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How would you handle this?

Started by shadroch,

121 posts in this topic

shadroch

shadroch

Posted
Posted

In August of 2013, I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping no later than March 1st. In October, he wrote me saying he had a buyer for the books and if I could send them , he would pay me the money he owed me after selling a few books. The books in question are CGC Avengers that I figure will go for about $1500 after fees at an auction. I explained that wasn't our deal and he asked for my phone number to make his case in person. I gave it to him, but didn't change my mind after talking to him. He was both disappointed and a bit mad, from his tone of voice.

I never heard from him again. I saved his number and have left a number of messages. I've PM'd him and see that he read the first one, but three more sit unread. He still posts here on occasion, but its been will over a week since he last posted.

Under the terms we both agreed to, after March 1st, he had 15 days to send me $50 to extend the loan another ninety days. After thirty days past due, the loan goes into foreclosure and I take possession of the books.

PS- I have seen him buy several books from the marketplace, which is no problem, but it shows me he is not broke.

I'm inclined to give him another two weeks and then close the books on the loan and sell off the books.

I've loaned out on several of these deals, and this is the first one the borrower hasn't followed up on.

Hopefully he reads this. For the other folks I've loaned money to- no details of this have been changed so don't worry that I'm talking about you. This is about the guy with the CGC Avengers, and only that person. The rest of you have been pleasures to deal with.

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jaybuck43

jaybuck43

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Posted

I think you have been very fair to the borrower. You've got to do what you feel comfortable doing in terms of deciding to extend the loan, but if it was me I would just foreclose the loan. I hope that you didn't get burned on the deal.

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DR.X

DR.X

Posted
Posted
In August of 2013, I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping no later than March 1st. In October, he wrote me saying he had a buyer for the books and if I could send them , he would pay me the money he owed me after selling a few books. The books in question are CGC Avengers that I figure will go for about $1500 after fees at an auction. I explained that wasn't our deal and he asked for my phone number to make his case in person. I gave it to him, but didn't change my mind after talking to him. He was both disappointed and a bit mad, from his tone of voice.

I never heard from him again. I saved his number and have left a number of messages. I've PM'd him and see that he read the first one, but three more sit unread. He still posts here on occasion, but its been will over a week since he last posted.

Under the terms we both agreed to, after March 1st, he had 15 days to send me $50 to extend the loan another ninety days. After thirty days past due, the loan goes into foreclosure and I take possession of the books.

PS- I have seen him buy several books from the marketplace, which is no problem, but it shows me he is not broke.

I'm inclined to give him another two weeks and then close the books on the loan and sell off the books.

I've loaned out on several of these deals, and this is the first one the borrower hasn't followed up on.

Hopefully he reads this. For the other folks I've loaned money to- no details of this have been changed so don't worry that I'm talking about you. This is about the guy with the CGC Avengers, and only that person. The rest of you have been pleasures to deal with.

 

I'm a bit confused here. You loaned him money? Then he had of buyer for what books?

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shadroch

shadroch

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  • Author
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In August of 2013, I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping no later than March 1st. In October, he wrote me saying he had a buyer for the books and if I could send them , he would pay me the money he owed me after selling a few books. The books in question are CGC Avengers that I figure will go for about $1500 after fees at an auction. I explained that wasn't our deal and he asked for my phone number to make his case in person. I gave it to him, but didn't change my mind after talking to him. He was both disappointed and a bit mad, from his tone of voice.

I never heard from him again. I saved his number and have left a number of messages. I've PM'd him and see that he read the first one, but three more sit unread. He still posts here on occasion, but its been will over a week since he last posted.

Under the terms we both agreed to, after March 1st, he had 15 days to send me $50 to extend the loan another ninety days. After thirty days past due, the loan goes into foreclosure and I take possession of the books.

PS- I have seen him buy several books from the marketplace, which is no problem, but it shows me he is not broke.

I'm inclined to give him another two weeks and then close the books on the loan and sell off the books.

I've loaned out on several of these deals, and this is the first one the borrower hasn't followed up on.

Hopefully he reads this. For the other folks I've loaned money to- no details of this have been changed so don't worry that I'm talking about you. This is about the guy with the CGC Avengers, and only that person. The rest of you have been pleasures to deal with.

 

I'm a bit confused here. You loaned him money? Then he had of buyer for what books?

 

He sent me the books as collateral on a loan, I sent him the money. Then he wanted the books back so he could sell them before he paid me back.

Read my signature.

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DR.X

DR.X

Posted
Posted
In August of 2013, I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping no later than March 1st. In October, he wrote me saying he had a buyer for the books and if I could send them , he would pay me the money he owed me after selling a few books. The books in question are CGC Avengers that I figure will go for about $1500 after fees at an auction. I explained that wasn't our deal and he asked for my phone number to make his case in person. I gave it to him, but didn't change my mind after talking to him. He was both disappointed and a bit mad, from his tone of voice.

I never heard from him again. I saved his number and have left a number of messages. I've PM'd him and see that he read the first one, but three more sit unread. He still posts here on occasion, but its been will over a week since he last posted.

Under the terms we both agreed to, after March 1st, he had 15 days to send me $50 to extend the loan another ninety days. After thirty days past due, the loan goes into foreclosure and I take possession of the books.

PS- I have seen him buy several books from the marketplace, which is no problem, but it shows me he is not broke.

I'm inclined to give him another two weeks and then close the books on the loan and sell off the books.

I've loaned out on several of these deals, and this is the first one the borrower hasn't followed up on.

Hopefully he reads this. For the other folks I've loaned money to- no details of this have been changed so don't worry that I'm talking about you. This is about the guy with the CGC Avengers, and only that person. The rest of you have been pleasures to deal with.

 

I'm a bit confused here. You loaned him money? Then he had of buyer for what books?

 

He sent me the books as collateral on a loan, I sent him the money. Then he wanted the books back so he could sell them before he paid me back.

Read my signature.

 

got it.

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Red84

Red84

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In August of 2013, I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping no later than March 1st. In October, he wrote me saying he had a buyer for the books and if I could send them , he would pay me the money he owed me after selling a few books. The books in question are CGC Avengers that I figure will go for about $1500 after fees at an auction. I explained that wasn't our deal and he asked for my phone number to make his case in person. I gave it to him, but didn't change my mind after talking to him. He was both disappointed and a bit mad, from his tone of voice.

I never heard from him again. I saved his number and have left a number of messages. I've PM'd him and see that he read the first one, but three more sit unread. He still posts here on occasion, but its been will over a week since he last posted.

Under the terms we both agreed to, after March 1st, he had 15 days to send me $50 to extend the loan another ninety days. After thirty days past due, the loan goes into foreclosure and I take possession of the books.

PS- I have seen him buy several books from the marketplace, which is no problem, but it shows me he is not broke.

I'm inclined to give him another two weeks and then close the books on the loan and sell off the books.

I've loaned out on several of these deals, and this is the first one the borrower hasn't followed up on.

Hopefully he reads this. For the other folks I've loaned money to- no details of this have been changed so don't worry that I'm talking about you. This is about the guy with the CGC Avengers, and only that person. The rest of you have been pleasures to deal with.

 

I'm a bit confused here. You loaned him money? Then he had of buyer for what books?

 

Shadroch loaned the guy $1,000 and was given books to hold as collateral. Apparently the guy who took the loan claimed to have a buyer for a book that was part of the collateral. Shadroch did not send the book to the guy because he would have been giving up the collateral against the loan. The guy could have then kept the money and Shadroch would no longer have the book to foreclose on. Think Pawn Stars.

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Hulksdaddy1

Hulksdaddy1

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Why do you even bother to do this in the first place? Seems like a pain in the A, and you aren't making any money off it.

 

Looks like he'd be making $50 on this particular deal? (shrug)

 

I loaned a forumite $1,000 based on collateral he provided.

I sent him $950, and he was supposed to pay me back $1,000 plus $40 for shipping

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shadroch

shadroch

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The terms were set in the beginning of the deal.Either borrower abides by it,or he loses the books.I personally wouldn't loan a stranger money though.

 

I'm well protected. If he fails to pay me back, I can sell the books. As an aside, I got my bank statement today, and my five figure checking account got a whopping sixty five cents in interest for the month.

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Hulksdaddy1

Hulksdaddy1

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The terms were set in the beginning of the deal.Either borrower abides by it,or he loses the books.I personally wouldn't loan a stranger money though.

 

I'm well protected. If he fails to pay me back, I can sell the books. As an aside, I got my bank statement today, and my five figure checking account got a whopping sixty five cents in interest for the month.

 

How many of these loans do you figure you've done, and how often have you not been paid back?

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DR.X

DR.X

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As an aside, I got my bank statement today, and my five figure checking account got a whopping sixty five cents in interest for the month.

 

lol

 

I know what you mean. My Cash Reserve account at Fidelity made about 87 cents last month.

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shadroch

shadroch

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Why do you even bother to do this in the first place? Seems like a pain in the A, and you aren't making any money off it.

 

I do it so that fellow collectors who fall on hard times don't have to sell their books at fire sale prices when something comes up. One guy needed a transmission and was going to sell his grail book. Another was selling a few books to take their kids on vacation. I was able to help them, and make a few coins on the side. This is, after all, a community.

 

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oakman29

oakman29

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The terms were set in the beginning of the deal.Either borrower abides by it,or he loses the books.I personally wouldn't loan a stranger money though.

 

I'm well protected. If he fails to pay me back, I can sell the books. As an aside, I got my bank statement today, and my five figure checking account got a whopping sixty five cents in interest for the month.

 

Righteous bucks!

seanpenn.jpg

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