How would you handle this?

[rjpb]

If it was me I'd give him two more weeks, what would it hurt?

He's already jumped the shark by asking for the collateral back to 'sell it to pay off debt'....why not just say-keep the books-sell 'em to pay the debt.....somethin's fishy.

Plus why the anger at Shad? He would only be angry if he felt he had lost some opportunity....like selling the books and stiffing Shad.

 

This! I learned the hard way when I was young and took collateral ( a camera in this case) on a loan to an acquaintance, and then was talked into loaning the camera to the borrower "for a couple days" a few months later. I never saw the camera or the money again. Unfortunately that wasn't my only experience with deadbeat "friends". All too often people who need to borrow money from friends seem to resent the idea that they should pay it back.

 

 

[*Bronze age fan*]

Just wondering. If the person borrows 1K from you....how much GPA wise do the comics need to add up too that you are holding for this deal to happen? I would not think it would be dollar for dollar.

 

 

No, it is not. In fact- it is less than what you would be able to sell it for. Without going into every detail- You offer me a few books. I look what they have recently sold for and what a few dealers are willing to pay for them. Say you had a Destroyer 17 in 9.4 with a GPA for $2,000. Its a hot book so a dealer might offer you up to $1500 for it.

I'll give you $900. Why? Because I'm not buying it. You could sell it to Dealer A for $1500, but then you have no book and when you are on your feet and want the book, you'll pay close to $2,000 to buy it back. You lost $500 on the deal.

With me, you have six months to pay me back $950. You got the $900 needed to fix your car and kept your book. With Dealer A, you got your car fixed, got some cash but don't have your book.

Want more cash -go with Dealer A

Want to keep your book- go with me.

Unlike the dealer, I'm not looking to flip your book. I'm looking to help you get through a rough patch and keep your books.

I don't pay top dollar, but I don't buy your book,either.

 

I figured it was something like that. Thanks for explaining...I find it interesting.

[rjpb]

What kind of loan can I get with my Ravage 2099 #1?

 

 

I'll loan you a nickel, and you pay me back a dollar not to send it back to you.

[*Bronze age fan*]

What kind of loan can I get with my Ravage 2099 #1?

 

 

 

.25 cents.

[oakman29]

I'm with Shad on this...... but I see the opposing side too..... it sounds like someone lost control of their comic jones...... it's happened to me more than once. Maybe I'm a little irresponsible..... but there have been a few times in the last 10 years when I wish I would have known that Shadroch did this. Pretty reasonable rate, too...... 5% ..... that's a steal for a loan. GOD BLESS...

 

-jimbo(a friend of jesus) (thumbs u

No kidding......You know shad.I am looking for a new hot rod,maybe a 1923 T-bucket with a blown 350.Would you do a 15K loan against my AF 15?

[dupont2005]

If you have money to spend on comics you have money to pay a debt.

 

If you have money to spend on comics you don't need a loan.

 

I'd sell my favorite comic before putting it up for collateral, and I did exactly that.

 

May I ask why you would rather sell it than put it up for collateral? I'm not arguing with you, just trying to understand why. Lets say you were struggling and had an unexpected expense. You'd sell your comic rather than use it to get a loan. Why?

For two reasons. One is, what if I'm unable to pay the debt? Then I lost the comic for less than I could have gotten. I know my income, but I don't know unforeseen emergencies and expenses. So I'd rather just not take that loss.

 

The second is principle. If I borrow money it means I'm in a real jam, like no food or car is about to be taken away and both credit cards are maxed out. You can bet I'd be asking from the library computer, after having sold mine and cancelled the internet.

 

 

[PovertyRow]

 

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.

 

The books are yours, plain and simple. That is what collateral is about. Especially considering how much time has passed.

[shadroch]

That's the elevator pitch, but you should be able to get the gist.

A year or so back, there was a string of forumites who seemed like they had to sell stuff they didn't want to sell and I thought of this.

[shadroch]

I'm with Shad on this...... but I see the opposing side too..... it sounds like someone lost control of their comic jones...... it's happened to me more than once. Maybe I'm a little irresponsible..... but there have been a few times in the last 10 years when I wish I would have known that Shadroch did this. Pretty reasonable rate, too...... 5% ..... that's a steal for a loan. GOD BLESS...

 

-jimbo(a friend of jesus) (thumbs u

No kidding......You know shad.I am looking for a new hot rod,maybe a 1923 T-bucket with a blown 350.Would you do a 15K loan against my AF 15?

 

 

If it is CGC 5.0 or better, I'd go $5,000. That is my self-imposed max loan, although to date the biggest has been $1500. That is also per person, not per book.

[shadroch]

If you have money to spend on comics you have money to pay a debt.

 

If you have money to spend on comics you don't need a loan.

 

I'd sell my favorite comic before putting it up for collateral, and I did exactly that.

 

May I ask why you would rather sell it than put it up for collateral? I'm not arguing with you, just trying to understand why. Lets say you were struggling and had an unexpected expense. You'd sell your comic rather than use it to get a loan. Why?

For two reasons. One is, what if I'm unable to pay the debt? Then I lost the comic for less than I could have gotten. I know my income, but I don't know unforeseen emergencies and expenses. So I'd rather just not take that loss.

 

The second is principle. If I borrow money it means I'm in a real jam, like no food or car is about to be taken away and both credit cards are maxed out. You can bet I'd be asking from the library computer, after having sold mine and cancelled the internet.

 

 

Okay, fair enough. Different folks have different styles. I was brought up borrowing and lending money. My Uncle used to do it on a daily basis until his plea agreement. He taught me the best way to get rid of a pest is to loan him $20. The guy will avoid you forever. It really works.

[Hulksdaddy1]

What kind of loan can I get with my Ravage 2099 #1?

 

 

I'll loan you a nickel, and you pay me back a dollar not to send it back to you.

 

What kind of loan can I get with my Ravage 2099 #1?

 

 

 

.25 cents.

 

Smart biz is to take the $.25....but never seeing the book again sounds good too.

 

Tough call.

[dupont2005]

He taught me the best way to get rid of a pest is to loan him $20. The guy will avoid you forever. It really works.

I've found that to be true as well.

[Artboy99]

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.

 

+1

[Pirate]

Loan sharks break knee caps, look into it.

[DR.X]

Loan sharks break knee caps, look into it.

 

 

You must have hung around Chicago Heights back in the 70's,

[VintageComics]

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.

 

If he had a buyer he could have sent Shad his $1000 with the proceeds and Shad could have mailed the books to the buyer.

 

That would have been an elegant solution although a little work on Shad's part.

 

Handing the collateral over makes no sense unless it's someone you trust implicitly.

 

The person borrowing the money may have even been honest but human nature (and the unknown) being what it is, there are no guarantees once the collateral is gone.

 

 

 

[Jeffro.]

He taught me the best way to get rid of a pest is to loan him $20. The guy will avoid you forever. It really works.

I've found that to be true as well.

 

BRILLIANT! I wonder if it would work on certain boardies?

[Pirate]

Loan sharks break knee caps, look into it.

 

 

You must have hung around Chicago Heights back in the 70's,

 

too many gangster movies/shows

[VintageComics]

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.

 

Because not everything is about money. Sometimes it's just about helping out.

[VintageComics]

If you have money to spend on comics you have money to pay a debt.

 

If you have money to spend on comics you don't need a loan.

 

I'd sell my favorite comic before putting it up for collateral, and I did exactly that.

 

May I ask why you would rather sell it than put it up for collateral? I'm not arguing with you, just trying to understand why. Lets say you were struggling and had an unexpected expense. You'd sell your comic rather than use it to get a loan. Why?

For two reasons. One is, what if I'm unable to pay the debt? Then I lost the comic for less than I could have gotten. I know my income, but I don't know unforeseen emergencies and expenses. So I'd rather just not take that loss.

 

The second is principle. If I borrow money it means I'm in a real jam, like no food or car is about to be taken away and both credit cards are maxed out. You can bet I'd be asking from the library computer, after having sold mine and cancelled the internet.

 

 

Okay, fair enough. Different folks have different styles. I was brought up borrowing and lending money. My Uncle used to do it on a daily basis until his plea agreement. He taught me the best way to get rid of a pest is to loan him $20. The guy will avoid you forever. It really works.

 

Most people have a hard time handling loans and debt though. That's why we have the credit crisis we have been in for 6 years now. Human nature these days generally doesn't balance it well with real life. I'd count myself in that boat.

 

While your intentions are honorable, I don't feel that buying comics while owing someone else money is a very good decision - unless of course he's happened across something that is going to make him a killing.