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I put a $3000 deposit down on a $4000 item on January 5th and

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I put a $3000 deposit down on a $4000 item on January 5th and still have not received the item. The company I "purchased" this from told me I would have the item at the end of January. They have offered to give me my deposit back, but am I entitled to any interest since they have had my money for so long? If I am, where can I find the documentation to back it up when I go retrieve my deposit? Thankd
Jeff Lyons
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.

Kirk Adams : Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question. I'll be glad to help.
Kirk Adams : Unless you have a written agreement to this affect, you wouldn't have a legal right to interest - unless your deposit was placed into an interest bearing a count until the transaction is processed.
Kirk Adams : If the deposit was places in an interest-bearing account, you could claim you're entitled to the interest your money made and that the business would be unjustly enriched if it were allowed to keep the interest made.
Kirk Adams : Unjust enrichment is an equitable claim that basically means someone can't profit (be enriched) without earning it. But, your likely have to sue to seek the interest as the business likely wouldn't voluntarily turn this over - and this is all assuming the money made some interest.
Kirk Adams : Also, you're not talking about a large amount of money at issue, so it would likely not be reasonable to sue for interest as you'd spend more trying to get the money than you'd be looking to recover.
Kirk Adams : In California, the legal rate if interest is 10% per year, so the interest on $3000 would be $300 for a year, or $25/month.
Kirk Adams : For 6 months, you'd be looking at $150.
Kirk Adams : But the first thing is to see if the money has gained any interest. If so, you could claim that interest under unjust enrichment. If not, you would not have a legal right to seek it from the business.
Kirk Adams : I hope this answers your question, but if you need something further, please don't hesitate to ask. Thanks.
Roger, Attorney
Category: Legal
Satisfied Customers: 27248
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Roger
Roger
Litigation Attorney
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BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters