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Original poster

Any mners who understand bankers drafts..I think I have been very naive!

93 replies

angelsmummy · 13/08/2006 16:44

Can anyone offer me any advice?

I sold my car to a guy who lives in Hull (I am in Derbys). He came to view on his way to his job in London, the following day made me an offer, sent ?75.00 through paypal as a deposit, then promised to collect the following Saturday with the remaining cash.

Me, being helpful! offered to drive the car to Chesterfield as this would basically cut around 3 hours off his journey, to meet his train.

He arrived with the cash, and a bankers draft for ?150.00 which he said was because the bank wouldn't allow the full amount in cash. This would have been fine but he had "mistakenly" had the draft made payable to my email name not my true name. He apologised and it did seem a genuine mistake to make, so I let him take the car, and I rang my bank on the Monday morning.

My bank told me that I would ghave to get it changed to my account name, So I rang the guy who told me to send it back and he would get it changed.

I sent this back to him, well over a week ago and he is saying that he hasn't received it??

How do I stand? Can bankers drafts be stopped on his behalf?

I am very worried I have lost this ?150.00.

I was so trusting that I didn't even record delivery

Any advice?

OP posts:
Nemo1977 · 13/08/2006 16:50

Angels mummy..the money should not have come from his account as the name has to match the account it is going into as far as I know. It was very silly not to send it recorded as you wouldnt ave sent £150 unrecorded in the post. Hope it works out.

southeastastra · 13/08/2006 16:53

can't he stop it?

Original poster
angelsmummy · 13/08/2006 17:03

I didn't really think of it as real money as it was no use to me having the wrong name on?

I need to know if he can approach his bank and what they would be prepared to do?

I think he has recieved it back but not wanting to actually give me the money?

He originally said he couldn't get real money back for the draft but was allowed to get it changed to my real name. What was to stop him taking it back to the bank and getting it changed into his girlfriends name for example and her paying it into her account? That way he has his his money back?

I'm so frustrated at my own stupiditiy!

I need some sound advice whether or not an uncashed draft could be stopped by the issuing bank?

OP posts:
Nemo1977 · 13/08/2006 17:04

tbh think he is having you on. why could he not do cash for whole amount??? A bankers draft is essentially like handing over cash as it instantl credits into your account.

Original poster
angelsmummy · 13/08/2006 17:06

As time has goe on I have questioned his honesty, I am thinking along the same lines you Nemo.

I am hoping there may be a mn out there who works in bank and knows about these drafts?

OP posts:
foxinsocks · 13/08/2006 17:22

he needs to phone the bank if it has got lost in the post

if he has the banker's draft, then he needs to take it to the bank and get it changed into your name (or even better, directly transfer the amount into your bank account)

the only possibility with his original story is that some people set limits on their account as to how much cash they take out per day - one of my old accounts, I could only take out £250 in one go (not that I ever did!).

I assume you have all his contact details etc.

Original poster
angelsmummy · 13/08/2006 17:56

Thanks for that Fox, yes the one thing I do have is the guys home address, mobile number and work email.

He's not too good at corresponding with me but I'm VERY persistant!

I'm going to contact him again tomorrow to tell him to contact his bank.

OP posts:
nicnack2 · 13/08/2006 18:01

i have used a banker draft before and you pay the bank the money and they write a banker draft/cheque. never had a quibble about the amount. Did you sign the cars documents etc. if yiu havent you are still the legal owner of the car.

CorrieDale · 13/08/2006 18:11

Once a bankers draft has been issued, the money has essentially left the payer's account, and is floating around waiting to be put into another account. You can't 'stop' a banker's draft. They are drawn on cleared funds - so if the guy didn't have enough money in his account for him to take out as cash, then I wonder how he managed to persuade the bank to give him a draft?

ProfessorGrammaticus · 13/08/2006 19:03

I really think you've been had. Sorry

horseshoe · 15/08/2006 13:55

Angelsmummy,

just a thought.....did you sell car through EBAY??

If you did...you can a) report him to ebay and b) ebay offer some sort of insurance i am sure. Might be worth checking it out.

rabbitrabbit · 15/08/2006 14:02

Angelsmummy, as far as I'm aware a bankers draft is a 'cleared' cheque. You wouldn't get one unless you had the funds to cover it (incl an overdraft obv). It could be that he has a limit on withdrawals-or the bank does, but I'd be very surprised at such a small amount.

I did find this Link which unfortunately doesn't make very comfortable reading when you get to the paragraph about "...if a buyer turns up with a bankers draft unexpectedly" but there may be some useful info there for you.

Sorry you're going through this and I hope you've already got it resolved

NotQuiteCockney · 15/08/2006 14:05

I don't think ebay offer insurance for sellers.

I'd go through his work, particularly if he works anywhere "nice".

Have you done the paperwork to officially sign the car over? Any chance of delaying that?

InDebtButHappy · 15/08/2006 15:03

Actually, I think you can stop a bankers draft.

I always thought you couldn't, but a few years ago, when we were buying our house, our solicitor lost our bankers draft for the deposit. We rang our bank (well, Building Society - Nationwide), and were told that "yes", they'd cancel it, and they'd issue us with another.

Two weeks later, the solicitor found the original one!

bubblepop · 15/08/2006 15:10

hi, used to work in a bank. if the draft has really gone astray in the post there will be no problem for the guy to report it as lost to his bank and they will stop it. then he can ask for a replacement with the correct payee name. good luck.

Original poster
angelsmummy · 16/08/2006 12:49

Thanks for all the advice, sadly I have been conned, he is refusing to answer my calls, texts or voice mails, I had his work email but he has conveniently blocked me!

I have resorted to sending a letter warning of my intentions to go to small claims, I hope this scares him, though I doubt it will.

What annoys me the most is that he was coming to collect the car with a pretty long train journey and as one of the stops was about 50 mins drive from me, I actually met him there with the car, cutting his all round journey by around 3 hours!

That will teach me to nice

OP posts:
SaintGeorge · 16/08/2006 12:52

angelsmummy - can you email me. I live in Hull. Not sure if I can offer any help but I will try.

antlxstew at yahoo dot co dot uk

UrsulatheSeawitch · 16/08/2006 12:54

Is his work email address @ a company name? If so can you google that name and find out his work address, then contact them about him???

SpaceCadet · 16/08/2006 12:59

report the car stolen

foxinsocks · 16/08/2006 13:00

have you called the police? he may be known to them

CountTo10 · 16/08/2006 13:03

I know a small claims type thing doesn't sounds scary but ultimately if it doesn't go his way and he ignores it he could end up with a CCJ which would remain on his record for 6 years and badly effect his credit rating so it would be in his interest. If you haven't already, I would contact the Citezens Advice Bureau and your local police to get some help and advice from them. Hope it all gets sorted.

Original poster
angelsmummy · 16/08/2006 13:18

The police aren't interested.

To them its a civil matter.

Sadly I've been in a similar situation where I bought a car out of Autotrader from a car dealer, the guy delivered the car and it wouldn't start the following day so we took it back on a trailer as he said he would fix it. He went on to re sell the car even though we had all the documents.

The police after a lot of persuading finally looked into t but couldn't do anything apart from inform us he was "known" to them for this sort of thing. We lost £1000 that time.

You would think I would have learn't a lesson wouldn't you

OP posts:
Original poster
angelsmummy · 16/08/2006 13:19

Tried googling the company but nothing comes back?

OP posts:
NotQuiteCockney · 16/08/2006 13:21

He used his work email address for some of this? Is the company somewhere big?

DH recommends going via their website. He's had experience of dealing with these sorts of complaints, and says any big company would be concerned about the effect on their reputation, of staff members using their work accounts for this sort of misbehaviour.

NotQuiteCockney · 16/08/2006 13:22

Hmm, could you post the last bit of his email address? Take out the Name@ bit, and show me the last bit, and I'll tell you what I can find.

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