Paying a loan late deserves red trust ?

[LoyceV]

I first saw Favour's Lending Service thread when he had already realized he was going to lose his money loaning more than the "sales value" of the accounts that took a loan. I was surprised a thread like that existed, that whole thread was almost an invitation to get scammed.
I was expecting mainly people who don't value their account to join, and indeed, most of them don't care about red trust after taking the money.

Usually I only read the Reputation-section/trust-fights with a big bag of popcorn, but since you asked for opinions, I'll give you mine.

I got some time to spare, let me make a timeline first:

• You took the loan on April 2, and had to pay back within 7 days. Interest on 0.05 BTC should have been 0.0105 BTC for 7 days.
  12 days later you said you didn't pay back yet and "asked for more time" without getting a respons. This means you didn't get more time, but you took it anyway. You did not pay here. 5 days later favours says you didn't discuss anything.
• On April 17 you got alerted by trust on your profile, once again saying you'll "repay in a few days". You did not pay here.
• On April 22 you made a "public apology" asking if it's okay to send the payment right away. favours accepted. Right after this you mentioned you agreed for 0.055 BTC, lower than what would be expected based on the thread, but I can imagine favours agreed to this only in the hopes to get at least something back. You did not pay here.
• After favours opened a Scam Accusation thread, on May 9 you asked for 24 hours to repay the loan. You did not pay here.
• On May 10 you argue the lender is happy so you should get more time. What made you think he is "happy" chasing his money for 5 weeks? Minutes later favours says "your time is up" and - as expected - he doesn't sound happy. You got yourself another 12 hours to repay. You did not pay here.
• On May 11 you ask for the address to send the bitcoins "right away". So all this time, when you were claiming you would pay back the loan, you didn't even know the address to send it to.
• On May 12, you paid back 0.0625 BTC

I might have missed some details in the timeline, but the overall picture is clear. This leaves me to conclude you only paid back because of the red trust, hoping it will disappear again. And although that's entirely up to Lauda, I think you deserve it. You have shown many times you don't keep your word. If you would have done this to me, I would never trust you again. Your personal vendetta against Lauda doesn't make your case look any better either.
How would you feel if you have to beg someone for 5 weeks to get your own money back?
This thread once again confirms you only paid back to get the red trust removed.

[1714092251]

1714092251

[1714092251]

1714092251

[1714092251]

1714092251

[1714092251]

1714092251

[actmyname]

This thread once again confirms you only paid back to get the red trust removed.

Excellent breakdown.


Someone said that paying off a defaulted loan to change a red trust to a neutral is the same as paying for trust since it's a net gain of trust either from neutral to green or from red to neutral. (I will add the link/quote here if it is sent to me)

I agree with this stance but think that account owners should be given an opportunity to rectify their trust. However, when the owner throws temper-tantrums and creates several threads deprecating the user (Lauda) who gave them the negative feedback, I believe that is immature and we should all express our disapproval. This would increase the duration of time before reconsideration of his rating (or would prolong it for eternity) and if the user continues this behavior, I would simply ignore them and report them for spam.


This is what's happened several times and the same result will occur: the user will rage and blast away with replies trying to dig up any irrelevant piece of information they can find and try to ad-hominem attack the ones that gave them negative feedback and/or post retaliatory feedback upon others. It's only a matter of time until the ban.

[MargonCreatives]

Bro if you said from start that you will pay a loan you must pay it in time and I think that if you not pay in time that you deserve negative trust.For me that is like breaking a law and you  need to be punished with some way.

I can show you 100+ loans where borrowers paid late and there was not additional interest paid, are you promising me to give negative trust to them all ?

WHAT HAPPEN LAUDA ?

[Lauda]

[MargonCreatives]

Haha you dont have reply ? Basically you cant tag those 100 people then only me ?

[Lutpin]

Haha you dont have reply ? Basically you cant tag those 100 people then only me ?

[favours]

Haha you dont have reply ? Basically you cant tag those 100 people then only me ?

Ahahah good one.

[Quickseller]

[...] Lenders are frequently just as happy to receive a payment on the 31st as they are on the 1st, especially if they receive a late fee of some sort if received on the 31st. [...]

If I remember correctly it took "a few more days" (than 1), and OP did not pay the "late fee" (last time I checked)...

Further more, OP states he;

[...] always was in contact of the lender [...]

and - again, if I remember correctly - this was not the case: IMHO if you're going to be late you should contact the lender in advance, not after the fact...

Well lenders (especially those who are not holding any kind of collateral to secure repayment) will frequently waive late fees in order to entice borrowers to repay. It is also not uncommon for lenders to waive and/or reduce the amount of interest owed (and sometimes even portions of the unpaid principal balance).

I guess my point is that the removal of negative trust after late repayment of a loan to the lender's satisfaction is a collection tool that lenders can use to entice repayment of money owed to them. This is especially important because this is probably the only collection tool that most lenders are going to have considering that most loans made are written in a way so that most courts would probably not enforce them (I don't think courts would grant a judgment against a borrower whose identity is known, and the receipt of funds for the loan and lack of repayment is not disputed).  

If it becomes the norm for negative trust to be given once a loan is one day late (or any other period of time late), then borrowers will probably stop repaying money they owe once they are even a minute late.

[Pearls Before Swine]

Bro if you said from start that you will pay a loan you must pay it in time and I think that if you not pay in time that you deserve negative trust.For me that is like breaking a law and you  need to be punished with some way.

I can show you 100+ loans where borrowers paid late and there was not additional interest paid, are you promising me to give negative trust to them all ?

That's a childish argument,  and it doesn't make you any less guilty of jerking favours along until you finally got some consequences.  The nail that sticks out is the one that gets hammered,  and you did that to yourself by making a spectacle of yourself by complaining very loudly and very publicly.   You're on the losing side.  Stop whining like a Filipino child or whatever you are and just take this like a man.  Actions have consequences.

[bitkilo]

The subject of a member receiving a negative rating for repaying a loan late would have to be taken on a case by case basis. Life is not predictable, problems can arise at anytime and interrupt set plans, the main thing is that you stay in contact with the lender and pay the loan off in full including interest as soon as you possibly can.

In this case i would say the negative is warranted, it has been placed on the account to warn other lenders that although the user did repay the loan they did not fulfill their side of the agreement by paying the interest incurred on the loan.

Just going by the timeline from LoyceV post it took you 40 days to repay a 7 day loan, then when you finally sent favours back some bitcoins it was only just enough to cover the interest incurred.

Favours charges 3% interest per day on his loans so your loan of 0.05btc was costing you 0.0015btc per day in interest.
After 40 days the interest alone comes to 0.06btc for the original 0.05btc loan, if you repaid 0.0625btc then i would say that you still owe favours 0.0475btc and if favours personally sees this loan as still being outstanding then that 0.0475btc you owe him would be incurring interest of 3% per day (0.001425btc)
As you can see interest is something you really have to keep an eye on or it can get out of control very quickly.

 

[TheKing247]

Some people do not repay the loan but he paid..I strongly recommended all to remove his negative trust.

If favours and all other do not remove negative trust then why will borrower repay favours? Borrower don't have any benefit after repaying loan...so It is better to scam.

I will say MargonCreatives made a mistake by repaying the loan. You should scam favours like others did.
I gave you a positive trust for your honesty.

And very poor thinking by favours and Lauda...Shame on you both.

[HEPHAISTOS]

I repaid a loan late, always was in contact of the lender and he is very happy that I have repaid and does not need any additional interest. So now do I deserve red trust ?

In my opinion you deserve a Green trust, but that's life You have money ;you have power, you have power; you have everything.
All the people who answered yes, do not really think so but they answered it just because it is Lauda who tagged you, he(SHE)is the king (QUEEN) here in this forum  .

I say no, you don't deserve a reed trust

[Vongola]

He only paid with inital amount and some interest but only for some days ( i forgot the exact time). He must pay the full interest he supposed to pay to the lender because when he asked for a loan he should take all favour's rules, including how much interest he must pay

[TheKing247]

I repaid a loan late, always was in contact of the lender and he is very happy that I have repaid and does not need any additional interest. So now do I deserve red trust ?

In my opinion you deserve a Green trust, but that's life You have money ;you have power, you have power; you have everything.
All the people who answered yes, do not really think so but they answered it just because it is Lauda who tagged you, he(SHE)is the king (QUEEN) here in this forum  .

I say no, you don't deserve a reed trust

Honesty has no value these days!
I feel bad for MargonCreatives.

[HEPHAISTOS]

Do not be sad guy, always take life on the good side, with the red trust I'm sure that peoples has nothing to fear from us, we are the only ones that do not represent a danger in this forum, people Must be wary of those who have more serious histories like extortion and other and that are still in green.
receive a red trust because of repaying a loan late is nothing, receive a red trust because you have an alt is nothing, receive a red trust because of non payment of your loan is nothing since your collateral cover the loan; but  extortion attempt is something.
I think there is a person who could come out unscathed; The lady in red dress , even Satan will not resist its power

[MargonCreatives]

I repaid a loan late, always was in contact of the lender and he is very happy that I have repaid and does not need any additional interest. So now do I deserve red trust ?

In my opinion you deserve a Green trust, but that's life You have money ;you have power, you have power; you have everything.
All the people who answered yes, do not really think so but they answered it just because it is Lauda who tagged you, he(SHE)is the king (QUEEN) here in this forum  .

I say no, you don't deserve a reed trust

Honesty has no value these days!
I feel bad for MargonCreatives.

Well brother I see for some reason you are supporting me which is good and really thanks I appreciate it.

Anyone who is saying to me that I should have paid full interest, I have messages and skype history clearly confirming that the lender DID NOT WANTED ANY ADDITIONAL INTEREST AND HENCE I PAID WHAT HE WANTED.

But well, I believe in God and I hope Lauda too does if you don't by chance, then well you got a single life, right ? Better take some blessings rather than curse isn't it Lauda ?

Even favours ( the lender ) messaged Lauda that he has got paid please remove the trust, but well well Lauda has convinced favours to ask more interest and favours being a big gambler is now loving that.

[yahoo62278]

posting for reference

[The Sceptical Chymist]

^^This is indeed a worse scam, but I see it on this forum so frequently that the depths these shitballs stoop to no longer surprises me. 

During my first year here I would always post that I thought Theymos should just nuke the lending section, investor-based games, and something else--I forget--but I gave up on that.  I don't have statistics, but it seems like the ratio of successful loans:total scams is extremely low.  Low enough that that whole section is nothing but a festering snake pit.  And why?  Because you have people with attitudes just like this:  "I'll only repay the loan if you remove my red trust".  It's total bullshit.

By the way, TimSweat is still a total scumbag.  But that's way off topic.

[onnz423]

Well if you are granted an extension and you ask before due date, you do not reserve red trust.
But if you do not get an extension, but still take the extension on your own, you do reserve a red trust.
No one wants to lend to a person, who does not abide by the contract they have made from person to person, just like you did not honor the contract between you and lender.

[TheKing247]

I repaid a loan late, always was in contact of the lender and he is very happy that I have repaid and does not need any additional interest. So now do I deserve red trust ?

In my opinion you deserve a Green trust, but that's life You have money ;you have power, you have power; you have everything.
All the people who answered yes, do not really think so but they answered it just because it is Lauda who tagged you, he(SHE)is the king (QUEEN) here in this forum  .

I say no, you don't deserve a reed trust

Honesty has no value these days!
I feel bad for MargonCreatives.

Well brother I see for some reason you are supporting me which is good and really thanks I appreciate it.

Not only me. Many users supporting you.