1200 paid in instalments

coconutcurls

I am selling an item and asking for 1200, the person interested is a stranger I met online (older lady pensioner + before becoming a pensioner didn’t work for about 12 years due to health related reasons so I don’t know if she receives PIP too) 
We spend the whole morning talking at mine and I know where she lives, not far from me. 
Basically she offered to pay 100 per month by direct debt. I could sell to somebody else who could perhaps pay full price but because of this lady’s story I would like her to have it. 
I trust she would pay but there is nothing to protect me from not receiving payiment over 12 months in case something goes wrong. 

What would you do?

london21

Personally, I would not.

Will like to sell and move on.

But hearing her story, empathy etc has influenced your decision. 

Hopefully she pays over the 12 months as agreed, but what if she doesn't are you ok with it?

sheramber

Is it something she is still likely to be using in 12 months or will it be of no use by then, or fed up of it?

Can she afford £100 every month? That is a lot of money for somebody on a basic pension.

Even with a written agreement you cannot get money from someone who has none.

coconutcurls

@london21 @sheramber

I am confident she will not lose interest and it will improve her life

Something ocurred to me: my daughter wants a macbook which is sold at JL at 1249 or interest free instalments - 69.38 over 18 months or even less over 24 months. 
Providing JL accept her for the loan - would it be a good idea she buys the macbook for my daughter as a gift and pays out of her own bank account whichever way she wants,  this way if she defaults it doesn’t affect me. 

The only problem I see is me needing proof of purchase etc for warranty purposes….is there a way around it?

Annisele

I think it's a very bad idea to involve your daughter in an arrangement you want to make with a complete stranger.

It's also impossible for her to pay you by direct debit. I suspect you mean standing order, but the rules around those are quite different to direct debit.

I suppose you could ask for post dated cheques, but they're perhaps the worst of both worlds. She has very little protection against you paying them in early, and you have very little protection against her cancelling the cheque.

Is this something that could break down, or easily be damaged? If so, she may lose motivation to keep paying - and she might even think you sold her a dud item on purpose, and so she'd be morally in the right not to pay.

Personally, I'd only do it if I was comfortable gifting the item to the stranger. If I couldn't afford to do that, or would be in any way upset if I didn't get paid, I'd just sell the thing to somebody who could afford it.

Savvy_Sue

I don't think I'd want to do it either. There are all sorts of reasons why she might stop paying - unwell, unable to afford £100 with unexpected bills, just not coping with money any longer. 

If you decide to go ahead, you need a signed loan agreement: then at least you'd have some claim against her estate in that eventuality - but what if she's got no money at that point? Or her executors just don't engage with you? 

coconutcurls

Annisele said:

I think it's a very bad idea to involve your daughter in an arrangement you want to make with a complete stranger.

It's also impossible for her to pay you by direct debit. I suspect you mean standing order, but the rules around those are quite different to direct debit.

I suppose you could ask for post dated cheques, but they're perhaps the worst of both worlds. She has very little protection against you paying them in early, and you have very little protection against her cancelling the cheque.

Is this something that could break down, or easily be damaged? If so, she may lose motivation to keep paying - and she might even think you sold her a dud item on purpose, and so she'd be morally in the right not to pay.

Personally, I'd only do it if I was comfortable gifting the item to the stranger. If I couldn't afford to do that, or would be in any way upset if I didn't get paid, I'd just sell the thing to somebody who could afford it.

The bad idea you mean the deal with the macbook and John Lewis? My daughter is a teen, she wouldn’t get involved. I receive the laptop and the lady pays JL.  
Everybody wins. 

Agree that any other way is not feasible. 

She inpected the item at lenght and is completely satisfied. 

I will phone JL and ask about third party guarantee but I am sure that if I needed to involve the lady in case to use the warranty that would not be a problem. 

Ditzy_Mitzy

Can you afford to lose £1,200?  If so, by all means give the item to the old woman and hope that she makes the payments as demanded.  She might, which would be the ideal outcome, or she might not, and you can write the whole thing off as a bad job.  Are you prepared to accept doing that?  

If not, there's nothing to stop you setting up a plan to pay in instalments (without interest, presumably) and writing a proper contract for the buyer to sign.  That gives you proper protection in the event of non-payment and will give you a cast iron case if it becomes necessary to sue the buyer.  Would you be prepared to do that?  You will have to if you can't afford to lose the money and the old woman fails to cough up.  

The bottom line is that one shouldn't become emotionally invested in business transactions.  You are offering something for sale on the open market and owe nothing to anybody, other than the goods in exchange for the price agreed.  Save yourself the potential heartache and just sell whatever it is to the first in the queue with the requisite cash in his/her pocket.  You mention liking the pensioner's 'story'; unfortunately, stories are often just that.  Life's storytellers are, in my experience, storytellers for a reason.  Straight shooters, on the other hand, don't have a 'story', they simply pay up and never bother you again.  It is sensible, therefore, to look for one of them to deal with.  

Oh, and for the love of God forget the nonsense about the Mac Book laptop.  

Snuggles

Sorry, but this comes across as though you are trying to con an old lady into buying a Mac Book for your daughter. Terrible idea.

coconutcurls

Snuggles said:

Sorry, but this comes across as though you are trying to con an old lady into buying a Mac Book for your daughter. Terrible idea.

nope I much prefer she pays me cash - full amount - and takes the item

this is more like me helping her have the item and pay smaller instalments to a neutral party - - since the macbook is what I would be buying with the cash anyway - although if I had the cash I would choose a slightely cheaper one - my daughter will be lucky if I go ahead with the deal

funny how you never thought that it sounded like the lady wanted to con me!

do you believe con artists go to public forums to showcase their plans?

coconutcurls

A part from the warranty issue - if anyone could explain other reasons why  the macbook is a terrible idea I would love to hear

I can sell the item to somebody else, but it would be nice for this lady to have it - I believe her story