Payment Options

Gerry.L

Ok so I need something thats fair for the seller and fair for me.

Im buying a product from a chap the other side of the country. Unfortunately I dont have all the cash up front..... and since the bank have stopped giving out loans Im kinda screwed

The seller is happy to take half the cash up front... and then 200 a week into his bank account for the next few months until its all paid off.

However if he gives me the product when I pay half the cash, whats stopping me from disappearing with a half-paid-for product.

And I dont fancy meeting up at a half-way point in the middle of the country and handing over a few grand cash to a complete stranger and then not get anything back.

What are my options?

jor el

I don't think you have any real options here. You can either take a huge chance, and trust him with your money until you have the item paid for, or don't buy it at all.

The only secure and safe way to proceed with this arrangement would be to hire solicitors and draw up a contract. The solicitors would then pass the money between each other (like and escrow) until it is all paid for. This would be well expensive, and not something I'd recommend.

You really need to get all the money together before you buy.

Gerry.L

jor el wrote: »

I don't think you have any real options here.

You really need to get all the money together before you buy.

I was really really hoping that wouldnt be the case Thanks for the input jor el

Emmm this really is a longshot (hey Im desperate, what can I say ), but in assets (collateral) I would have 10 times the amount needed. Is there any organisations that would give me the cash and they could hold onto my assets until I paid back? Id be looking for around 10,000.. I could comfortably pay back at a rate of 200 a week, could stretch to 300 if need be.

dudara

Moved to Online Buying & Auctions

dudara

91011

Gerry.L wrote: »

I was really really hoping that wouldnt be the case Thanks for the input jor el

Emmm this really is a longshot (hey Im desperate, what can I say ), but in assets (collateral) I would have 10 times the amount needed. Is there any organisations that would give me the cash and they could hold onto my assets until I paid back? Id be looking for around 10,000.. I could comfortably pay back at a rate of 200 a week, could stretch to 300 if need be.

There is a pawnbroker in merrion square or thereabouts that does deals like this. (higher end product & discreet) - http://www.borronow.ie/borro/Main/Home.htm but interest rates are 6% per month.

But in reality the safest way is to have a simple purchase agreement drawn up and he brings the item to your house, you pay him 50% and then either via paypal or other means pay monthly as agreed.

He is safe in knowing where you live and can have in the agreement that he can take back the item until paid in full (retention of title)

the groutch

if it's worth 10 grand I'd definitely have a solicitor draw up some sort of contract so that both parties have something in writing if anything goes wrong. It should include a definite timeframe for repayments, and proceedure for if you can no longer make repayments.
I'd also recommend using a payment method where you have proof of the repayments, so should there be any issues, the seller can't claim you didnt make any payments.