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  • FIRST POST
    • undlou
    • By undlou 14th Mar 18, 2:49 PM
    • 43Posts
    • 22Thanks
    undlou
    stranger to pay me monthly instalments, safe?
    • #1
    • 14th Mar 18, 2:49 PM
    stranger to pay me monthly instalments, safe? 14th Mar 18 at 2:49 PM
    Hello all,

    I have a wedding dress that I am selling to a complete stranger and she has requested to pay monthly installments. Is there a safe way of doing this?

    The total amount is £1,200.

    Much appreciated.

Page 1
    • ratrace
    • By ratrace 14th Mar 18, 3:11 PM
    • 552 Posts
    • 371 Thanks
    ratrace
    • #2
    • 14th Mar 18, 3:11 PM
    • #2
    • 14th Mar 18, 3:11 PM
    dont do it..... ask her to get the money from somewhere, family friends, loans etc...

    you dont know this person, and you have no gaurntee she will pay on time each month i understand you want a sale but trust me dont go down this route
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
    • soolin
    • By soolin 14th Mar 18, 3:11 PM
    • 60,339 Posts
    • 42,994 Thanks
    soolin
    • #3
    • 14th Mar 18, 3:11 PM
    • #3
    • 14th Mar 18, 3:11 PM
    Hello all,

    I have a wedding dress that I am selling to a complete stranger and she has requested to pay monthly installments. Is there a safe way of doing this?

    The total amount is £1,200.

    Much appreciated.

    Originally posted by undlou
    I'm not sure this is entirely the correct board, however, not there's no safe way of doing this without a lot of effort and properly drawn up loan agreements and payment schedules, and even then it could easily be defaulted.

    The only way to do it would be to take the instalments and only when they are all paid, release the dress.
    I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I volunteer to help get your forum questions answered and keep the forum running smoothly. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
    New to Forum? Guide
    • Ebe Scrooge
    • By Ebe Scrooge 14th Mar 18, 3:12 PM
    • 4,127 Posts
    • 3,569 Thanks
    Ebe Scrooge
    • #4
    • 14th Mar 18, 3:12 PM
    • #4
    • 14th Mar 18, 3:12 PM
    Is there a safe way of doing this?
    Originally posted by undlou

    Not really, no. In effect, you are extending credit to the other person. If the person fails to pay, you'll have an extremely tough time trying to force them. Yes, you can draw up an agreement, signed by both parties. Yes, you could ultimately take them to the small claims court. In reality, it would be an enormous headache, with no guarantee of you receiving anything. It's along the same lines as the "I lent some money to a friend" story we see on these forums time and again. My advice would be to steer clear, you don't need the hassle.
    I may not know much about art, but I know what I like.
    • robber2
    • By robber2 14th Mar 18, 3:12 PM
    • 345 Posts
    • 286 Thanks
    robber2
    • #5
    • 14th Mar 18, 3:12 PM
    • #5
    • 14th Mar 18, 3:12 PM
    Of course it isnt.
    • Robisere
    • By Robisere 14th Mar 18, 3:14 PM
    • 2,240 Posts
    • 3,054 Thanks
    Robisere
    • #6
    • 14th Mar 18, 3:14 PM
    • #6
    • 14th Mar 18, 3:14 PM
    The short answer is no. There is no way I would accept payment in that form, from someone I did not know. Even a Standing Order can be stopped.

    £1,200 is a considerable sum: think of it this way - you are, in effect, loaning that amount to someone you do not know. Can the stranger-buyer not obtain a loan? Your choice obviously, but I would definitely not accept this.
    I think this job really needs
    a much bigger hammer.
    • shortcrust
    • By shortcrust 14th Mar 18, 3:15 PM
    • 1,906 Posts
    • 2,802 Thanks
    shortcrust
    • #7
    • 14th Mar 18, 3:15 PM
    • #7
    • 14th Mar 18, 3:15 PM
    You could draw up a contract - you’ll find templates online - but if they don’t pay you’d have to take them to court and even then there’s no guarantee of you getting the money.

    I wouldn’t do it. As ratrace says, get them to borrow from someone who actually knows them. If you’re the last option for borrowing then they’re not a good bet.
    • undlou
    • By undlou 14th Mar 18, 3:23 PM
    • 43 Posts
    • 22 Thanks
    undlou
    • #8
    • 14th Mar 18, 3:23 PM
    • #8
    • 14th Mar 18, 3:23 PM
    Thank you all, I will decline her request.
    • Comms69
    • By Comms69 14th Mar 18, 3:30 PM
    • 2,970 Posts
    • 2,939 Thanks
    Comms69
    • #9
    • 14th Mar 18, 3:30 PM
    • #9
    • 14th Mar 18, 3:30 PM
    You could take something in security for the payments, a car perhaps?
    • p00hsticks
    • By p00hsticks 14th Mar 18, 3:51 PM
    • 6,212 Posts
    • 6,667 Thanks
    p00hsticks
    The only way to do it would be to take the instalments and only when they are all paid, release the dress.
    Originally posted by soolin
    This. Don't send the dress until it's fully paid for.
    • AnotherJoe
    • By AnotherJoe 14th Mar 18, 4:23 PM
    • 9,446 Posts
    • 10,448 Thanks
    AnotherJoe
    Hello all,

    I have a wedding dress that I am selling to a complete stranger and she has requested to pay monthly installments. Is there a safe way of doing this?

    The total amount is £1,200.

    Much appreciated.

    Originally posted by undlou
    Yes there is. One monthly installment of £1200.
    • Robisere
    • By Robisere 14th Mar 18, 6:31 PM
    • 2,240 Posts
    • 3,054 Thanks
    Robisere
    Thank you all, I will decline her request.
    Originally posted by undlou
    Very wise. Let us know if the buyer comes back with the full payment? Or even does not contact you again, which would tell you all you need to know.
    I think this job really needs
    a much bigger hammer.
    • venison
    • By venison 14th Mar 18, 7:51 PM
    • 2,072 Posts
    • 2,205 Thanks
    venison
    As I assume you don't have a licence to offer credit, then not only shouldn't you do it BUT you can't do it.
    Ex Board Guide
    • robatwork
    • By robatwork 14th Mar 18, 10:20 PM
    • 4,307 Posts
    • 4,732 Thanks
    robatwork
    10 monthly instalments of £120 is the way to go. Then send the dress.
    • Mcburneymandy
    • By Mcburneymandy 14th Mar 18, 11:52 PM
    • 1 Posts
    • 0 Thanks
    Mcburneymandy
    No never put your trust in people you don't no
    • sourcrates
    • By sourcrates 14th Mar 18, 11:58 PM
    • 14,064 Posts
    • 13,324 Thanks
    sourcrates
    Hello all,

    I have a wedding dress that I am selling to a complete stranger and she has requested to pay monthly installments. Is there a safe way of doing this?

    The total amount is £1,200.

    Much appreciated.

    Originally posted by undlou
    Hi,

    Are you authorised and regulated by the financial conduct authority ?

    Do you hold a consumer credit licence ?

    I am guessing the answer is no to both, in which case when the customer fails to pay, you do not have a leg to stand on, and you cannot take them to court for non payment.

    Cash or no sale.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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    • Moogles44
    • By Moogles44 15th Mar 18, 12:15 AM
    • 182 Posts
    • 62 Thanks
    Moogles44
    I!!!8217;d keep the dress until she paid or don!!!8217;t at all. She would do better getting it on a 0 percent credit card offer
    If you don’t like a thread or post just move on by.

    Never a need to be ugly
    • Tarambor
    • By Tarambor 15th Mar 18, 3:55 AM
    • 2,874 Posts
    • 2,077 Thanks
    Tarambor
    As I assume you don't have a licence to offer credit, then not only shouldn't you do it BUT you can't do it.
    Originally posted by venison
    Utter rubbish. You don't need a license as a private individual selling something to someone on chuckie.
    Last edited by Tarambor; 15-03-2018 at 3:59 AM.
    • Tarambor
    • By Tarambor 15th Mar 18, 3:58 AM
    • 2,874 Posts
    • 2,077 Thanks
    Tarambor
    Hi,

    Are you authorised and regulated by the financial conduct authority ?

    Do you hold a consumer credit licence ?

    I am guessing the answer is no to both, in which case when the customer fails to pay, you do not have a leg to stand on, and you cannot take them to court for non payment.
    Originally posted by sourcrates
    You don't need a CCL to allow someone to pay for something monthly as a private sale.
    • AnotherJoe
    • By AnotherJoe 15th Mar 18, 9:51 AM
    • 9,446 Posts
    • 10,448 Thanks
    AnotherJoe
    I'd keep the dress until she paid .
    Originally posted by Moogles44
    10 monthly instalments of £120 is the way to go.Then send the dress.
    Originally posted by robatwork

    So the OP keeps her sale on hold for 9 months (say) and then the purchaser wants her money back because she says she cant afford it now?
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