Forfeiture of deposit of Purchaser

Good Afternoon everyone.

I have cash deposit from my debtor. he is not making payments of the goods purchased from me. can i forfeit the amount and deposit the cash in my bank account?

thanks in advance

Replies (5)
Quick Summary
A seller is asking if they can forfeit a cash deposit from a customer who has failed to make payments for goods purchased. The customer has not provided a written agreement outlining deposit forfeiture conditions. Advice suggests that taking cash deposits over £20,000 may be problematic and that a legal notice should be issued to the debtor, specifying the intended action regarding payment dues and a timeframe for response.

Do you have any agreement with the debtor for conditions in which the deposit can be forfeited?

No sir there is no agreement in written

First of all you cannot take cash deposit of more than 20K.

For forfeit of the deposit you need to send legal notice about the action to be taken against payment dues, with time limit for his action, if any.

THANK YOU SO MUCH SIR

You are welcome..         

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