OT: Guaranteed payment without payment

le to cash/pay in if necessary, but most likely won't want to cash it at an y time. I'm trying to remember how this was done... cheque with card number that I don't pay in unless necessary? How can it be done?

AIUI a cheque alone is enough basis to get judgement in the small claims tr ack. But a judgement is not collection, and £250 is often not worth th e effort required to collect.

Debit/credit card details could be used for payment later, that might do. W e use paypal for CCs.

NT

from the bank rather than from the individual to be unstoppable.

cashed, or am I wrong there?

No they can't, borrowing is at limit due to a situation I won't go into. Bu t due to having income it's being paid off & the bank is happy to lend them more down the line. If payment can occur in 6 months I'm fine with that.

NT

That seems to me to mean the bank does *not* consider them creditworthy at this time for the extra £250 in which you are interested.

The only thing I can offer is that you look at this in terms of risk rather than an absolute guarantees. You are seem willing to lend the stuff and risk that you'll have to sue - or write off - the difference between £250 and what it's worth in order to get the profit on the hire. So you could take the additional risk of not having a deposit or guarantee and charge more for the hire. (The greater the risk the greater the prospective profit needs to be.) But you would of course need to be able to bear the potential total loss.

Sorry if that is teaching granny but I don't see how you can manufacture a guarantee of payment from someone who has exhausted their current lines of credit. (Well not in the real world where I don't think you'll find a commercial provider of a bond for £250 for 6 months at a price the person is likely to be able and willing to pay.) -- Robin reply-to address is (intended to be) valid

e from the bank rather than from the individual to be unstoppable.

s cashed, or am I wrong there?

. But due to having income it's being paid off & the bank is happy to lend them more down the line. If payment can occur in 6 months I'm fine with tha t.

yes, but they expect to soon. Since they have an income I can live with tha t.

You're quite right in that it's risk versus reward. Since there's no guaran tee I've decided to live with a level of risk, given that the profit should soon make the £250 look small. If it all goes wrong I'll be chasing t hem for more than £250, but have decided it's worth it.

Thanks to everyone that has helped to explain the situation.

NT

Simple. You either do want payment or you don't want payment. If you want an I.O.U. then you accept it based on it won't be paid but it's a "token of payment" as in you're content that the person you're funding had the intention to pay for which a cheque will suffice.

In other words you're providing charity without the recipient ever feeling like they're in some way taking charity so they still maintain their "dignity".

Or you take cash and don't hold them to ransom.

As the lady of the house says, only lend stuff that you're happy to never see again. Lending is giving, if it gets returned its a bonus.

I've just been reminded that you used to be able to write a cheque on anything[1] so if a cheque was written on a fence post I reckon that'd be a "post-dated cheque" :)

ISTR hearing of them being written on cows. I think it's still possible to write your own cheque rather than relying on bank printed ones. But I wasn't aware until this thread that you could issue your own money and sell it.

NT

Was this the same guaranteed cheque method which you couldn't remember "how it was done" ?

Well this thread seems to have served some purpose at least, if its brought back all these "recovered memories" of yours.

michael adams

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Yawn. Bye

Stone me.

First you said you "were trying to remember how this was done"

In answer to somebody else, I suggested your recollection might have been incomplete

In answer to which you suddenly remembered that "last time a guaranteed cheque was used"

I'd probably get more sense out of a five year old.

michael adams

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I don't know what it is but some people just want to be stupid. I have litle time for that. I don't plan to continue this brainless discussion.