/biz/ - Business & Finance

>>23538703
This is a good thread, another story from 5 years ago.

>Sell specialized goods
>Client (former customer) needs money, offers to put his goods up for collateral to pay me back in a month
>Doesn't want to give me any of the good items, just 1 or 2 things for a large sum of money
>no
>end up taking nearly everything and holding it for safety, hoping I get reimbursed within a month. Keep in mind I don't want much compensation as this is a good customer who I want to help
>big mistake
>month passes, no contact
>multiple messages, calls, guy obviously avoiding me
>oh no
>finally get in contact with him, he wants an extra 3 months to pay back via small installments
>tell him he forfeited his stuff, he has to pay quickly or I will have to liquidate
>endless complaints, promises which never come through
>end up selling some of it to cover my expenses, nearly 8 months later
>this cost me time, stress and money
>still return the remaining goods to him despite not needing to
>learn he could never have afforded to pay me back, even if I had waited 2 years
>he was still upset I sold some of the items even though he couldn't afford to buy them back due to horrible money management
>lesson: don't lend money to people, even with collateral things can and likely will go bad