Returning A deposit!!

john jameson

Hi all im hoping you all could give me some advice on where i stand with returning a deposit... A little history .. i placed an item for sale online .
A person agreed to buy the item at agreed price . i placed the item aside pending payment .. i recieved a deposit from buyer as the buyer was going on a short break i agreed to deposit i was promised balance on return from break away.. 3 weeks later i contacted buyer to remind them to pay balance .. i was told a issue had arose and the balance would be delayed i agreed to a little longer ... i messaged buyer agen after 3 days i was told that the following Friday id have my balance its now wednesday still no correspondence and no balance ...
buyer agreed to buy on the 25/july its now 4/aug im tired of waiting and have a potential buyer lined up agen ..
Now my question is if the deal fall trough where do we stand with the deposit ???
Am i obliged to return it even after the agreed ed dates have passed ..
i will message buyer one more time with one more deadline if its not met thats it deal gone!!

ytpe2r5bxkn0c1

Are you selling as a business or an individual?

john jameson

Not a busness ... Just a private sale between 2 individuals its an object i no longer have use for !! lets say an expensive ish pair of binoculars just as an example..

antix80

You sold it but you expected to be paid straight away. A reasonable assumption in personal sales.

He said he couldn't pay straight away but asked you to hold item until a certain date in exchange for deposit.

The date passed. No sign of the rest of the cash.

Tell him you have an alternative buyer lined up and he has 24 hours to pay the balance or you'll return his deposit (assuming funds have cleared).

ytpe2r5bxkn0c1

If you have another buyer why would you not return the deposit.

john jameson

and if buyer agrees to 24hr deadline and still fails ?????

Sonny noggs

Sounds like you are looking for any excuse to keep the deposit. Morally dubious.

john jameson

Devon Green Weight wrote: »

If you have another buyer why would you not return the deposit.

But my question is am i obliged to return the deposit!! Yes + explanation or
no + explanation

antix80

If you didn't suffer a loss you really shouldn't keep the deposit. You're not a shop, you didn't order in stock, you don't issue credits...

Learn your lesson and in future ads specify that payment must be upfront.

john jameson

Sonny noggs wrote: »

Sounds like you are looking for any excuse to keep the deposit. Morally dubious.

I more than likely will give it back !! but would like to know if i am under any obligation to return it !!

john jameson

antix80 wrote: »

If you didn't suffer a loss you really shouldn't keep the deposit. You're not a shop, you didn't order in stock, you don't issue credits...

Learn your lesson and in future ads specify that payment must be upfront.

Must keep that in mind in any future sales ... no more deposits too secure .. first come first served etc...

punisher5112

Are you using say eBay and PayPal?

If auction the buyer has only so long to pay or consequence from eBay.


Contact them once more, if not sell sell sell

ytpe2r5bxkn0c1

john jameson wrote: »

But my question is am i obliged to return the deposit!! Yes + explanation or
no + explanation

This is Consumer Issues and you're not the consumer but you're not a business either. You suffered no loss, so should return the deposit. Unless of course you have written proof that the deposit was non refundable - which I doubt you have.

john jameson

Devon Green Weight wrote: »

This is Consumer Issues and you're not the consumer but you're not a business either. You suffered no loss, so should return the deposit. Unless of course you have written proof that the deposit was non refundable - which I doubt you have.

yep no written proof of non refund .. i will message buyer with a deadline and wait to see . lesson learned no more deposits taken ..

L1011

Not a consumer issue