You own 100k at 2% interest rate per week(compoundable)[Business Thread]
 

The title should read "You owe 100k..."I

'm summoning the power of the collective knowledge of GFY. This is pretty important.

Let's say this was the case. What would you do?

You don't have a job, no real education and no work experience.

The interests only are 2000$ per week.


I would like to know as someone I know is in a lot of trouble and in a similar scenario. Maybe one of you will have a good idea. Feel free to post out of the box ideas.

do you still have the $100k?

bankrupcy

:Oh crap

Get a lawyer, negotiate to a lower interest rate.

If you try to fuck with them, they have the right to demand it all at once, which will fuck you even more.

Hey guys, 2% interest rate per week is ILLEGAL. So that means that you can't file bankruptcy because you have no loans and no credit. You owe that money to bad guys. You also cannot borrow from friends/family because they know won't lend you any.

you take the bullet... :thumbsup

His best option looks like sleepin' with da' fishez

http://www.jonco48.com/blog/sleeping_20with_20fish.jpg

Not an option either. I don't want a good friend dead.

How much do escort drivers get paid?

Move to another country

I suggested him to go to work in Afghanistan but he doesn't want to.

That's an illegal interest rate in most places, 104% interest, he's nuts for even agreeing to such a rate.
WG

That's what I said a few post earlier. It's not a loan from a bank! Why do you guys just read the first post then reply?

I'm very unsure and skeptic that someone who post here is intelligent enough to come out with a good solution(even if it's only a way to lower the interest rate to a civilized one(25% or 30% annually would even be OK for that guy) but I will keep hope. That could allow the person to pay that loan.

I'm just trying to get ideas and solutions here.

Lottery tickets :2 cents:

id hate to be that person.

that made me chuckle

:1orglaugh

Try and scape together the cash or someone to co sign for a smaller loan. If you can get 10-15K you can probably get someone to take the guy out you owe the 100K too.

want blunt truth here. He was dumb enough to get in this trouble. He won't suddenly be smart enough to get out of it.

period.

he is fucked...

:thumbsup

I thought about this. It is very possible. But I'm pretty sure that he can pay back what he owes, the only problem is that he has to pay 10K per month, just for Interests.

Maybe there's a way to find a load somewhere with lower Interest rate but higher than the typical bank would still be good if you know what I mean.


Anyways, If you guys can chip in for a bit a brainstorming, please do, It would be greatly appreciated.

So is it a gambling debt or loan shark?

i think what you're asking if another loan shark will cover the first loan sharks loan at a lower interest rate.


first off i suggest your friend learn some simple math . if he is paying 2% per week interest on a 100k loan and he is paying 10k per month then 2k is missing every month right off the bat.

i don't think your going to find a loan shark on gfy , but it would help if you posted what he has for collateral

p.s. selling a kidney would buy some breathing room

I'm not sure, might be a mix of both. Also part of that debt is from another guy. Then he has to pay back like a suckah :error

Not looking for a loan shark at all... but sometimes people have legal loan contracts... that was more the option I was looking for if it's possible to find.

The figures I posted in the thread are all rounded and averaged as I don't have access to the exact numbers. But you get the point.

No tangible collateral at all. More than shitty credit(cannot get a loan or cc)

P.S.: I don't think the kidney is an option, but how much can you get from it?

Maybe he can get a job working on an oil rig up in Alaska over the winter or something like that. The worst jobs in the worst conditions pay pretty good money and especially good when you consider there's nothing to spend it on. MAYBE he can send enough to cover the interest and part of the principal if he doesnt spend a dime on anything else and works his ass off for the next few years.

I think the job that pays the most in Alaska is the sea fishing(for crabs usually). That's very dangerous.

Well, if he has no collateral and shitty credit, he's fucked.

Does he have a decent job that makes some nice cash ?

This might sound like a stupid question, but when he took the money, what was his plan on paying it back ??? Did he borrow it for a "sure win" sports bet that he thought he could cash in, then pay it back right away, but it didn't go his way ?

nobody is going to loan money to pay back a loan shark unless they are a loan shark.:2 cents:

the first 2 questions they are going to ask is .

What do you need the money for?

How do you intend to repay the loan ?

if either of those involve illegal activity you aren't going to get a legal loan .

if they intend on lying to get the loan then your asking for someone to recommend someone to loan money to someone who has no ability to pay it back ( not very smart )

i see 4 possible options.

#1 sell a kidney buy some time

#2 get a second loan from original loan shark for 100k and bet it all on red

#3 get really drunk , grab an atm machine

#4 run like hell

Goto Vegas and bet on black.

ok wait , i seriously think i have a solution.

interesting stories get alot of blog airtime, and news airtime.


first let me point out this may be illegal in your country and i am not condoning any sort of illegal activity in any way whatsoever , merely theorizing on a hypothetical situation.


www.buymykidney.com is available.

LOTS of people need kidney's , lots of RICH people need kidney's

start a 1 month or 1 week online anonymous auction.

i'm dead serious , i bet he could settle the whole debt this way.

it's been done before ,and there are countries where the operation can be arranged.

I don't know 100% about his finances, but like I said I'm pretty sure he makes enough or could work enough hours to cover a loan with a smaller interest rate.

As for the borrow thing, I have no idea but it's possible.

2% per week (or 110% per year without compounding, more like 150% a year with compounding) is illegal to the point of stupidity. If you owed that 100k, you are pretty much fucked solid, because you borrowed from the wrong people.

Double or nothing the amount by betting AGAINST a Boneprone lock, and your problems are solved.

I'm not asking for someone to loan from here, but more for ideas and see if it's possible to find a good recovery plan.

Your options are very creative, I'm impressed!

#1 I'm not sure he's willing to do that but I'll mention it LOL

#2 That's very scary but could work. You only have 1 chance and if you fail, you owe twice more and your twice deeper in shit.

#3 Very illegal and all the atm machines that you could carry in a truck are owned by the mafia/bad guys... so you'll have the police + bad guys going after you. I'm also very unsure that the small ATMs have more than 10k in them at a time.

#4 I suggested the relocation scenario and work somewhere it pays good but apprently it's not an option. I'll recommend it again.

OMG that cracked me up. :1orglaugh

By the way, I want to remind you guys that is just an exercise for a case scenario. It's not a true life scenario if you know what I mean.

I don't know anyone involved in illegal activities that I'm aware of.

Over here in the UK they have The CAB "Citizens Advice Bureau" They have special finacial advisers which you can talk to for free for people who get into this position They also help and advise on people going bankrupt

Dont they have the same kind of thing over in the USA ?

Last option: Go to the FBI and beg for help.

http://outside.blog.siol.net/files/2...mulder_fbi.jpg

But better find other options.