payment in installments

[dogtired]

We have a young Friend who wants to buy our boat off us but in installments.
The other half is all for it but I have alarm bells ringing, I do admit we need the money but what happens if...
a) he manages to damage it after a week or two or he changes his mind
b) he "forgets" to pay than rely on him remembering to pay us and its still not clear how he intends to do this as he is always grumbling he has no money
c) he says he will take over the payments for where it is kept but could I do it, currently up to date on month payment on this
I could go on I don't think it will work hes young and reckless I would rather advertise it and take a small loss than him remembering!
I think really I have answered this myself but can some one tell me I am right then I can show the OH!
DT

[CleverClogs]

Re: payment in installments

Would your friendship be likely to survive your suing him and then enforcing the judgement?

Can you get some security from him that he may need later (such as his motor-car or his testicles) which you will return to him once he has completed payment for the boat?

[Caspar]

Re: payment in installments

Or perhaps, don't know whether you've considered this, let him pay in installments but don't hand over or give access to the boat until every last penny has been paid. Perhaps first half non-returnable so you can spend it. Second half returnable and placed into a safe deposit account in case he changes his mind.

[dogtired]

Re: payment in installments

Thank you both, other half has just left with message to him he either does as Casper advised or he gets a bank loan or his parents act as a guarantee.

[cymruambyth]

Re: payment in installments

Wise decision, even if everything was being paid there would have suspicion/worry clouding your friendship.

[CleverClogs]

Re: payment in installments

Wise decision, even if everything was being paid there would have suspicion/worry clouding your friendship.

True.

Another point to consider is that if the buyer surrendered his testicles as security, they might not fit properly when they were returned.

[dogtired]

Re: payment in installments

Well just had a call from OH he is a bit upset about it but at least we still stay friends he is going to look into either saving (to prove he can) or takijng a loan
------------------------------- merged -------------------------------

True.

Another point to consider is that if the buyer surrendered his testicles as security, they might not fit properly when they were returned.

he may need them having just got a new girl friend!

[The Debt Star]

Re: payment in installments

True.

Another point to consider is that if the buyer surrendered his testicles as security, they might not fit properly when they were returned.

ha ha. he'd look a total anchor if he did.

[dogtired]

Re: payment in installments

he backed out already reckoned he would not get a loan.

[CleverClogs]

Re: payment in installments

he backed out already reckoned he would not get a loan.

Perhaps he knows his nuts aren't big enough?

[dogtired]

Re: payment in installments


You are a case!