Don’t know if this is ok to post but Studio went into administration this morning.
i presume Mike Ashley will buy it for peanuts when it comes up for sale.
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14/02/2022 15:29
if it has gone into admin i would imagine you dont have to pay? studio …if it has gone into admin i would imagine you dont have to pay? studio probably wont be refunding anyone anymore
I can't be 100% sure, but I think the administrators take on the debts owed by customers, and they then chase people to recoup the money.
Still not paid for all my £4 kasa bulbs from them, should probably settle my account and close it down.14/02/2022 15:40
I can't be 100% sure, but I think the administrators take on the debts …I can't be 100% sure, but I think the administrators take on the debts owed by customers, and they then chase people to recoup the money.
I'll happily pay, I do owe it, just thinking it's not a debt I want stood on file in case something goes wrong transferring it's ownership.
14/02/2022 15:40
I can't be 100% sure, but I think the administrators take on the debts …I can't be 100% sure, but I think the administrators take on the debts owed by customers, and they then chase people to recoup the money.
i am not sure either but you might be right,
but i find funny how studio will not (actually) pay their customers/suppliers if they owed them money, but you still could owe them money...
biggest shark wins? (ok.... baby shark was just playing on bbc news....)
i would not be rushing to pay them lets say, as they might not even record it properly!
id also say its probably not a good idea returning any items back to them at the moment as you probably wont see a refund!
and if you have a voucher, id spend it right now? (edited)
I feel sorry for the employees, but Studio's customer service was administered by a bumbling bunch of idiots. Their Trustpilot rating is atrocious and their Instagram was constantly being bombarded by disgruntled customers.
It was an old company that couldn't modenise. Overpriced tat that relied on old grannies who used them every year for Christmas.
Sadly for studio, these old folk die out eventually.
15/02/2022 03:57
A performing debt is an asset in accounting terms, regardless of the …A performing debt is an asset in accounting terms, regardless of the trading status of the debts' creditor. The administrators will look to sell the assets of a company, including book debt, which may be purchased and serviced by new creditor(s).The proceeds generated by the sale of the debt assets are then distributed to the failed firm's creditors (suppliers, etc).Even non-performing debt can return single-figure percentage of outstanding balance when sold to a new creditor, as some return is better than no return.If you owe Studio a huge wedge, offer the administrator anything over what a commercial debt purchasing company would offer, so you are buying your own debt at a significantly discounted repayment cost.
How wud u get in contact with the administrators and how do u know what a good offer to make to get them to agree x
The customer ledger/debt book for this will be the biggest asset any potential buy (or the administrator) will have. Lots and lots of consumer debt here with a huge portion of their business being done on credit terms. Mail order, high interest borrowings. I am confident that any administrator or new owner, will go after these consumers with vigor. In fact, it's highly probable that the debt book and the mail order site will be sold to 2 different owners. One retail and one potential finance/credit company. I would however advise anyone with an outstanding balance, to continue to pay the balance as it falls due. If you are unable to settle in full, continue to pay what you can as it falls due. Given the comment at the beginning of the thread, please understand you do still owe the balance and regardless of whether or not the company ever trades again, the debt book will be an asset. Failure to maintain your payments will almost certainly affect your credit rating and may result in further action.
Shame. Never had any issues with studio.
Studio have just offered me an increase on my credit limit.
Studio are now back and offering a free delivery on orders over £40.
Use code 030
14/02/2022 14:23
Still not paid for all my £4 kasa bulbs from them, should probably settle …Still not paid for all my £4 kasa bulbs from them, should probably settle my account and close it down.
if it has gone into admin i would imagine you dont have to pay? studio probably wont be refunding anyone anymore (edited)14/02/2022 20:35
I feel sorry for the employees, but Studio's customer service was …I feel sorry for the employees, but Studio's customer service was administered by a bumbling bunch of idiots. Their Trustpilot rating is atrocious and their Instagram was constantly being bombarded by disgruntled customers.
and for the "real" reviews goto reviews.io14/02/2022 17:45
...i find funny how studio will not (actually) pay their …...i find funny how studio will not (actually) pay their customers/suppliers if they owed them money, but you still could owe them money...biggest shark wins? (ok.... baby shark was just playing on bbc news.... [Video] )i would not be rushing to pay them lets say, as they might not even record it properly! id also say its probably not a good idea returning any items back to them at the moment as you probably wont see a refund!and if you have a voucher, id spend it right now?
A performing debt is an asset in accounting terms, regardless of the trading status of the debts' creditor.
The administrators will look to sell the assets of a company, including book debt, which may be purchased and serviced by new creditor(s).
The proceeds generated by the sale of the debt assets are then distributed to the failed firm's creditors (suppliers, etc).
Even non-performing debt can return single-figure percentage of outstanding balance when sold to a new creditor, as some return is better than no return.
If you owe Studio a huge wedge, offer the administrator anything over what a commercial debt purchasing company would offer, so you are buying your own debt at a significantly discounted repayment cost.
Someone posted about it yesterday hotukdeals.com/sha…537 didn't even know it was still going- You can't buy from them at the minute. There website has a message at the top saying they aren't currently taking orders.
Gets me why anyone would shop here, it is literally the bottom of the mail order barrel..
I have a order with them for a ipad which I ordered 4 days ago anyone know what come back I have if the worst happens I paid via PayPal and its awaiting despatch but said it can take 10 days as its sent from manufacturer.- Edit its actually paid with a debit card so I'm probably buggered
15/02/2022 18:03
Edit its actually paid with a debit card so I'm probably buggered
Go to your bank say it’s an unauthorised Trianon your card and get it stopped
Shame never had a problem and got some really good deals
19/02/2022 12:30
Studio have just offered me an increase on my credit limit.
Same here. With my bill.- it seems odd paying a company that is bankrupt and not tatking orders...but people should do whatever is legally required (edited)
Just got one of these emails...
amp.theguardian.com/glo…ley