Re: Tractor buying scams?

Posted by IHC Red on November 05, 2003 at 22:50:17 from (134.129.135.70):

In Reply to: Tractor buying scams? posted by Oregonfarmer on November 04, 2003 at 18:55:17:

Something I almost got stung on...

Years back a (former) friend said that he had an opportunity for me to earn $1000 in three weeks for a $6000 loan. He knew someone who was starting a business and needed some extra working capital to get the business rolling. My naiveté is a discussion for another day, but, I said O.K. and I want a promissory note. I got a promissory note in my friends name (who had no personal assets) and the name of the (soon to fail) business.

Three weeks later I got a check for $7000 and I thought great. I deposited the check and a couple of days later it bounced. I went to the (former) friend and say look at this. Make it good or I'm going after you. He said that he had nothing and good luck trying to collect. I was furious.

The guy offered to make payments. I said O.K. and he started to drop off $50 or $100 for a couple of days. Then it stopped. I went to a collection agency and the first thing they asked was if I accepted any payments. After I said yes, he said too bad. This guy refered me to the County States Attorney (for whom I had previously done some free network consulting). I found out that the guy was selling land he had inherited to get himself out of the hole and he told me when the settlement was going to happen. I met the guy at the bank and collected the balance due in cash.

This story turned out O.K., but I almost got screwed. Like the old saying "If you have a friend you don't want to see again, loan them money." If I get another bounced check it will be no more Mr. Nice Guy. I don't mind helping a guy out when he's down, but if it's going to be three months, don't tell me three weeks.

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