[makkan00]

Hi Chaps
I have googled it but found mixed results so thought to check with the fellow members.

I have sold my audiophile HU. The seller lives in abroad and initially asked me to post it abroad. I refused and told him to ask any of his mate to pay and collect the item and that friend should send the item to him.

He returned back to me saying that he has transfered the money into the account of his mate and once done, he will pay me cash or BT.

Today he contacted me and told me that money is in the UK bank, and ready to be transferred or paid cash. I gave him the account of my wife.

Money has shown in the account of my wife and FP (fast payment) and she sent me on as FP (fast payment).

Now the money is in my account.

My worry is that can the buyer reverse the transaction and then the bank of my wife takes it from her balance?

He told me that his female friend will collect it and she already contacted me to collect it tonight.

I have told them to wait till tomorrow so my wife can confirm with her bank and then we can release it.


But few things such as foreigner buyer and female friend for collection and requesting to collect it tonight....
I could not digest it.
I may be wrong but wanted to confirm if BT can be reversed?

Any comments / suggestions.

Thanks.

[Kerr]

Yes they can be reversed. Especially if the money has come from a dodgy source like a stolen card.

Very strange that a foreign buyer has someone local to collect.

Get them to transfer the money into the friend's account and pay with cash.

[Kerr]

My concern would also be you've handed out a lot of personal information too.

Bank details, name and address to a complete unknown.

[makkan00]

Originally Posted by Kerr

Yes they can be reversed. Especially if the money has come from a dodgy source like a stolen card.

Very strange that a foreign buyer has someone local to collect.

Get them to transfer the money into the friend's account and pay with cash.

Thanks mate.
Apparently he sent me his complete name and I found his profile on FB. He told me that he was going to fit the HU in Porsche and on FB, he has photos in Porsche. If its a scam then its a well planned.
I gave him my mrs redundant bank account so chances of less harm.
He actually agreed to pay cash as well but I have no idea how to distinguish fake currency and hence I asked him BT at later stage.
He said that he lived in Scotland for 3 years and there are few photos of Uk on his FB profile.

Not sure what is best. I have asked my mrs to ring her bank and confirm whether the money can be taken back.
If it does, then I guess I will request him cash and refund him the money.
About the address, I have given him the address of next road (just to be on safe side).
Any other thing which I have missed? Any other thing to consider?

[Rudz]

....

[nomis]

I don't believe BT payments can be reversed unlike paypal payments where the buyer is entitled to a certain degree of protection.

There was a similiar case on Watchdog a few weeks back where someone had sent a BT payment to the wrong beneficiary and tried to get the money back. The bank wrote to the lucky recipient but have no powers to debit their account.

On that basis, I say there's little chance that your bank will reverse the payment.

Happy to stand corrected.

[SteveC]

Typically a transfer into another bank account is only executed when the payee has sufficient money in the account, because the payee cannot reverse the transaction and the bank takes no risk.

Once the cash is in your account, you are 99.9x percent safe.

[simmo1985]

Never heard of a BT being reversed. If the funds are showing clear in your account i would say you are safe. I can't imagine they will just take it from you now. Not without some sort a dialogue between yourself and your bank regarding circumstances. But im no expert, just giving my two pence.

And going by what you have said he sounds like he is being honest with you. You have done the right thing though, by taking precautions. Way too many scammers around after an easy buck.

[Shere]

Well, I'm selling my car on autotrader, and was under the assumption that if I received a faster payment I would be good to go, as long as my bank confirmed the funds had cleared. Makkan surely you're in the same boat?

[xenon]

If you've received payment by FPS that's it - it is not reversible.

[Siren_G]

have you asked your bank? they would know the answer for sure?

[makkan00]

Originally Posted by Shere

Well, I'm selling my car on autotrader, and was under the assumption that if I received a faster payment I would be good to go, as long as my bank confirmed the funds had cleared. Makkan surely you're in the same boat?

Yup.

Mr Mrs has contacted the bank and they have advised that the money cannot be reversed now. So its all safe.

As Xenon said, FPS is not reversible and I just wanted to make sure. As on few other forums, some chaps states that it can be reversed.


Thanks to all of you who contributed.
Appreciate that.

thanks.

[mob17]

Your buyer isnt from Bulgaria is he?

[makkan00]

Originally Posted by mob17

Your buyer isnt from Bulgaria is he?

I think he was from Latvia.

[tony20009]

If it was BACS or SWIFT or similar bank transfer, no, it cannot be reversed for to do so would in effect be a third party withdrawing from your account. His having the account number is not enough to make such a thing happen.

I don't know how UK laws work, but in the US, if the money were stolen to begin with, the authorities could effect a reversal of sorts, but that's not really what the transaction type would be, although from your point of view, the outcome would be same regardless of the semantics of effecting it.