down by time limit on refunds

To ensure you get the refund owed please contact your card issuer and instruct them to perform a chargeback to retrieve the funds paid... unfortunately we are unable to return the money to you from our side by any means.

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