My Godfather took all the loans and credit he could, just before the collapse

[peilthetraveler]

Quote from Cicero:

just before hyperinflation and complete economic meltdown, my godfather took out and cashed 50 000 in cash

and with other credit loans bought lots of land worth over 400 000

he never paid back a dime

Why?

well there was civil war and all the banks were burned, so no one ever asked him for their money This was 20 years ago almost


So when do we load up on credit and credit cards, is it time yet

Thats a developing corrupt country though. Alot has happened in 20 years. If you owe debt in the United states I would not put it past the government to say "ok, we are going to make all the people responsible for the collapse pay. We are going to find all the people that took out loans before the collapse and make them pay the equivelent in gold at the time of the withdrawal. If they dont pay, they will go into a work camp where they will work 12 hours per day for low wages until its paid off."

That will teach ya!

I would just say becareful in this age of computers where people can keep track of your debts very easily. You never know what the future holds and never know how uncivilized a civilized countrys government can get when its civilized citizens become uncivilized. (try saying that 10 times fast!) I seriously would not screw with the most powerful country in the world in that respect. Have you ever seen how crazy a rich man gets when he loses all his money? You dont know what he is going to do, but if he thinks someone screwed him out of his money, he is coming for it, you can be sure.

 

[Thermactor]

Quote from Cicero:

Yugoslavia 1990, that little country next to Italy, below Austria

damn it cold
just damn it

 

[Cicero]

I think you naysayers are wrong

the accounting of USA is so screwed up that THE GREAT RESET will occur

I will load up on credit as soon as I see trouble ahead

 

[austrijec]

Quote from Cicero:

I think you naysayers are wrong

the accounting of USA is so screwed up that THE GREAT RESET will occur

I will load up on credit as soon as I see trouble ahead

Wouldnt be so sure. Debt can be sold for fraction of face value and they can come after the money. Even your godfather may still get some visitors as his xxx K loan was sold for 1/5 of a face value to extortion agency by original owner (bank i guess). Which has the legal right to recover the money. Borders dont matter.

 

[shortie]

Quote from Cicero:

just before hyperinflation and complete economic meltdown, my godfather took out and cashed 50 000 in cash

and with other credit loans bought lots of land worth over 400 000

he never paid back a dime

Why?

well there was civil war and all the banks were burned, so no one ever asked him for their money This was 20 years ago almost


So when do we load up on credit and credit cards, is it time yet

good time for you to borrow from your godfather promising to double it in the market.

by the way, how easy is it to load up credit cards in canada nowadays?

 

[Cicero]

Quote from shortie:

good time for you to borrow from your godfather promising to double it in the market.

by the way, how easy is it to load up credit cards in canada nowadays?

I don't like you because you seem to know me and follow me around

to answer your second question, if your credit rating is good

it is extremely easy to go into 100 k of debt or more

 

[Cicero]

Quote from austrijec:

Wouldnt be so sure. Debt can be sold for fraction of face value and they can come after the money. Even your godfather may still get some visitors as his xxx K loan was sold for 1/5 of a face value to extortion agency by original owner (bank i guess). Which has the legal right to recover the money. Borders dont matter.

you are wrong because when banks fail, there is no one coming back to ask for money

especially when you got new currency going

 

[spanish89]

Quote from Cicero:

So when do we load up on credit and credit cards, is it time yet [/B]

HAHA

Mate are you really this foolish??? :eek:


The time to have done it was when the smart people like me did it in early 2008.

Took out over £10,000s on creditcards while was still at college even,
never made 1repayment, and never intend to as theres NOTHING that the banks can do to get it back unless i decide to switch from renting to buying a property within the next 5years.

Or if i decide to just get it written off by doing a DRO under of the new government scheme to write off ALL debt without being bankrupt, IVA, or having to go to court.


If you wanted to this this your are very foolish as you missed the chance.

Now the banks do do creditcards anymore, so you wont be able to get anything.

 

[Cicero]

Quote from spanish89:

HAHA

Mate are you really this foolish??? :eek:


The time to have done it was when the smart people like me did it in early 2008.

Took out over £10,000s on creditcards while was still at college even,
never made 1repayment, and never intend to as theres NOTHING that the banks can do to get it back unless i decide to switch from renting to buying a property within the next 5years.

Or if i decide to just get it written off by doing a DRO under of the new government scheme to write off ALL debt without being bankrupt, IVA, or having to go to court.


If you wanted to this this your are very foolish as you missed the chance.

Now the banks do do creditcards anymore, so you wont be able to get anything.

you have a huge EGO

did you give up on trading yet, your huge ego is making it very hard for you to learn to trade

come down from the sky, its the only way

 

[peilthetraveler]

Quote from Cicero:

you are wrong because when banks fail, there is no one coming back to ask for money

especially when you got new currency going

This is not true. When banks fail their assets get sold off to the highest bidder. And you can be sure that if you owe 50k dollars, the people that bought your debt are going to skiptrace you, run your credit, check to see if you own property and they will come after it. And dont think there are not companies out there that dont try to get a judgement on you so they can garnish your wages. Some will do that and I've seen them do this for as little as 2,000 dollars.

There is a possibility that if you look like a deadbeat enough on paper, you will be the last person they try to collect on, but if you had good credit right up until the collapse, they are going to know whats up. They are not stupid. One guy made over a billion dollars collecting from deadbeats back when all those savings & loans went belly up 20 years ago, so dont think they wont come after you.