Topic: Post regarding loans. (Read 1411 times)

I am not going to reply to everyone that has posted, some are obviously posts with the only purpose of showing their signature. (Repeating things)

Common posts:

Defaulters are hard to find:

No, it isn't. It literally takes about 15 to 30 minutes if you are smart and know your way around.

"Propose a repayment plan"

I wish it were possible. If you ever ask someone of my previous borrowers, you will know that I will gladly extend the loan by half a year with very little/"costing me money" interest.

(If you try to take a loan at me with the sole purpose of doing that, it will not happen. I am not stupid.)


Why is it not possible?
Because some people are stupid. Let me post a screenshot:

It goes on with me proposing repayment plans and saying I got his dox and he will not get away easily. (At the time I didn't but after some help, I got it in 30 minutes.)
He replies I can keep the collateral, which I doesn't want. (Unsellable domains)
(Edit: Not the correct order of stuff happening, but you get the idea)
(I am Alexander, he is "Deleted User".)


And as many have said: Yes, there is very little I can do except tell them they need to repay and/or applying their actions to "real life" hurting their job / relations.
(To people going to say that I am a stone cold human because of that, I want you to send me 0.2 BTC each month. That is how much I lose because of people defaulting every month. Interest barely covers it)

(edit: This post if very badly formatted because of my edits. I will not format it correctly or fix errors. This topic wasn't meant to be discussed.)

That is a tough racket.  As you know, once the funds have been sent it is a hard road.  I know a person that could get started and I had him send you a message.  It is very likely that, if there is more than one person, that the debt of some of them may be gone forever.  I suggest that you work with the person and allow them some access to your future dealings, nothing personal.

I think It's really hard to find out the debtor.

Confusing when you borrow bitcoin rate is decreasing will you pay it when its rate is going up without raising the price on the bitcoin,
And really very extreme to play savings and loan on bitcoin because its price up and down

You are right, I got you. That is what I want to say and ask too. I think so that we can no longer chase the borrower that already fled away because of being anonymous.

Which usually backfires and they say go ahead because they know it will cost you more to sue them or report this to the credit bureau than the debt was. But yes of course it's legal to say they'll be in some short of crap if they don't pay. I find most people respond better to empathy and setting up a reasonable payment plan. Ask why they weren't able to pay. Bitcoin prices went up? Well then see if the OP is ok with settling with previous bitcoins rates rather than having nothing. These are all legal options.

I just thought. If the rates are over 60% APR then it's loan sharing in Canada and legality wouldn't matter because you're charging an illegal amount of interest. Assuming you have anyone in Canada and the amount of interest isn't above 60% APR I could look into this for you. I don't know much about the USA or Europe though so I can't help with that.

So if someone borrowed 5BTC for a month and you expected 6BTC back I'm not able to help.

http://mcmillan.ca/mobile/showpublication.aspx?show=100312

But how could he recover it if the barrower has flee away? Do you think there's any way to sue them for this thing? Since I believe its pretty hard to embarton them since we are almost anonymouse here even if we have dox of several people but still do you think we can go to that place and ask him to pay what he owe to us remember there's no people goes to jail for not paying on their debts and maybe its time to move on if people are showing some signs on evading on it.

But, once you find the person, if they are constantly seeing your new 'clients' and watching them more closely then perhaps future debts will be more easily recovered.

What an interesting job but somehow impossible to get those unpaid loans for sure. If OP himself cant even get those funds back then expect the same thing for the worker but still depending if those borrowers would be on the same country or place by the worker for this thing might possible to get those money but if not then its useless.Interested to see debt collectors here Goodluck op on finding one and get those unpaid loans back.

send me the details . thank you

OP, call me crazy but even though you can disavow any knowledge of your henchman's methods of collection, I think you'd still be responsible for whatever he does.  Breaking fingers, kneecaps, extortion, etc.  At least in most civilized countries, this is likely the case I think, though IANAL by any means.  And given how global bitcoin is, it's going to be extremely difficult to find a debt collector willing to service your particular needs.  Good luck though.

Legal means may include
 

• contacting the borrower via telephone and/or mail to advise of the amount due, remind him of his promise to pay, and ask for payment
• Getting judgement against the borrower, and subsequently enforcing said judgment
• Contacting the borrower and reminding him of potential negative ramifications of not paying
• Negatively reporting the debt to credit bureau
• Negotiating a payment plan with the borrower so the debt can be repaid over time

After reading some of the comments and response of OP, I still feel the cost that will be incurred in getting the debt will be more than the amount itself. Looking at a scenerio of even a defaulter in my country in which the cost to transport to his side is already high, aside that even if he is so close by, how do I make him pay? By threatening him or arresting him, or beg him?

We have debit collectors for physical institutions but I am not seeing how it will be working for anonymous lending systems like we have here in this forum (I assumed it as the loan amounts are mention in terms of bitcoins and I have not heard any real time lending businesses dealing in bitcoins).

Those bitjam kind of services offered loans after verifying identity documents ? Sorry I never tried them.

This is not a good idea on your part.

Some of the people who default on loans from you are going to be scammers, however some of them will have legitimately fallen on hard times, and had intended on paying you back when they took out the loan, but cannot do so. If your collectors go around breaking people's legs when they default on your loans, then others may be afraid to borrow from you, which would hurt your business.

Also, I am not an attorney, and this may vary depending on the jurisdiction, your debt collectors may be considered to be your agent, which may make your civilly and/or criminally liable for their actions. This is especially true if you do not have procedures in place to prevent laws from being broken.

I wonder how could this will really work, many possibilties can happen and looking for answers from what if's?
I'm still interested for this job, just let me know the complete details. Thank you.

Does people who have debts from you got a possibilities to pay off? If no then how could your debt collector sue those borrower if at the first place they doesn't have any plan to pay on you? I think the deb't collector is doing an impossible mission not unless if they are showing some little indicator that they might gonna pay you off but remember if they already run off well might better if you seek those guys who near from them and pay them to work with you on this thing.

That's true

I believe he'll have to give at least half the amount to the collector

What's going to stop the collector from taking the money for himself? Who's going to collect from him?
He needs to be really happy with the offer in order for this to work

I have a feeling it's not going to be easy as it seems to because for OP to have required the services of a debt collector, it would mean its something he cannot recover which will even makes it more difficult because the loan will be online and the defaulter might be on the other side of the world, deactivated his account, then you are left to tracing the person to get the loan in which the cost that will be involved might actually be worth more than the intended recovered amount.

To be honest in my country people who collect debt actually ask for a lot more than that.
I'm curious isn't lenders here always ask for collateral before lending out their funds?