Rebate processor goes out of business taking your rebates with it

rebatesAs if you needed another reason to be wary of rebates, one of the largest rebate processing companies, Continental Promotion Group, just filed for bankruptcy. CPG, more widely known as RebateStatus.com, no longer has enough money to cover the rebate checks it has been processing. This means if you have a rebate check from the company, you shouldn't try and cash it unless you care to be hit with a NSF fee when the check bounces.

RebateStatus.com handles rebates for many companies including:
  • Costco
  • Newegg.com
  • Canon
  • Logitech
  • Home Depot

Dealnews.com has a more complete listing of retailers whose rebates may be affected by the bankruptcy filing as well as advice on what steps to take to ensure the best chance that you'll get your rebate money. The site recommends anyone holding an affected rebate keep the check and documentation safe until CPG makes a formal announcement.

If you have a rebate that is affected don't give up, even if CPG goes under and the manufacturer doesn't step up, you may still have an option. A well-crafted letter to well-known companies or a trip to the Better Business Bureau could bring some closure on a case by case basis. Finally if you're out of options, try going straight to the store that advertised the rebate to see if they will take pity on you in the form of store credit for the rebate amount.

While rebates used to be popular amongs retailers and consumers alike, many companies such as Best Buy have stopped using rebates due to consumer complaints. It's no wonder that consumers are upset: The entire rebate process is designed to increase breakage or unfulfilled rebates even when consumer appear to meet every requirement. While it is sad to see consumers cheated out of rebates, there won't be many tears shed for the death of a rebate company.

If only RebateStatus.com had filled out the form in BLUE ink and sent in the original proof of purchase; they might still be in business.

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