GUARANTY FUND-HOME IMPROVEMENT GUARANTY FUND-GUARANTEE FUND
Where you aware of the Home Improvement Guaranty Fund set aside by the government to help home owners recoup any money they may have lost by using a home improvement contractor that was incompetent or failed to complete the work as contracted. This fund is set to reimburse you up to $ 15,000. http://www.depotexpo.com
A homeowner who was wrong by a registered contractor can obtain a judgment from the court or if the contractor filed for bankruptcy protection. If you are wondering where the money comes from, you have to know every register home improvement contractor pay an annual fees of $100 into the fund. You maybe eligible for this $ 15,000 from the home improvement guaranty fund if many conditions are met.
The first thing you have to do is to make sure your contractor is register with DCP. That is the Department of Consumer Protection before you sign any type of contract with the contractor or two years from the date you signed a contract with the contractor.
Second, the work has to be for residential properties only. These properties can be single unit or multi family dwelling consist of no more than six units.
Third, if the price you contracted with the contractor for your home improvement is less than $200, you will not be qualified to apply for the home improvement guaranty fund.
Fourth, the government gives you two years after a court judgment is issue against the contractor for you to qualify for this guaranty fund.
Before this guaranty fund is issue to you, you have to show you have tried to collect the funds that were owed to you by this contractor and you were not successful in your attempts. You can have a judgment put against the contractor through small claims court. If the contractor failed to pay you this judgment, then you can apply for the home improvement guaranty fund.
There some services the Home Improvement Guaranty Fund does not cover. These services will include new home you are building, commercial services, sales of appliances, and work you perform yourself.
Once you collect money for the home improvement guaranty fund, you will not have anymore right to sue the contractor. Once you fill out the forms sent it to Department of Consumer Protection, Trade Practices Unit, and 165 Capitol Avenue, Hartford, CT 06106.
http://www.depotexpo.com hopes this information is helpful to help you with your home improvement needs.
