Old Friends Bumming Money

July 31, 2019, 02:51 PM

arfmel

quote:
Originally posted by ZSMICHAEL:
quote:
I didn't actually send them money, they know how much they need so I just sent them my account numbers. More convenient that way.

Just post it on the internet, its quicker and more convenient for all.

Not necessary-Experian, Capital One, and Facebook have already accidentally released that info.

August 01, 2019, 05:45 AM

DaBigBR

I can't say I've ever had this happen. I have to think anybody I know that would ask would know not to ask me because of the flat no and ass chewing for even asking. I could not fathom asking my friends for cash.

August 01, 2019, 06:47 AM

V-Tail

Paul Harvey is no longer with us, so I will jump in and give you The Rest of the Story.

I had a loan for a substantial amount. Bank loan, variable interest rate, interest adjusted each calendar quarter. It seemed that the "adjustments" were all in the bank's favor, always increasing. I was making progress in retiring this loan, but the progress was painfully slow.

A good friend had accepted an offer on a piece of property, sold it for a great profit, and stuck the funds in a money market account that was paying a pretty low rate.

I offered him a much better rate than he was getting from his bank, but still way lower than the interest rate that I had been paying for my bank loan. I used the funds from him to kiss the bank goodbye. I have been re-paying my friend ahead of the agreed schedule, with payments that are more than the agreed schedule each month. I deposit the payments in his account each month and email him a monthly updated spreadsheet showing the history and current status of the loan. He has never had to lift a finger, the deposits appear in his account each month.

This was a win-win. I get a lower interest rate, my debt is being retired on an accelerated schedule, and my friend has earned much more on his money than the bank would have paid him.

Not the usual story, but it worked out well for both of us.

August 15, 2019, 09:59 AM

Fredward

Loans are different. I’m referring only to mooching.

August 15, 2019, 10:53 AM

LS1 GTO

quote:
Originally posted by V-Tail:
Paul Harvey is no longer with us, so I will jump in and give you The Rest of the Story.

I had a loan for a substantial amount. Bank loan, variable interest rate, interest adjusted each calendar quarter. It seemed that the "adjustments" were all in the bank's favor, always increasing. I was making progress in retiring this loan, but the progress was painfully slow.

A good friend had accepted an offer on a piece of property, sold it for a great profit, and stuck the funds in a money market account that was paying a pretty low rate.

I offered him a much better rate than he was getting from his bank, but still way lower than the interest rate that I had been paying for my bank loan. I used the funds from him to kiss the bank goodbye. I have been re-paying my friend ahead of the agreed schedule, with payments that are more than the agreed schedule each month. I deposit the payments in his account each month and email him a monthly updated spreadsheet showing the history and current status of the loan. He has never had to lift a finger, the deposits appear in his account each month.

This was a win-win. I get a lower interest rate, my debt is being retired on an accelerated schedule, and my friend has earned much more on his money than the bank would have paid him.

Not the usual story, but it worked out well for both of us.

^^^ Definition of a good and honorable friend right there.

I have two friends who I would consider doing the same for.

August 15, 2019, 12:02 PM

V-Tail

quote:
This was a win-win. I get a lower interest rate, my debt is being retired on an accelerated schedule, and my friend has earned much more on his money than the bank would have paid him.

Although I have known this guy longer than I know anybody else who is still breathing (we met in Navy Guided Missile School in 1956 -- 63 years ago!), and we absolutely trust each other, this still was not done with just a handshake. For a transaction of this size, we both felt more comfortable with a legal contract.

August 15, 2019, 12:19 PM

RHINOWSO

quote:
Originally posted by Fredward:
In times past, someone I trust, like Para, have pointed out people in need, and I'm fine with that, but in my opinion soliciting money from people you haven't seen in decades is kinda low class class.

Ain't no "kinda" about it. It's low fucking class all around.

About 10 years ago when I joined Facebook, all the High School people came out of the wood work. Business problems, sick family, and other bullshit, which in the end could only be solved with MONEY.

Booted them all.