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Author Topic: Long Term Request: 1.5 BTC... details inside... open to ideas !  (Read 899 times)
MoreBloodWine (OP)
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October 09, 2016, 09:23:03 AM
Last edit: June 16, 2017, 08:18:32 AM by MoreBloodWine
 #1

....... Wink

To be decided...
Vod
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October 10, 2016, 01:11:05 PM
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Would you be OK with the lender working out an agreement with your HR department to garnish your paycheck should you default?  That would be considered collateral..


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MoreBloodWine (OP)
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October 10, 2016, 01:14:33 PM
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Would you be OK with the lender working out an agreement with your HR department to garnish your paycheck should you default?  That would be considered collateral..


So repaid by x date. x date passes so payments start if not paid in full by x date ?

If that's the case, ya. But not sure how something like that wold even be done or could be done.

To be decided...
Brob12321
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October 23, 2016, 10:50:29 PM
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lol a wage garnishment can not be done without legal authority, in other words you would have to have a judgement brought against you by the lender and then after a few years of non payment/unresponsiveness the court may garnish  10% of your wages until the debt is paid off.  This process will require you to hire a lawyer which will likely cost much more than the loan is worth.

However, you could theoretically set your direct deposit to deposit a percentage of your paycheck into the lenders bank account, but this can of course be undone at any time. 

Overall, I would say that using someones wages as collateral would not be a good idea at all.
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