Aisha Al-Muslim

speaker

61 appearances 1 recordings 1 series first heard Jun 2020 last heard Jun 2020

Aisha Al-Muslim’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Time Is Running Out to Use Gift Cards From Bankrupt Companies · 11 Jun 2020 podcast

If not, here's a way you can file a claim.

The thing that retailers do say is that once they sell a gift card, it's hard to know who has that gift card.

Because let's say if I buy a gift card for my mother, my mother could use it.

Maybe not.

Maybe she gives it to someone else.

And then at that point, they don't really know who is the holder of the gift card.

So it becomes hard to find out how they should notify people and who should they notify exactly because they don't know who is the end person that has that gift card.

Consumers that didn't get to use their gift cards in time before a retailer went out of business, they can try to file a claim in bankruptcy court.

The problem with that is that they may not get any money for it.

Just because a lot of times we're talking about gift cards that are $25, $50.

And in bankruptcy, there is essentially a waterfall when it comes to how claims get paid.

Now, the secured creditors are the ones typically like the banks, the big lenders of a company who get paid first.

And they're the ones that take money out of the pool of money that's available first.

and then you start going down the line of who gets paid.

Now, gift card holders are essentially considered unsecure creditors, and that means that they will have to wait a lot longer to hopefully get paid.

And if they do get paid, they may get cents on the dollar.

And even then, they may have some issues of getting the money because sometimes going through the process of processing the claim will cost more than the actual amount that a person gets.

And because of that, their claims may just get dismissed and not paid because it's not worth it.

Right.

The time to act is quickly.

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