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My story begins with a bunch of deadbeats buying houses they can't afford and dumb ass banks giving loans for which they clearly don't qualify to these deadbeats. It ends with the US economy in shambles. Wait, never mind, we have all already heard this story.
Here's a scary financial story for you.. scary because I've come to the conclusion that my boyfriend has been cursed (with bad luck). I'll give you the abbreviated version.
-A few years back my BF started working for a company (head of marketing for an acting school) and made the owner obscene amounts of money and made the idiotic mistake of co-signing loans for cars for this guy because he had shotty credit. The guy ran up bills and the aforementioned vehicle(s) and never paid my BF (along with other employees) for his work to the tune of about $250,000 and he was literally homeless (living in his car) for some time, but has pretty much paid off almost all of the money that this guy took him for (or got it removed from his credit) to this point -BF took the aforementioned douchebag to court last year and won a settlement for somewhere around $125,000 or so? He has yet to see a dime of that money since the d-bag funnels his money through his girlfriend (partial silver lining: the guy didn't show up in court last week and was supposed to have paid $10,000 by now so if he doesn't show up and pay that by/on this Friday he goes to jail.. but we'll see) -When BF's credit got destroyed he went out and got the cheapest car he could finance which was a Kia, at a ridiculous APR, before his credit was so bad that he couldn't get approved for anything (current situation) -BF was coming to pick me up at the airport last March? and got a traffic ticket for signaling to change lanes, beginning to change lanes, and then realizing it was not the correct road to turn on so he went back to original lane before even halfway getting into the other lane -- I forget what the cop called this, but apparently it's illegal. Ridiclous. Anyway, this caused BF's insurance to pretty much double so he dropped down to only liability insurance so he could afford it and since he doesn't drive much (basically just to his office and back, 3 miles away) -Last week BF walked to his car and found that it had been totaled by a hit and run drunk driver in the middle of the night. So pretty much the drunk's insurance will pay for the totaled value (what it was worth at the time -- like $7,000) while BF still owes $11,000 or $12,000 on the car since the APR is insane and since BF only has liability, he's going to owe like $4,000 or $5,000 on a car that no longer exists -BF's credit is destroyed from d-bag I mentioned earlier so he can't get approved for ANY car without a co-signer (I will not co-sign a loan for ANYONE and he doesn't want someone to co-sign either) and since his business just launched about a month ago, he doesn't have any extra cash to get a car right now
There are plenty of other little bits and pieces I could have added about how he's gotten screwed over with work, etc, but I figured I'd highlight the big ones. I used to think I had bad luck til I met my BF, now I realize nothing compares to his! HAPPY HALLOWEEN!!!
green14 said:Here's a scary financial story for you.. scary because I've come to the conclusion that my boyfriend has been cursed (with bad luck). I'll give you the abbreviated version.
I don't mean to be a jerk, however it sounds like your boyfriend at least partially made his own bad luck. Co-signing a loan? Ugh. Also, if his credit was in the toilet he should've bought a cheap car for cash rather than financing something.
1. Work as consultant for company #1. 2. Begin working as consultant for company #2. 3. Stop working for company #1. 4. Company #1 sues for $50+ million, asserting they were illegally cut out of a deal. 5. Company #1 gets sold, principals parachute out. 6. Company #2 cease relationship as they are concerned about lawsuit. 7. Awarded substantial damages through summary judgment against company #1. 8. Unfortunately, company #1 was bought by Enron, but they got a bridge loan from Agape, so the judgment should be satisfied soon.
JorgeBurrito said:My story begins with a bunch of deadbeats buying houses they can't afford and dumb ass banks giving loans for which they clearly don't qualify to these deadbeats. It ends with the US economy in shambles. Wait, never mind, we have all already heard this story.Racist! j/k
green14 said:Here's a scary financial story for you.. scary because I've come to the conclusion that my boyfriend has been cursed (with bad luck).
The obvious solution is for you to dump your bf and to start dating myself. I have no credit issues and as far as I know am not cursed. What more could you want?
My friend worked as a marketing director for an internet startup he accepted a very small salary because he offered a percentage of the profits. The first part of the year the company made good money, but profits never seemed to show up on the balance sheet. My friend became suspicious but didn't confront the owner for several months. Then the owner started striking some really odd deals and pushing payments terms as far out as possible and establishing millions of dollars in new credit with other vendors. It seemed like the owner/CEO was getting new credit lines in order pay off previous creditors. When my friend started asking questions about the questionable deals that the owner had put together he was fired for being nosy (was also stiffed on his final 2 salary checks as well).
Fast forward a few months and my "friend" is getting dozens of collections calls looking for the owner, because my friend had been alternate contact person on some the accounts. Turns out that the owner of the company had ran up well over a million dollars in credit with various creditors. Turns out that the owner skipped town leaving his creditors and employees unpaid. He has not been seen or heard from since.
My friend still gets occasional phone calls looking for the owner but most collectors seem to understand his situation, from the way I understand things he isn't responsible for the debts just a contact person that was fired and didn't get paid his salary...
Message edited by: chimeer on 2009-10-13 21:40:20 CDT
ppatin said:green14 said:Here's a scary financial story for you.. scary because I've come to the conclusion that my boyfriend has been cursed (with bad luck). I'll give you the abbreviated version.
I don't mean to be a jerk, however it sounds like your boyfriend at least partially made his own bad luck. Co-signing a loan? Ugh. Also, if his credit was in the toilet he should've bought a cheap car for cash rather than financing something.
Like I said in my post, it was an idiotic mistake for him to co-sign a loan and he realized that. He has a "problem" of giving people the benefit of the doubt and trying to help anyone he can, even to a fault (obviously). Secondly, since he was taken for $250,000, he didn't really have any extra cash to buy a car instead of financing one since he was pretty much homeless at that point. Again, which I already said. He needed to have a car to get around and to get work and, at that point, he actually had to live in it for a short time, so without it he would have been on the streets.
JorgeBurrito said:green14 said:Here's a scary financial story for you.. scary because I've come to the conclusion that my boyfriend has been cursed (with bad luck).
The obvious solution is for you to dump your bf and to start dating myself. I have no credit issues and as far as I know am not cursed. What more could you want?
What's your net worth? j/k Luckily, I don't date for money or I would have been gone a long time ago.. actually I never would have been in. I'm lucky enough to make my own $$$, have great credit, and be in a comfortable position financially, considering the economy. *knock on wood*..
chimeer said:Bet you can't beat this true story.
My friend worked as a marketing director for an internet startup he accepted a very small salary because he offered a percentage of the profits. The first part of the year the company made good money, but profits never seemed to show up on the balance sheet. My friend became suspicious but didn't confront the owner for several months. Then the owner started striking some really odd deals and pushing payments terms as far out as possible and establishing millions of dollars in new credit with other vendors. It seemed like the owner/CEO was getting new credit lines in order pay off previous creditors. When my friend started asking questions about the questionable deals that the owner had put together he was fired for being nosy (was also stiffed on his final 2 salary checks as well).
Fast forward a few months and my "friend" is getting dozens of collections calls looking for the owner, because my friend had been alternate contact person on some the accounts. Turns out that the owner of the company had ran up well over a million dollars in credit with various creditors. Turns out that the owner skipped town leaving his creditors and employees unpaid. He has not been seen or heard from since.
My friend still gets occasional phone calls looking for the owner but most collectors seem to understand his situation, from the way I understand things he isn't responsible for the debts just a contact person that was fired and didn't get paid his salary...
I think I already did beat that story, but wow.. sounds like the same kinda thing that happened to my BF, except your friend didn't end up getting taken for that money/credit. Is the owner of that company named Tim?
UPDATES TO MY PREVIOUS POST: The d-bag failed to appear in court, as I mentioned, and there is now a bench warrant for his arrest.. if he doesn't pay $10,000 by Friday they're going to arrest him and seize and sell his possessions. Apparently, the hit-and-run drunk driver that totaled my BF's car had actually STOLEN that car. Thankfully, BF's finance company decided to have the offender's insurance pay for the entire value of the car loan, not the declared value of the car so my BF will owe NOTHING on that car.. thank god!
I won't tell you who this guy is, or how i know him, but i know an eccentric man who believes the government has no authority to collect taxes or make law. He made millions selling collodial silver, gold, selenium, etc. For some reason, he paid employees in gold bullion. Gov't got mad, charged him with structuring. This guy felt he was being harassed by the local gov't (the guy has had a screw loose for a while) told his friend he wants to kill a federal judge. His friend was wearing a wire. Charges were filed for making threats against the judge.
In the mean time, he got himself a mail order bride from Ukraine. WTF?
He went to jail with a sentence of 40+ years. He lost his company - not to his mail order bride, but to his lawyers. He also lost his personal net worth of millions of dollars.
...because he insisted on paying his employees in gold bullion. Doh!
Message edited by: RedCelicaGT on 2009-10-14 02:55:32 CDT
chimeer said:...The first part of the year the company made good money, but profits never seemed to show up on the balance sheet....Profits show up on the income statement.
Cash and other assets would be what you'd look for on the balance sheet.
kamalktk said:It doesn't have to be true, but scary (or funny/scary) Why don't you just post that long list of IHYTA's predictions? That would count, right? Not true, but funny.
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Luckily, I don't date for money or I would have been gone a long time ago.. actually I never would have been in. I'm lucky enough to make my own $$$, have great credit, and be in a comfortable position financially, considering the economy. *knock on wood*..
