Cash is king?...

facade

Belenus said:

Please tell me that she banks the cash and doesn't have £10,000 in notes.

People do save cash, especially if they think that they may ever need to apply for any sort of benefit, very galling that the people who just spend all their money on gambling, drugs, alcohol etc. get immediate access to all the means tested benefits, whereas anyone sensible, who worked hard to save a little and went without those pleasures is told to use their savings first before they get anything.

I suspect people with shoeboxes of cash is the real reason we continually change the banknotes to render their shoebox worthless unless they quickly pay it into the bank so the Government can see it

neilmcl

maxmycardagain said:

David713 said:

AdrianC said:

And, yes, just pay the flippin' cash into the flippin' bank.

The only problem with doing that is that paying in such a large amount of cash might well end up triggering money laundering checks, especially if no similarly large amounts have ever been paid in before and in the worst case, could see the account frozen for a while.
Even if it's broken down in to smaller amounts, multiple cash deposits over a relatively short period might have the same effect.

I know it might not happen but it's worth thinking about.

Plus..........its a trip into town to bank it, then drive 150 miles each way to view, then the same to collect

jeez

Err, why.? If the money's in the bank then you can use your bank debit card or bank transfer, why are you making this so complicated. 

GrumpyDil

Unless it's something really special I'd be looking to buy locally. As Adrian pointed out if you're buying for aftersales support if anything goes wrong you're going to have to take it back to the original seller or get involved in arguments about them needing to collect. Really not worth the hassle. 

David713

facade said:

I suspect people with shoeboxes of cash is the real reason we continually change the banknotes to render their shoebox worthless unless they quickly pay it into the bank so the Government can see it

There is normally no need to do anything quickly with notes that are going to be changed. Take the "new" polymer £20 notes for example.

They were first issued in February 2020 and the old style paper notes are still valid and when the B of E do decide on a date for removing the old notes, they have stated that they will give 6 months notice.
This means that even if it was to be announced tomorrow that the old notes were going to be withdrawn, there would have been 20 months from the date of the new notes being released to get rid of the older notes if you had a shoebox full of them.
It was a shorter period with the £10 notes but even then, there was still 6 months from the issue of the polymer notes to the date in which the paper notes ceased to be accepted in shops.

maxmycardagain

neilmcl said:

maxmycardagain said:

David713 said:

AdrianC said:

And, yes, just pay the flippin' cash into the flippin' bank.

The only problem with doing that is that paying in such a large amount of cash might well end up triggering money laundering checks, especially if no similarly large amounts have ever been paid in before and in the worst case, could see the account frozen for a while.
Even if it's broken down in to smaller amounts, multiple cash deposits over a relatively short period might have the same effect.

I know it might not happen but it's worth thinking about.

Plus..........its a trip into town to bank it, then drive 150 miles each way to view, then the same to collect

jeez

Err, why.? If the money's in the bank then you can use your bank debit card or bank transfer, why are you making this so complicated. 

Money cant walk to the bank, shes got to take it...
then 150 miles to view a car (which she may buy) 150 back
then 150 to buy the car and 150 for it to get back...

maxmycardagain

Belenus said:

Please tell me that she banks the cash and doesn't have £10,000 in notes.

Why? is it illegal to hold that amount?
Dont worry about security, they have a pack of ravenous GSD as pets

and a safe

maxmycardagain

I once advertised a car for sale and was sent a cheque, which i banked..
The cheque cleared and that instant my phone rang with an unknown London number, i didnt answer
Next day the payment from the cheque was reversed. a week later the police called as the cheque had been stolen from a London office (they suspected cleaners of doing it)
I can guess the call was to collect the car
The cheque arriving from Lagos was a bit of an alarm bell
Who would guess that a cleared cheque/funds available could bounce..

maxmycardagain

GrumpyDil said:

Unless it's something really special I'd be looking to buy locally. As Adrian pointed out if you're buying for aftersales support if anything goes wrong you're going to have to take it back to the original seller or get involved in arguments about them needing to collect. Really not worth the hassle. 

I spent £20,000 on a brand new Citroen van back in 2008, the warranty through dealers was dire, it broke down monthly, i was glad to hand it back on a VT of the finance

Ganga

maxmycardagain said:

I once advertised a car for sale and was sent a cheque, which i banked..
The cheque cleared and that instant my phone rang with an unknown London number, i didnt answer
Next day the payment from the cheque was reversed. a week later the police called as the cheque had been stolen from a London office (they suspected cleaners of doing it)
I can guess the call was to collect the car
The cheque arriving from Lagos was a bit of an alarm bell
Who would guess that a cleared cheque/funds available could bounce..

I had a friend who sold his car to a garage ,he banked the cheque and waited 3 /4 days and asked if it had cleared ,told yes so gave the garage the car and the paperwork ,bank called ,the cheque had bounced ,went to garage ,closed and gone bust ,bank said not our fault ,lost car ,gutted but nothing could be done.

[Deleted User]

All this about having huge sums of money that no one wants to touch in case it is dodgy is just nonsense. Walk into any dealer with £10K in used notes and they'll be quite happy to take it off your hands.

And paying it into a bank will end up with your bank account frozen is bull too. As long as you can account for it e.g. wages paid in cash, then there shouldn't be any problems.