I have OLD Defaulted Loans - Need Some Advice.

[Iwasaidiot]

I Have some defaulted loans, I was a stupid idiot back then and had many problems, I am not going to make excuses though for my past sins. My question is: When bitcoins were worth at the time of loan $5 - $25 each bitcoin, now my question is: There is no way for me to pay back the amount of bitcoin that was lent to me, would paying back usd worth(meaning how much bitcoin was worth at time of loans) + interest would be a acceptable way to handle this? I am truly sorry for what I did and the people got hurt, it was never my intention to make a runner.

I honestly hope I do not get any trolling here, but I know I will, it has been haunting me everyday and I am looking for "the right thing to do" but there is no way I can give the bitcoin that was lent because that is about 10-25x the price, granted it is not there fault it is my fault but there is no way I can repay that ever.

[RustyNomad]

From my perspective....

The fact that you are willing to return and 'man up' to the old loans must count for something. If you owed me anything I would be willing to accept the $ value plus some interest as it would be better than nothing. Most will most probably not give you another loan again but as said, the fact that you were willing to come back and settle the loans counts for something, at least in my books.

Not sure what your present situation is or what it will be like in future but maybe negotiate to pay them back the $ amount plus some interest with maybe a further amount in a month or two if its possible to do so.

[dothebeats]

It depends on your terms, and since you borrowed bitcoins, you must return them in bitcoins no matter how much the value is in USD.

[Raimonn]

You have to ask to the user you borrowed the bitcoins. You made it in bitcoins you have to return bitcoins, but could be that the person that lend you the bitcoins accept a % return, could think that is better some % than nothing. It depends on your negotiations not in our opinion.

[ajareselde]

You have "defaulted loans" ,as in multiple ones ? The first thing to do is to contact everyone who you scammed and try to sort it out with them.
Minimum that you should pay imho should be the fiat countervalue of btc owed at prices that were up at the time of taking the loan + atleast 20% interest.
I still think that neutral rating with description as to what happened should be at your every account, because let's face it - you should never get a loan again.

[whywefight]

you should ask the lenders. no one other can tell you what to do

[marjod]

From my perspective, it seems to be a good thing that you want to repay your defaulted loan but the fact that you use an new account to post this makes me think you are not completely serious about this and just want to troll around.

Do you try to contact the lenders you scammed in order to know if you could reach an agreement about a repayment at the actual value in bitcoin ? This could be a way to show that you are willing to repay your defaulted loans.

[Iwasaidiot]

Thank everyone for responding, I am going to contact all that I owe and take it from there, I agree with what @ajareselde said and  after I contact all and start making payments to what is owed I will let them know to post that in the trust of my only active account, I messed up and I accept that so not being able to get loans is not a problem.

 I only use one account here now (and have not asked for loan, I seriously have changed) so I will do the right thing.

I am really ashamed what I did, but I will make it right!

@marjod

I understand this looks like I am trolling,  but I need to look at what I owe and what I can do about it now, so I was just looking what others think. While  I understand it is up to the lenders I just needed some kind of feedback on what I could expect is all.

[Quickseller]

@OP - are you dank?

If you borrowed in terms of bitcoin, and you used the proceeds for cash based expenses then you made a mistake because you were subjecting yourself to exchange rate risk.

If someone was foolish enough to lend out BTC to someone when the price was in the $5-$25 range to someone whose ability to repay was not solidly verified then they likely would have lost a similar amount of BTC that they lent you engaging in another risky venture. However you did still agree to repay the lender(s) in terms of BTC.

I think you should repay the fiat value of what you borrowed plus a reasonable amount of interest plus some premium (possibly 100%-200% if you can) to account for the fact that you are essentially unilaterally changing the terms of the agreement. I think you should pay this even if the lender does not accept this as a full repayment as at least you would have made an attempt to repay what you owe, so you can have a clearish conscience.