Official R/P Chat Thread Version 5.0 - All your jimmies are belong to us...

[Bushmaster]

This guy Im working with needed cash bad. Apparently there are companies out there that will loan money against government pensions. Fast money with no credit check, but got damn. $850 per month for 5 years, for a $5,000 loan. I had to read it over at least 3 times to believe it. No way to pay it off early. Holy christ. And its against a military pension, this guys a veteran.

Im a little pissed.

Did I read that right? That's $51,000.

[Stizzel]

Did I read that right? That's $51,000.

Yep. They get their money back in 6 months, and then its 4.5 years of profit

[Bushmaster]

Yep. They get their money back in 6 months, and then its 4.5 years of profit

FML... and he's aware of this? Did he not have any other options? Jesus H.

[Stizzel]

FML... and he's aware of this? Did he not have any other options? Jesus H.

No idea. But they put a statement right above the signature line that says in all caps that you're only getting a fraction of what you'll be paying. But you know older people tend to not understand this stuff.

[Bushmaster]

No idea. But they put a statement right above the signature line that says in all caps that you're only getting a fraction of what you'll be paying. But you know older people tend to not understand this stuff.

My ex-wife used to do collections for one of those time share condo places.. And she used to tell stories about old people being strong armed into buying the fuking things, never even using it, yet still having to pay for it. Shiit like that makes my blood boil.

[Canadian2point0]

This guy Im working with needed cash bad. Apparently there are companies out there that will loan money against government pensions. Fast money with no credit check, but got damn. $850 per month for 5 years, for a $5,000 loan. I had to read it over at least 3 times to believe it. No way to pay it off early. Holy christ. And its against a military pension, this guys a veteran.

Im a little pissed.

Brutal. Can they go after his pension?

[Stizzel]

Brutal. Can they go after his pension?

They bought a portion of his pension. The way they worded the contract, he sold them $51,000 worth of his pension for $5,100. I think if he defaulted and they went to the VA, the VA would tell them to fuk off. But they can take him to court and sue him if he doesn't pay.

[TheFornicator1]

They bought a portion of his pension. The way they worded the contract, he sold them $51,000 worth of his pension for $5,100. I think if he defaulted and they went to the VA, the VA would tell them to fuk off. But they can take him to court and sue him if he doesn't pay.

Any way for him to claim incompetence? That company needs to see a class action law suit and be taken to the cleaners. I'm not going to bother digging into the law but I'm almost positive that is borderline illegal based on the ethics alone. Daylight robbery.

[Mr Beer]

Seems to me like there should be a law about what effective interest rate can be charged on loans, because this kind of stuff is just ridiculously exploitative.

The payday loan business in Australia is crazy, they don't even need to declare what interest rates they are charging, because they are 'loan fees' and not interest. Such BS. I've seen similar adverts in the UK and they have to level with the viewers in the small print, but at least you can see that they're charging 1000% p/a or whatever usurious rate they go for.

[TheFornicator1]

Seems to me like there should be a law about what effective interest rate can be charged on loans, because this kind of stuff is just ridiculously exploitative.

The payday loan business in Australia is crazy, they don't even need to declare what interest rates they are charging, because they are 'loan fees' and not interest. Such BS. I've seen similar adverts in the UK and they have to level with the viewers in the small print, but at least you can see that they're charging 1000% p/a or whatever usurious rate they go for.

I racked up a 6.5k loan on chit from Radio Rentals about a decade ago. By the time I paid it out, I'd paid roughly 14.5k. That's not including the multiple $120 late fees I was charged for being a day overdue, lel. IIRC there's a class action lawsuit going on against them at the moment. If you can throw a CA lawsuit against the banks for fees, etc, surely you kneecap these unethical companies that largely take advantage of people that have no other avenue for credit.

I paid out all of my loans and debts in '15. Haven't had another since.

Also: Surprised to see Stiz talking about this. I figured you'd be arguing the "voluntary transaction in the freemarket" line

[Mr Beer]

Also: Surprised to see Stiz talking about this. I figured you'd be arguing the "voluntary transaction in the freemarket" line

Well I was hoping to get a nibble from him with my 'there should be a law about this' line but I guess you fukked that up for me now

To be fair, capping interest rates on loans is tricky because the most disadvantaged people are the ones who need payday loans and they charge silly interest rates because when your business space involves lending $200 for 1 week to a guy who has money problems, the effective interest rate needs to be very high to turn a profit. If you effectively price legitimate companies out of that market, then you get gangsters filling the space, which isn't a great outcome for the borrowers.

[Tha big kahoona]

I paid out all of my loans and debts in '15. Haven't had another since.

Good move.

My CC gives me free air miles, so i try to pay everything i can with it. I rack up enough air miles to book a ticket somewhere nice every 8 weeks or so. But i keep it paid off

[Stizzel]

Any way for him to claim incompetence? That company needs to see a class action law suit and be taken to the cleaners. I'm not going to bother digging into the law but I'm almost positive that is borderline illegal based on the ethics alone. Daylight robbery.

I'm not a lawyer so not sure, but they essentially outright state "we are ripping you off" in the contract so many times I'm sure a lawsuit would be difficult

[Stizzel]

Seems to me like there should be a law about what effective interest rate can be charged on loans, because this kind of stuff is just ridiculously exploitative.

The payday loan business in Australia is crazy, they don't even need to declare what interest rates they are charging, because they are 'loan fees' and not interest. Such BS. I've seen similar adverts in the UK and they have to level with the viewers in the small print, but at least you can see that they're charging 1000% p/a or whatever usurious rate they go for.

There are laws here about maximum interest rates. This is not technically a loan. The guy is signing as a seller, he is selling them 1/4 of his pension for 60 months.

[Stizzel]

Also: Surprised to see Stiz talking about this. I figured you'd be arguing the "voluntary transaction in the freemarket" line

Just because its voluntary doesnt mean you have to agree with it. In the end this guy is an adult and unless he's senile should be allowed to make his own decisions.

[StoliFun]

RE: The Americans

Holy ****, Tuan.

[Bushmaster]

RE: The Americans

Holy ****, Tuan.

Fingers in ears! I haven't watched it yet... got it recorded though and will try to get to it tonight.

[HoganIsGOAT]

[Canadian2point0]

lol @ 1:10

[gachase21]

[uwootm8]

Hello all,

Does TranceNRG still post here?

[gachase21]

Hello all,

Does TranceNRG still post here?

Yes

[spatchcock]

are people getting stupider

is the media getting smarter

is there estrogen in the water

what the fuk is happening to people

[Canadian2point0]

Civilian Laws -----> Military Rules/Regulations

How the fuk do people not understand this.

eatingpopcorn.gif

[JrM703]

Paging @the big kahoona

@ProteinSheikh is traveling to the UAE, and is looking for advice on gyms and restraurants. Sending him your way.

Thanks in advance, don't know him, just came across his thread.

[Bushmaster]

RE: The Americans

Holy ****, Tuan.

Ugh... shiit. Wasn't really expecting that. They cross over into some really dark territory on that show - a lot.

[tk217]

So now you're a snowflake if you're a straight guy that doesn't want to begin watching a show that contains a lengthy scene of two naked dudes with visible boners butt****ing each other.

LOL

He is right you know.

[Canadian2point0]

lol

[Stizzel]

lol

[A-GAME]

Well well well....Zbigniew Brzezinski finally fell over. Good riddance.