Benefit of the doubt is not applicable. Vod is protected because he had the 'collateral' in hand prior to giving the loan. The OP is still clearly doing something he probably shouldn't be doing
I initially went along with this because I expected the OP to try and scam me in some way.
It's just been a waste of time, and the OP is out all the transaction fees.
I hope his goal wasn't to gain trust, since I didn't have to trust him at all. I was protected by "collateral".
I am going to bet that at one point in the future he is going to say that Vod lent him money, or he is going to expect to get a positive trust rating from you.
If this was a fiat based loan then I would probably understand more, however a bitcoin based loan that is secured by bitcoin just doesn't make any financial sense.