Has anyone taken out an illegal loan on purpose?
Date: Thu, 11/08/2012 - 20:19
My big issue is that she and my brother had a joint account. She gets paid once a month at least. My brother opened a new account and moved his money that was in the joint account and removed his name from it. At least his name was not on the loan.
Will the loan companies try to go after my brother because his name was on the account at the time of the deposits?:confused::confused:
I think it's wrong to take them out and never pay them back. I h
I think it's wrong to take them out and never pay them back. I have heard of people taking out illegal loans and returning principal only - but taking it and not returning ANY of the money is essentially stealing and is, in my view, a very lowlife thing to do - even though the lenders themselves are generally lowlifes also. It almost puts you on their level.
We think so too
Both my brother and I feel the same way. that is one reason the girlfriend is now an ex. He is also kicking her out. His name is on the lease so he has told the manager of his apartment complex about this.
Apparently the ex has been slowing syphoning money from him. Lesson learned for him. He will not get a joint account again unless it is on our mom's or my accounts if we become medically infirm or any woman he marries. No more joint accounts with out a formal commitment
I am with you 100% - joint accounts, cosigning, etc is really so
I am with you 100% - joint accounts, cosigning, etc is really something you have to be very careful with. I have a joint money market account with my best friend since 3rd grade - professional financial advisers would say never have a joint account with anyone but a wife or parent - I'll disagree and say you need to make an educated judgement. With a girlfriend of a few months? No sir... cosigning is really disasturous too... unless it's a mortgage I would never cosign for someone... and the only reason I'd cosign a mortgage is so a friend/family member could ride my ridiculously high credit score (working for a CC company will do this) for a lower rate. If it was because they had bad credit, I wouldn't touch it.
Taking money without intention of paying is WRONG !!!! My guess
Taking money without intention of paying is WRONG !!!! My guess is that even though illegal, the lenders will come after you hard if you purposely take money without any intention of paying back. Conversely, after overpaying on loans, my guess is that they really dont bother you too much. Thats my experience. I never missed any payment to any of them. When I stopped paying, they made token efforts against me but eventually gone away.
I totally agree Artn
While there are three of the five payday loans I have not actually paid on yet. I will be sending payments on the principal by money orders after I get my ligatment debts on track. This will take a few months but they will get their principal back.