Author Topic: Interesting Articles...  (Read 959469 times)

Offline Dan

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Re: Interesting Articles...
« Reply #9600 on: November 20, 2018, 03:03:56 PM »
https://www.bloomberg.com/graphics/2018-confessions-of-judgment/?srnd=premium

Very sad situation indeed, and embarrassing to know how many Shomrei Shabbos are in this business of ruining people's lives for personal financial gain.

I have a friend who unfortunately signed one of these "confessions of judgment" and ended up shutting down his business. Luckily he might have been personally spared from financial ruin by this (other than losing his business).

When a relative was entering this business and discussed it with me, I told him that I feel that the worst part about this business (even without the "confession of judgment" trick) is that it simply destroys one's moral compass.

The day when there's a crackdown on these operations can't come soon enough, and now I learn that this should come to the front burner and become a major issue in NY politics. NY shouldn't be allowed to be the venue for these kinds of things.
Sick.
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Online Ergel

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Re: Interesting Articles...
« Reply #9601 on: November 21, 2018, 01:05:09 AM »
Very sick. Even if you have a confession of judgement, lying in a signed affidavit is a crime, no? Why don't these people get prosecuted
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Re: Interesting Articles...
« Reply #9602 on: November 21, 2018, 10:36:33 AM »
Very sick. Even if you have a confession of judgement, lying in a signed affidavit is a crime, no? Why don't these people get prosecuted

The problem is that in many (if not most) cases, the signed affidavit isn't necessarily lying. One missed payment, and they legally have a judgment (based on this sick NY law).

Now, in the best of times, when you have a desperate borrower, who's struggling for every penny, going to court against deep pocketed well seasoned lender, it's an uphill battle.

Just look at how many legitimate debt collection judgments are default judgments. I would say it's upward of 95%. Most people don't know the legal system and legal protections they have, and just don't show up. If the debt is small enough, one can win (or obtain a very favorable settlement) against the creditors just by attrition. Part of their calculation is a fast in and out of the court system. Once you start dragging them back to court over and over, it might no longer be economical for them. Even on larger debts, many times with the help of the court (at least in NY) one can get very favorable settlements. The confession of judgments just automatically turns the tables against the borrower. It should be made unconstitutional in NY, and the Federal Government should step in to bar its enforcement across state lines.

The entire "business cash advance" business should also be brought into line, so that they can't get away so easily with their predatory practices and usury rates.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #9603 on: November 21, 2018, 10:37:58 AM »
The problem is that in many (if not most) cases, the signed affidavit isn't necessarily lying. One missed payment, and they legally have a judgment (based on this sick NY law).
+1
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Re: Interesting Articles...
« Reply #9604 on: November 21, 2018, 05:08:31 PM »
Very sick. Even if you have a confession of judgement, lying in a signed affidavit is a crime, no? Why don't these people get prosecuted

And there you have it. Twisting it (legal availability of "confession of judgment") as a positive. Who is this Stacy Washington, and who's paying her for this?

https://www.realclearmarkets.com/articles/2018/11/12/confession_of_judgement_is_crucial_for_small_business_growth_103488.html

And another article on the topic of Merchant Cash Advances:

https://finance.yahoo.com/news/merchant-cash-advances-salvation-small-businesses-payday-lending-reincarnate-161835117.html
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #9605 on: November 21, 2018, 05:11:48 PM »
Who is this Stacy Washington,
Ask and you shall receive.

Stacy Washington is a decorated Air Force Veteran, an Emmy nominated TV personality, and the host of the nationally syndicated radio program “Stacy on the Right.”
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Re: Interesting Articles...
« Reply #9606 on: November 21, 2018, 05:12:43 PM »
Ask and you shall receive.

Stacy Washington is a decorated Air Force Veteran, an Emmy nominated TV personality, and the host of the nationally syndicated radio program “Stacy on the Right.”

Thanks. That much I saw. Doesn't tell me much about her.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #9607 on: November 21, 2018, 05:14:52 PM »
Thanks. That much I saw. Doesn't tell me much about her.
Maybe this will help. Trumpster  :)
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Re: Interesting Articles...
« Reply #9608 on: November 21, 2018, 05:16:23 PM »
Maybe this will help. Trumpster  :)
Can you survive 24 hours without uttering or writing a word that has the 5 letter sequence t.r.u.m.p. in it?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #9609 on: November 21, 2018, 05:22:18 PM »
Can you survive 24 hours without uttering or writing a word that has the 5 letter sequence t.r.u.m.p. in it?
You mean other than this forum?
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Re: Interesting Articles...
« Reply #9610 on: November 21, 2018, 05:26:52 PM »
I love how she tries to legitimize these companies by calling them fintech companies. I guess the other option was loan sharks and that didn't fit her narrative
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Offline churnbabychurn

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Re: Interesting Articles...
« Reply #9611 on: November 21, 2018, 07:00:14 PM »
I've been involved with MCA's. The amount of fraud done there is astounding. It's truly vicious.. from the ISOs, to the borrowers to the investors.
It's like some unregulated third world ecconomy. Everything goes.

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Re: Interesting Articles...
« Reply #9612 on: November 21, 2018, 08:59:36 PM »
I've been involved with MCA's. The amount of fraud done there is astounding. It's truly vicious.. from the ISOs, to the borrowers to the investors.
It's like some unregulated third world ecconomy. Everything goes.

Desperately needs crackdown and regulation. The bottom line is that this industry doesn't contribute to the economy, it's just a semi-legal way of two sides trying to swindle as much as possible from each other.

I love how she tries to legitimize these companies by calling them fintech companies. I guess the other option was loan sharks and that didn't fit her narrative
Loan sharks would be an understatement.

I would ask her one question: how many businesses survive 2 years after falling into this trap?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #9613 on: November 22, 2018, 09:58:13 AM »
Can you survive 24 hours without uttering or writing a word that has the 5 letter sequence t.r.u.m.p. in it?
You will have your answer on this glorious day of Thanksgiving!!!
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Re: Interesting Articles...
« Reply #9614 on: November 22, 2018, 10:57:47 AM »
You will have your answer on this glorious day of Thanksgiving!!!
Glorious. And freezing.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan