Loan Defaulted [Quidat]

[shasan]

What happened:: Loan Defaulted

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=765554

Reference Link: https://bitcointalk.org/index.php?topic=5030169.msg64260163#msg64260163
Amount Scammed:  1008$+ in USDT
Payment Method: USDT
Additional Notes: I have waited several months but have had no repayment and finally stopped responding. Even though I told him/her to use my wallet on his/her signature campaign to repay the interest and partial initial repayment and then the person may take 50% of the earnings until the repayment is fully made. But still no response so I have no other way except creating scam accusations as well as flags.


Flag: https://bitcointalk.org/index.php?action=trust;flag=3333

[shasan]

Reserve

[LoyceV]

“Always borrow money from a pessimist. He won't expect it back.”
― Oscar Wilde

Scrolling down your sent feedback, it looks like there are more pending scam accusations.

[shasan]

“Always borrow money from a pessimist. He won't expect it back.”
― Oscar Wilde

Scrolling down your sent feedback, it looks like there are more pending scam accusations.

There are 80+ active loan of them 5 to 7 people might be turned into scam. Though they were good at beginning but as campaign is decreasing day by day and those are not getting good number of merit once they being removed from a campaign they are not able to join any new campaign for lack of merit as a result they are turning into scam. Also alt account is another reason for being scammed. Those who has alt account they can't get targeted merit as a result no campaign and finally turned into scam.

[LoyceV]

There are 80+ active loan

That's a large percentage of active Bitcointalk users. Only 283 users made at least 25 posts in the past week, and that includes Newbies. I kinda find it hard to believe that many people need a loan online, which makes me curious what ulterior motive they have. I'm thinking it's either building trust, building up for larger loans, or plain scamming from the start.

[shasan]

There are 80+ active loan

That's a large percentage of active Bitcointalk users. Only 283 users made at least 25 posts in the past week, and that includes Newbies. I kinda find it hard to believe that many people need a loan online, which makes me curious what ulterior motive they have. I'm thinking it's either building trust, building up for larger loans, or plain scamming from the start.

Many a week I also made lower than 25 posts. Many campaign required 20 posts even 10 posts and also fee campaign doesnt require any minimum posts. So those who creates less then 25 posts still they are active and good people and they might have contribution on the community. If you count 20 posts users then it will be almost double of the  users of 25 posts.

[NotATether]

I know you are very generous with your loans shasan, but all of these people defaulting is going to hurt your lending business. So why don't you talk with the signature campaign managers, and see if they can agree to garnish some of the wages your clients get from their signature campaigns to be used to repay their loans?

Obviously this only works if the user is in a signature campaign but loan repayments must be honored.

[LoyceV]

So why don't you talk with the signature campaign managers, and see if they can agree to garnish some of the wages your clients get from their signature campaigns to be used to repay their loans?

I don't think a campaign manager should do that, unless the user agrees to it. That's like going to someone's boss to repay a loan: it won't happen without a court order.

[TheUltraElite]

I have supported the flag from my end.

This is getting a bit of a routine because every few months @shasan is getting a loan defaulted. Most of them either end up as alt accounts now bailing out with a last big scam or just building trust to scam the lender.

Unfortunately there is no perfect solution to this unless collateral is in place and nobody want to provide collateral in this forum.

[examplens]

So why don't you talk with the signature campaign managers, and see if they can agree to garnish some of the wages your clients get from their signature campaigns to be used to repay their loans?

I don't think a campaign manager should do that, unless the user agrees to it. That's like going to someone's boss to repay a loan: it won't happen without a court order.

Considering the small number of campaigns and places in them, users would probably agree with such a proposal. This would increase their chances of keeping their place in the campaign, unlike if they were negatively tagged.

The question for the managers is whether they want to be a part of everything at all, because it is an additional job for them, paying one user to two addresses, and submitting reports to the lender.

[AB de Royse777]

The question for the managers is whether they want to be a part of everything at all, because it is an additional job for them, paying one user to two addresses, and submitting reports to the lender.

I see the accusations coming from shasan and keep feeling bad. If Lender and borrower agree to receive reward in full every week until the loan amount settled then I have no problem to replace the loan defaulter's address with borrowers address if any of my campaign participants borrowed from shasan. I have done it in the past too.

[Free Market Capitalist]

I kinda find it hard to believe that many people need a loan online, which makes me curious what ulterior motive they have. I'm thinking it's either building trust, building up for larger loans, or plain scamming from the start.

Well, I haven't bothered to take an average but taking a look, with the number of loans that are requested and granted that are of low amount, let's say less than $200 but also quite a few of less than $100, and also taking into account those who ask for an extension to be able to pay those loans, paying only the interest and/or making a partial payment, I would bet for:

1. Low-income people in poor countries with lousy economic planning.
2. Gamblers.
3. A mixture of both.

This is apart from the reasons you cite.

[examplens]

I see the accusations coming from shasan and keep feeling bad. If Lender and borrower agree to receive reward in full every week until the loan amount settled then I have no problem to replace the loan defaulter's address with borrowers address if any of my campaign participants borrowed from shasan. I have done it in the past too.

I think the idea is to send only part of the weekly earnings from the signature as debt repayment. If the entire amount were taken away from them, they would quickly lose the will to be active and eventually give up on paying their obligations.
The manager can also feel part of the responsibility in the whole thing and keep a certain user in the campaign even though his quality does not meet the standards.

[Agbe]

There are 80+ active loan of them 5 to 7 people might be turned into scam. Though they were good at beginning but as campaign is decreasing day by day and those are not getting good number of merit once they being removed from a campaign they are not able to join any new campaign for lack of merit as a result they are turning into scam. Also alt account is another reason for being scammed. Those who has alt account they can't get targeted merit as a result no campaign and finally turned into scam.

You really understand the business. And it is very bad that people are using all their alts to collect loan and at the end they can't pay and became scammers. It is better for them to use the one account and pay it faster. And most of them are using those loans to club, drink and gamble and it is not to solve or settle any problem. And it is only few can use the loan for a reasonable thing.  There is risk in this your business and you should be careful.

[dkbit98]

Flag supported.
That is a fairly substantial amount he stolen from OP, and it's funny that he was active in forum last month, maybe he was even participating in some signature campaigns, judging by his post history.

I have the reason to suspect he has other connected accounts in this forum, and I see they all have active loans from shasan  
Shasan I really hope you are not getting robbed by this thief...  but things are not looking good.

[Little Mouse]

Though they were good at beginning but as campaign is decreasing day by day

Is it? When I joined the forum, there were far less campaign here. The numbers of sig campaign has increased significantly if I'm not wrong.

Well, it's up to you and its your business but why do you take such risk? You may consider loan a sum which is equivalent to one week sig payment if you want to assess the loan risk by sig campaign. Otherwise, it shouldn't be your criteria. Better you judge by the reputation. Regardless, you must consider decreasing the loan amount.

[xLays]

I kinda find it hard to believe that many people need a loan online, which makes me curious what ulterior motive they have. I'm thinking it's either building trust, building up for larger loans, or plain scamming from the start.

Well, I haven't bothered to take an average but taking a look, with the number of loans that are requested and granted that are of low amount, let's say less than $200 but also quite a few of less than $100, and also taking into account those who ask for an extension to be able to pay those loans, paying only the interest and/or making a partial payment, I would bet for:

1. Low-income people in poor countries with lousy economic planning.
2. Gamblers.
3. A mixture of both.

This is apart from the reasons you cite.

1000$  in Philippines is almost 4 months minimum wage earn.  Everything that was said is possible, especially like what
Poker Player mentioned. I, myself, consider that I come from poor country and I am a gambler. Currently, as you can see I have an ongoing loan with Shanan but I have managed to pay shanan many times, unlike this person who defaulted on the loan and is only paying for the requested extension. (Well I also requested extension many times). lol

Those who recently defaulted on loans from Shanan I guess its just one person. I see a post last time that some who defaulted loan are connected using same bitcoin address.

[shasan]

Thank you all for supporting the flag. I am locking this thread as received the required number of flag supports. I will unlock if the borrower wants to respond here.