Posted: Tue Jul 23, 2002 5:21 am
Having agreed a deal to buy a Pulsar II with Propack for $850, the seller requested that we use Escrow for added security. This I agreed to, as I understand that some people can be nervous about internet transactions. We then signed up to a transaction, with the Escrow fee of $50 being split equally between us and me paying the shipping costs.
Unfortunately, the seller decided he was unhappy with the transaction for various reasons, which initially seemed to stem from not wanting to wait too long for his money. He then contacted me to inform me that he wished to cancel the transaction. After refusing my offer to pay the $40 in order to have the money wired directly to his account, it became obvious that the seller was no longer interested in the transaction.
I contacted Escrow to cancel the transaction at which point I was informed that I was now responsible for all the fees for the transaction (i.e. $50). The rest of the money has been returned to my credit card today and I have lost £80 (GBP) on the transaction. This is due to fluctuations in exchange rates etc.
Anyway, my advice to anyone considering an Escrow transaction is to be very careful that the terms have been properly agreed and you are confident that both parties wish to complete the transaction. Also read the terms and conditions on Escrow's site very carefully, as they are not very clear on cancellation.
All in all I have lost £85 (135 US Dollars including extra interest charges), plus over a month of chasing a pointless transaction.
I hope this information will help other people avoid getting into a similar situation.
Cheers,
Will
<font size=-1>[ This Message was edited by: w_ellis on 2002-07-23 06:22 ]</font>
Unfortunately, the seller decided he was unhappy with the transaction for various reasons, which initially seemed to stem from not wanting to wait too long for his money. He then contacted me to inform me that he wished to cancel the transaction. After refusing my offer to pay the $40 in order to have the money wired directly to his account, it became obvious that the seller was no longer interested in the transaction.
I contacted Escrow to cancel the transaction at which point I was informed that I was now responsible for all the fees for the transaction (i.e. $50). The rest of the money has been returned to my credit card today and I have lost £80 (GBP) on the transaction. This is due to fluctuations in exchange rates etc.
Anyway, my advice to anyone considering an Escrow transaction is to be very careful that the terms have been properly agreed and you are confident that both parties wish to complete the transaction. Also read the terms and conditions on Escrow's site very carefully, as they are not very clear on cancellation.
All in all I have lost £85 (135 US Dollars including extra interest charges), plus over a month of chasing a pointless transaction.
I hope this information will help other people avoid getting into a similar situation.
Cheers,
Will
<font size=-1>[ This Message was edited by: w_ellis on 2002-07-23 06:22 ]</font>