Payments from a trader into my account

[Moondog]

I might well sell my motorhome and i have received  a reasonable opening skirmish from a trader.Said trader also sells cars and is of very good repute. Plan is to sell motorhome,buy car andhave balance given to me.

I know the proceedures that have to be gone through if I wish to buy something but now we have the reverse.The sum is about £10,000.Am i expected just to accept a cheque?Is a draft any safer?Can i ask for the cash to be Switched into my account?

Any ideas.

N

If there is a section of the board that pretends cars do not exist then a moderator can gladly put it there. 

[Lonewolff]

I might well sell my motorhome and i have received  a reasonable opening skirmish from a trader.Said trader also sells cars and is of very good repute. Plan is to sell motorhome,buy car andhave balance given to me.

I know the proceedures that have to be gone through if I wish to buy something but now we have the reverse.The sum is about £10,000.Am i expected just to accept a cheque?Is a draft any safer?Can i ask for the cash to be Switched into my account?

Any ideas.

N

If there is a section of the board that pretends cars do not exist then a moderator can gladly put it there. 

To answer your questions ...

I wouldn't accept a cheque

Bankers drafts are like cheques but drawn on an account of the bank so guaranteed (well as close as you can get really, it would take a lot for a bank not to have the available funds to honour a draft) to clear as the money is taken from the persons account and put into a holding account of the banks when the draft is drawn up. This is the way most large-ish purchases go.

You could have money transferred into your account. BACS transfer between banks usually takes 3 working day but can take up to 5.

I think asking for a bankers draft would be the most sensible idea.

[rafletcher]

Agree that a bank draft is a good idea - or else a BACS transfer. Trader usually take drafts, and as it's a guranteed payment you can take your good immediately. Using BACS I'd guess you would want to wait until the funds cleared into your account before parting with yr motorhome. Ask the trader what he prefers to do.