Author Topic: PSA: Don't swipe recklessly for others  (Read 472648 times)

Offline yosefchaim

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Re: PSA: Don't swipe recklessly for others
« Reply #2600 on: February 25, 2019, 06:42:52 PM »
Might I suggest that Dan make a special private forum similar to the Antarctica forum or.      , etc. for all those unfortunate to have been caught up in any of these scams. (I BH have not been nor do I plan on giving out my CC. Ever.)
I'm sure lots of people feel completely lost and are going with their knee jerk emotional reaction or no reaction at all.

Figuring this out together as a group would probably be very beneficial as well as the support that they can give/receive from one another. Also, there will be no cronies trolling the thread- obviously if you figure out a way to make sure only those who were really affected get in...

I would have a hard time understanding why someone would lie or make up a new username just to gain access to such a thread.. but then again, some of the comments posted here had me scratching my head..

Just trying to help as i can't imagine what these people are going thru.

Thoughts anyone??
One guy texted me today if "I know any professional CC disputer"

Offline LoLo

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Re: PSA: Don't swipe recklessly for others
« Reply #2601 on: February 25, 2019, 06:43:57 PM »
There are such companies, but they generally take a 30% cut.

Offline Naftuli19

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Re: PSA: Don't swipe recklessly for others
« Reply #2602 on: February 25, 2019, 06:49:59 PM »
One guy texted me today if "I know any professional CC disputer"
PM me
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Offline SBS

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Re: PSA: Don't swipe recklessly for others
« Reply #2603 on: February 25, 2019, 06:58:03 PM »
There are such companies, but they generally take a 30% cut.

I don't know if they still exist, but I used 7-8 years ago "Angels of Debt" Norman Ballassiano. Not sure what their status is. They took a cut from the money the saved me.
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Offline yosefchaim

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Re: PSA: Don't swipe recklessly for others
« Reply #2604 on: February 25, 2019, 07:20:55 PM »
You think it will work in these cases?

Offline stooges44

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Re: PSA: Don't swipe recklessly for others
« Reply #2605 on: February 25, 2019, 07:23:03 PM »
It'll just get lost here. Could keep that thread just for actual concrete discussion.

I have yet to find a thread here that was kept on course with concrete discussion except, of course, the  "NO DISCUSSION ALLOWED" thread (ironic, I know)
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Offline ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2606 on: February 25, 2019, 07:30:07 PM »
I don't know if they still exist, but I used 7-8 years ago "Angels of Debt" Norman Ballassiano. Not sure what their status is. They took a cut from the money the saved me.

Is that what Norman Ballassiano up to these days? I knew him back in the 90s up until about 2001, haven’t seen or heard of him since then.
« Last Edit: February 25, 2019, 08:23:02 PM by ExGingi »
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Offline Yehuda25

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Re: PSA: Don't swipe recklessly for others
« Reply #2607 on: February 25, 2019, 07:32:09 PM »
Is that what Norman Ballassiano  up to these days?
?
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Offline Yehuda25

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Re: PSA: Don't swipe recklessly for others
« Reply #2608 on: February 25, 2019, 07:33:57 PM »
Seems scammy per a quick Google search

https://angelsofdebt.com/become_an_angel
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Offline churnbabychurn

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Re: PSA: Don't swipe recklessly for others
« Reply #2609 on: February 25, 2019, 07:38:26 PM »


for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) ***"*without laying out a penny***** . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.
Are you missing the whole point?

Offline Naftuli19

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Re: PSA: Don't swipe recklessly for others
« Reply #2610 on: February 25, 2019, 07:39:05 PM »
I know people that settled for ˘10 on the dollar with Chase and were able open new Chase cards a few years later.
Chase is prob the hardest bank to get CL after any kind of settlements.
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Offline PSA2

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Re: PSA: Don't swipe recklessly for others
« Reply #2611 on: February 25, 2019, 07:52:08 PM »
Can someone detail the different consequences between, filling bankrupcy vs settling with the bank
Anybody with knowledge (not theory ) can please chime in?

Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2612 on: February 25, 2019, 08:06:28 PM »
Are you missing the whole point?
i very clearly wrote "without laying out a penny " . not "not risking a penny ".

Offline aygart

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Re: PSA: Don't swipe recklessly for others
« Reply #2613 on: February 25, 2019, 08:08:14 PM »
i very clearly wrote "without laying out a penny " . not "not risking a penny ".
So the answer is yes
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Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2614 on: February 25, 2019, 08:31:23 PM »
So the answer is yes
no. it's called leverage.  more risk and more return.  to make 24% on interest free leveraged money is a much higher rate of return.  obviously u should only do it if you have 25k in available liquidity  to cover your risk

Offline ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2615 on: February 25, 2019, 08:33:38 PM »
Can someone detail the different consequences between, filling bankrupcy vs settling with the bank
Anybody with knowledge (not theory ) can please chime in?

There are a few differences that I am aware of, let's start with the potential tax consequences.

Debt eliminated in bankruptcy qualifies for an exemption from inclusion in gross income. Debt otherwise cancelled is included in taxable income, unless an insolvency exclusion applies (equity in your home and retirement assets are included in the calculation). 
I've been waiting over 5 years with bated breath for someone to say that!
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Offline LoLo

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Re: PSA: Don't swipe recklessly for others
« Reply #2616 on: February 25, 2019, 08:45:16 PM »
no. it's called leverage.  more risk and more return.  to make 24% on interest free leveraged money is a much higher rate of return.  obviously u should only do it if you have 25k in available liquidity  to cover your risk
Most people swiping had no clue there was any risk at all.

Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2617 on: February 25, 2019, 08:56:24 PM »
Most people swiping had no clue there was any risk at all.
i agree and that is a major problem but many people made tons taking some risk and every situation is a different risk/return. and to make a blanket statement that no one should ever do it and everyone that did it is stupid and naive and needs to get an education is also wrong. plenty of smart people with education have also taken too big of risks and lost everything . (and a lot of them had much more to lose than a bankruptcy on their credit report)

Offline aygart

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Re: PSA: Don't swipe recklessly for others
« Reply #2618 on: February 25, 2019, 09:19:07 PM »
no. it's called leverage.  more risk and more return.  to make 24% on interest free leveraged money is a much higher rate of return.  obviously u should only do it if you have 25k in available liquidity  to cover your risk
No it is called irresponsible leverage.
i agree and that is a major problem but many people made tons taking some risk and every situation is a different risk/return. and to make a blanket statement that no one should ever do it and everyone that did it is stupid and naive and needs to get an education is also wrong. plenty of smart people with education have also taken too big of risks and lost everything . (and a lot of them had much more to lose than a bankruptcy on their credit report)
Whether the risks occurred does not change whether they existed. To leverage your entire financial stability on any investment is irresponsible. To "invest"in such a venture where they cannot get loans from people who can afford to lose it is irresponsible even if it is not leveraging your financial stability. To do both in one shot.....

That doesn't mean the people are stupid or naive, it means they did something irresponsible that they probably should have known better than to do. These things happen all the time that people do stupid things that they should have known better. Sometimes it is financial sometimes it is with their health sometimes it is with their spouse or someone else.

That some people made goods returns on it is totally irrelevant to the conversation and that you are even bringing it up shows that you missed the point.
« Last Edit: February 25, 2019, 09:22:24 PM by aygart »
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Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2619 on: February 25, 2019, 09:22:22 PM »
No it is called irresponsible leverage.Whether the risks occurred does not change whether they existed. To leverage your entire financial stability on any investment is irresponsible. To "invest"in such a venture where they cannot get loans from people who can afford to lose it is irresponsible even if it is not leveraging your financial stability. To do both in one shot.....

That doesn't mean the people are stupid or naive, it means they did something irresponsible that they probably should have known better than to do.

That some people made goods returns on it is totally irrelevant to the conversation and that you are even bringing it up shows that you missed the point.
why is it irresponsible leverage for someone who has 100k of liquid assets and 500k of net worth to swipe 25k a month for a 240% annual return