Selling a boat in installments

[FadeToScarlet]

I'm among the band of fools - I've accepted deposits on boats with legally binding agreements to pay the balance over a set period, and never got the whole balance in either case. Neither of them actually disappeared with the boat, but if they simply ignore all court hearings and after that ignore the bailiffs (or make themselves insolvent) you get to the point where the costs of persuing them outweigh the money they owe. If they ain't got it, you won't get it - but do you really want to somehow then reclaim the boat, sort out the mess they've made of it, and try to resell it?

 

It's been said, but people can have all the intent in the world to pay you the balance when they do the deal, but there are always going to be things that turn up about the boat that they don't like and which then let them come to the conclusion they don't have to pay you after all. A battery dies shortly after they take possession - you didn't tell them that might happen; the sink blocks because of something they put down it - your fault for not telling them that. These weren't what happened to us, but that was effectively the story.

 

If you do go ahead resign yourself to the fact that all you will get out of it is the deposit - if they are honourable and you get the full whack with no aggro look on it as a bonus. If you can do that, then go ahead, otherwise don't

The other thing is that people's circumstances change. They get made redundant through no fault of their own, or marriages fall apart and financial circumstances change, or people get ill and cannot work, or.....

 

You could end up with a situation where you meet the potential payer-in-instalments, trust them completely, they have what appears to be a stable job with plenty of income. You are happy, they are happy, it's all amicable and on good terms. You even have a pint together! The first fee payments go through fine.

 

Then the company that are your hypothetical buyer's biggest customer go bust, and he is made redundant. Or he is knocked down by a bus when crossing the street. Or he is rear-ended by another car and cannot work for months. Or......

 

And, even worse, because you know him and trust him, you feel bad wanting the rest of your money.

 

It can work, very well. But you're taking on the risk for the buyer- if anything happens to them, you lose money and gain plenty of heartache and stress, through no fault of your own.

[zenataomm]

The buyer wants to avoid interest on a bank loan whilst at the same time depriving you of the interest entitled to you for 70% of the value ~ cakes and eating them leap to my mind.

 

You've had 4 pages of spot on advice and still seem to be hoping for an answer that supports what you clearly have made your mind up about, so as you seem to be hell bent on taking the risk I'll offer you 35% of its value.

Being a decent chap I shan't insult your intelligence with vague promises of finding the rest.

[Nestor Espinoza]

This is the boat:

 

http://apolloduck.net/375982/contact

 

Whilton are willing to sell for a £1,500 fee, so if I only get the 30% (ish), 3k, it would be equivalent to the marina selling her for £4,500, which may end up being the price after a few months.

 

Not going for the installments, the whole point of selling the boat is to avoid worries and complications after moving to Norfolk, and as a few people have mentioned, surely something will go wrong and he will argue about the payments every month. It's a 40 year old boat after all, I am pretty handy and can fix almost everything, but someone inexperienced in boats will struggle. Or call me every day to ask how to this or that.

[Nestor Espinoza]

And thanks for the ebay idea, Apolloduck doesn't work very well as I can't list my boat under the most popular categories, i.e. boxy narrowboats. ebay is free, so why not!

[Peter X]

I don't know enough about boats to say whether this boat's asking price is fair, but I'd expect it to appeal to a certain demographic. Namely an individual or couple looking to CC on a very low budget and willing to live on a small boat to achieve that. If boatywooster has no children to accommodate (unclear at the time of writing) it might suit them? We should put these two together.

[dccruiser]

I'm not a lawyer, but my understanding is that with a direct debit the payee controls the transactions, unlike a standing order where it's the payer who's in charge.

It makes no difference as you can go onto internet banking and cancel either a direct debit or a standing order in a matter of minutes.

 

Rick

[Wanted]

I like the look of the boat though

[Athy]

I like the look of the boat though

She is a neat little job, yes. Perhaps the wheel steering might deter some people, but apart from that she is rather appealing.

[Wanted]

She is a neat little job, yes. Perhaps the wheel steering might deter some people, but apart from that she is rather appealing.

Looks to me like it has both?

[Athy]

Looks to me like it has both?

Yes, what I mean is that the wheel could rather get in the way (and I wonder why a boat would have both in such close proximity - if there was dual control, one might expect the wheel to be further forward).

I notice that the rear end shape and details look typically Springer (type of T-stud and shape of tiller swan-neck for example) whereas the pointy end doesn't. I wonder what her history is. The more one looks, the more intriguing the craft becomes.

(Message to self: No, you've just sold a boat, you don't need another one, no....)

[MtB]

Yes, what I mean is that the wheel could rather get in the way (and I wonder why a boat would have both in such close proximity - if there was dual control, one might expect the wheel to be further forward).

I notice that the rear end shape and details look typically Springer (type of T-stud and shape of tiller swan-neck for example) whereas the pointy end doesn't. I wonder what her history is. The more one looks, the more intriguing the craft becomes.

(Message to self: No, you've just sold a boat, you don't need another one, no....)

 

 

The 'rear end' is more correctly known as the 'stern', and the 'pointy end' the 'fore end' or 'bow'.

 

Just thought I'd mention it to assist with your edumacation in all things boaty.

 

 

MtB

[Athy]

 

 

The 'rear end' is more correctly known as the 'stern', and the 'pointy end' the 'fore end' or 'bow'.

 

Just thought I'd mention it to assist with your edumacation in all things boaty.

 

 

MtB

I crave your indulgence, Sire. I should have said "blunty end".

[MtB]

I crave your indulgence, Sire. I should have said "blunty end".

 

No, 'fat end' would be more appropriate and elegant...

 

MtB

Edited March 3, 2015 by Mike the Boilerman

[John Williamson 1955]

 

About the cheques, if you have a bounced one on your record in Chile you can't get any credit or even open a bank account, and you can easily be taken to court (without a lawyer, I believe it is like small claims courts here) and the court may order the confiscation of whatever they find in your house to pay for the cheque.

In the UK, the rules for cheques are totally different to most other countries. A bounced cheque here is a civil matter, not criminal,unless fraud can be proven (e.g. Deliberately writing a cheque when you know it's not going to be paid by the bank, which is hard for even the police to prove) and as has been said, the only problem for the writer is that they are charged a fee from the bank, and a minor black mark is put on their credit score, which the writer probably won't care about if they've closed the account or don't have enough in it to pay the cheque on the due date. The rules now in effect forbid post dating a cheque, and any cheque that exists can be presented to the bank for cashing, irrespective of the date on it, as long as it bears the appropriate bank account number and signature on it, so even if he agrees to post date half a dozen cheques, you can legally expect the bank to pay out tomorrow, if there are sufficient funds in the account, which appears to be the rub. Also, if you accept a cheque for the whole amount, wait until it has fully cleared by both banks, or you take a chance that you'll discover the hard way that what your bank consider to be a cleared cheque is not necessarily equivalent to cash in your account, and the amount may be removed from your account after it has been credited. This video explains the process.:-

 

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/

 

ETA. She's a boat that Whilton would be able to easily sell without ever having it at their marina, as long as she's on a mooring that can be transferred. If you're on a CRT or private mooring, then you will need to talk to your mooring manager, if you're CC'ing, then you may have a problem selling now that mooring rules enforcement in London is being increased. The season for wannabes buying a boat in London for cheap accommodation is about to start again.

Edited March 3, 2015 by John Williamson 1955

[Tam & Di]

 

No, 'fat end' would be more appropriate and elegant...

 

MtB

 

We cognoscente know it as the arse end.

[MHS]

It's a nice looking boat.

 

As I mentioned, put it on Ebay and give it a go.

 

On Apolloduck, what's so wrong with listing it under narrowboats? Ok it's not a narrowboat, but but only in style. A lot more people will see it if you change the ad.

 

Good luck

[Alan de Enfield]

Adding to the facts about cheques :

 

The definition and use of cheques are covered by The Bills of Exchange Act 1882, and the Cheques Acts of 1957 and 1992. The Bills of Exchange Act 1882 defines a cheque as a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries.

 

Cheques are not, and never have been 'legal tender'. It is a 'request' to pay the cheque holder an amount, but not mandatory.

 

It is also illegal to 'insist' on payment by cheque - ie your local Chinese can demand you pay by cash or card and refuse your offer of 'payment by cheque or I'm not paying'

[Athy]

 

No, 'fat end' would be more appropriate and elegant...

 

MtB

I stand corrected. I should have asked where it was parked, too.

[Nestor Espinoza]

The boat was made by Fred Boddy in 1974, probably meant as a weekend cruiser and not a liveaboard. It had dual controls where it made sense then, there was a driving seat inside the cabin towards the bow. Originally it was a convertible, or whatever the nautical term is , and the front half of the roof could slide over the other half. In that configuration the driving seat would have been brilliant.

 

At some point someone sealed the sliding roof and installed a solid fuel stove (the chimney prevents the roof from moving). That kinda killed the appeal of the inside helm, and it also took too much space, so I moved it outside. I don't know, it just fitted my idea of a boat, the tiller feels odd, but a rudder wheel is more like what you see in the movies, you know, stormy seas, holding onto the wheel as wave after wave sweep the deck.. I still haven't experienced a storm like that, but I Iooooove driving standing on the deck holding that wheel.

 

At some point I thought about moving to King's Lynn's area on the boat, but with a couple of hundred pounds more per month over the cost of a mooring you can get a flat, or even a house, with much more space. If I had a 45' maybe, but while this boat has been a lot of fun, it requires compromises I can afford to avoid now.

 

Still very tempted to keep her and move her slowly to the north, as a base for hiking trips perhaps. I still haven't done the Llangollen Canal, and it just has to be done.

[junior]

It's a habitable boat.

It's in London.

It's under £10k.

 

Advertise it properly (eBay and Apollo Duck under 'Narrowboats') and it will sell.

[Athy]

Thanks for the history - it is an intriguing boat.

 

There are cheap mooring available in the Middle levels, either bankside or at Bill Fen marina who have not raised their prices for years. This assumes that you want to be within commuting distance of Lynn.

[Nestor Espinoza]

I'll take my motorbike there one of these days and explore the marinas, I have a couple phone numbers to call. If a mooring came with some land to put up a shedor two, I might think about it. Commuting is not a big issue, any excuse to ride is good!

[zenataomm]

I think it's an intriguing boat and must be very attractive to the beginner end of the market for so many reasons. I really like it.

 

Sadly the army of Continuous Moorers in London will not be aware of the proposed lack of tolerance proposed by CRT, and even if they, are probably won't pay much attention, so it's definitely in the right place. I'd much rather towpath hop in your boat than some of the Normans with a pallet and plastic sheet shed built over the cockpit type House Boats that do sell in London.

 

It's not a narrowboat because there's no such word as narrowboat, it is however a narrow boat and you should proudly advertise it as such.

Nice piece of modern history that.

[Giant]

No, 'fat end' would be more appropriate and elegant...

 

We have two of those. Which way are we supposed to move?

[matty40s]

i would be happy to sell this boat in installments.

 

 

You pays a third, you get a third...

Edited March 3, 2015 by matty40s