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Payment Plan Contract
Posted: Fri Oct 02, 2015 3:51 pm
by Dubby
Hopefully somebody on this board could help me with writing up a payment plan. If I am selling something (my car) to someone (another student) and they want to pay over time, obviously we should write out a plan and sign it. My question is whether or not this is enough to make it legally binding in case they stop paying or something. Must a contract like this be notarized? Or are our signatures enough?
Re: Payment Plan Contract
Posted: Fri Oct 02, 2015 4:04 pm
by Three Valves
Dubby wrote:...obviously we should write out a plan and sign it.
No, obviously, they need to cash a Visa check and give you the purchase price and they can pay off Visa, or get the $$ from their 'rents.
Otherwise;
NBT (Nothing But Trouble)
Re: Payment Plan Contract
Posted: Fri Oct 02, 2015 4:36 pm
by Dubby
....I feel like an idiot. That thought didn't even occur to me. Thanks.
Re: Payment Plan Contract
Posted: Fri Oct 02, 2015 4:47 pm
by Tom
Bad idea.
If your "buyer" wants a payment plan, have them do it through a bank (loan) or through their credit card. The buyer will then pay his installments like he needs to, but YOU get paid in full, up front, and YOU don't have to worry about if you'll get paid in another 6 months or not.
Pretty much what Three Valves said.
Re: Payment Plan Contract
Posted: Mon Oct 05, 2015 2:28 pm
by iiipopes
Ever think about hiring a lawyer to help you?
Re: Payment Plan Contract
Posted: Mon Oct 05, 2015 2:56 pm
by Three Valves
iiipopes wrote:Ever think about hiring a lawyer to help you?
Who needs lawyers when you got us??
Re: Payment Plan Contract
Posted: Mon Oct 05, 2015 3:36 pm
by iiipopes
Three Valves wrote:iiipopes wrote:Ever think about hiring a lawyer to help you?
Who needs lawyers when you got us??
My point exactly.