Topic: Loan Defaulted [bluebit25] (Read 213 times)

You are right that the service has a bad impact on the extension. I really hate all the extensions. Though one or two extensions might be okay more than that without repaying any initial is very bad. And that is why I have already changed my terms regarding the extension to December 2024. Actually I do not get the point of taking a long time extension except for the intention of defaulting the loan.

This your service you are offering is dangerous and you are feeling the negative impact of the service. You also allow loan takers to extend their loan which is also dangerous in loaning business. In physical I have seen lenders and borrowers having quarrel in many times. Lenders seize borrowers properties (houses, cars, and other valuables). I don't know if you can plan another ways out too. Campaign is not really dependable because it can be paused, end, or the participant can be removed. So I advise you to re-strategize service rendering method. It is very bad when someone take your business money and run away.

I don't know how it works exactly in other parts of the world but here in my local, it is sort of eye wash IMO.

Alts are also many and some with evil intentions which is money, regardless of how they get it. What I noticed is that those that contribute good see their account valuable and paid back. I saw an account that owe money when Bestchange stopped signature campaign on this forum. It was difficult at the time and mixers were no more. This user is still active now because his account is valuable to himself. Some people would have left on this forum without anyone noticing just as usual as it was in the past but this loan let us know those that defaulted loan and left without paying. I guess some people have the evil intention now to find means to borrow loan but having it in mind before they borrowed it that they will not post anymore.

Which means borrowers will pay no interest?

Because in sukuk, they make money from tangible assets, not by money with money (interest).

Let's say the sukuk issuers have heavy equipment, the investors want to be a part of it, so they invest their money to the issuers to get a share. Whatever the results, the investors will accept to get reward/loss based on the agreement.

Technically yes, even some Muslims think Bitcoin is haram because it has no physical appearance.

It's complicated, but I just want to share based on my observation.

He should probably follow it up in the forum too and have it tagged if possible because it's the same person. He is likely to scam again anywhere else if he gets an opportunity.

Flag supported, and sorry once again shasan.
This was such a stupid way to ruin Senior account, and I see he/she also registered on another forum.
I think that account from 2013 is worth much more than $100, and not only in monetary terms, but I would also look for his other alt account connections.

I’m really sorry to hear about what happened with your loan. That’s super frustrating, especially after waiting so long.

You know, banks are strict with loans for a reason—they want to avoid criminals and make sure genuine borrowers can actually pay them back.  It’s a good idea to do your own screening before lending money, just like the banks do. Don't forget there are always criminal out there who will try to take advantage of your kindness, so being cautious is key.

Very interesting, I had never stopped to do the numbers like that, and once you've laid it out it doesn't seem so strange the default. Although being honest, by paying back $100 on the $100 borrowed, even if sashan had been more lenients, the borrower would still be short of paying interest. But probably, seeing that when paying penalties for extensions, the principal did not go down is at least one of the reasons for the default.


Yes and no. In most of the developed world the interest charged here is prohibited, I myself have commented on it more than once. People don't mind paying $1 interest on a $20 loan for two weeks because they think it's only $1, but if you think about it in terms of APR it's 130%. I think the inability to think in percentage terms is one of the causes of people's impoverishment.

But where do you see the free market when the activity that sashan is doing is basically forbidden, even if it escapes the eyes of the authorities by taking place in this corner of the internet.


On this we agree and we have commented several times in threads of this style, but I am far from thinking that the borrowers are poor victims of the circumstances they have been forced to borrow and that the evil sashan has destroyed them. I think it is basically the opposite: the defaulters in most cases are gamblers, cheaters, dishonest people who in many cases have planned to default beforehand taking advantage of him.

His income and his ability to pay are two different things.  Regardless, I'm not defending the borrower.  I'm questioning Shasan's policies.


Is the borrower Muslim?  I still don't know if Shasan is, I was only making an assumption.  He has neither confirmed nor denied it.

Borrowing and lending in and of it's self isn't haram.  Riba (usury,) is haram.  As long as the lender and borrower are in agreement to very simple terms that don't put the borrower in more debt as time goes on, it doesn't count as riba.  These are relatively simple, non-compounding loans that don't need a degree in law or finance to understand, making them halal.

For example (using round numbers):
I want to borrow $80k to buy a house that costs $100k
The halal bank puts up $80k, but they want 150% of their investment ($120k) paid in 10 years.  Meaning the bank is reselling me their 80% stake in the house for $120k.
After 5 years of making payments ($60k,) I own 60% stake in the house.

IRL, there are other contractual agreements dealing with missed payments, obviously, but that's the simplified version.


Don't be ridiculous.  There's nothing haram about wholesale/retail trade.  Buying in bulk and selling one piece at a time is the staple of any economy.


Most western countries have some restrictions on interest rates that can be charged, it's the same in my country.  But, late fees can also be predatory.


I agree.  This account in particular is almost 12 years old.  It's sad to see it get painted red over $110, especially after the user paid back the original loan amount.

Where I live, those interest rates wouldn't be allowed because the "free market" indeed leads to predatory interest rates. But, when paying late, collection fees add up quickly and can easily make the total amount several times higher than the original loan. I believe most people would be better off without taking high interest short-term loans, and this loan service has destroyed many accounts by now.

Flag supported. Negative trust given.

I have heard of Sukuk bond before which is commonly done by Muslims. I think it is about something related to debt in a way that some people or organizations profit from it. Which means that is not also halal? Why are Muslims doing it publicly?

Also if borrowing with interest is haram, no need for Muslims to borrow such money. So if I buy something at $50 to resell it as a trader for $55. That should also become haram because I should not include interest.

I check his Bitcoin address, he received like $40 per week, 3 weeks already enough to pay the loan in full.

If we're talking about halal and haram, lend someone with additional interest is already haram in the first place, no matter small or big the interest. It's become halal if the loan is interest free and the borrower give additional interest voluntary, not forced.

This loan was a insurances for the loan defaulter. It was okay while s/he was in campaign and while s/he was hopeful to be able to join on a new signature campaign. But while the user thought not possible to rejoin on any campaign left the forum. Not only this user but there are a lot of user whose intention like that. The user would leave the forum if it was happened earlier. 

Just thought the history of his loan and payments were kind of interesting.

He borrowed $100 promising to pay back $120.
He paid $100 in interest, yet still owes more than he borrowed.

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Doesn't that seem kind of predatory?  I mean, I get it, free market, interest adds up, extensions taken...  But for some reason I thought you were Muslim.  This can't be halal.

Reserve

What happened:: Loan Defaulted

Scammers Profile Link: https://bitcointalksearch.org/user/bluebit25-90531

Reference Link: https://bitcointalksearch.org/topic/m.64400890
Amount Scammed:  110$
Payment Method: USDT
Additional Notes: I have waited several months but have had no repayment and finally stopped responding.
Flag: https://bitcointalk.org/index.php?action=trust;flag=3371