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  1. #26
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    I know that even though my wife doesn't actually roll her eyes (in my face) she probably does in her mind or behind my back.. Since we are in each others presence so much more, she gets to sit and listen to all the various business and economic things that come in and out my mind... I don't really need anyone to validate how I feel, how I think, or how I see things.. But it does feel good when I come across articles that show that Billionaires share some of my exact same thoughts.

    Earlier when the stimulus package 1st was being talked about I questioned the impact this will have on our Fiat Currency, and else where on this forum, I mentioned how there are groups of people that advocate for bitcoin to prevent currency manipulation, or just making money out of thin air like we all just witnessed. I also spoke on how this "magic money" could have a negative affect on the masses if they start to look at money as not a scarce resource, but as if it is unlimited. If more people start to think that money is unlimited, more people would take bigger risks and leverage themselves to the hilt. I guess that could be a gift and a curse, perhaps the unlimited money mind set is required to truly make billions.. As they say "Scared Money Don't Make Money".

    Here is an interesting article I just read titled "Billionaire Paul Tudor Jones: ‘My bet is it will be bitcoin’ as the best inflation hedge".

    "...bitcoin, the controversial digital currency, reminds him of gold in the 1970s, and may be the best hedge against inflation in the age of coronavirus."

  2. #27
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    So what happens if people have plenty of money but won't spend it due to the uncertainty that this situation has caused?

    Due to my aggressive cost cutting endeavours, my various holding accounts (personal & business) that I use to pay all my expenses out of have never been at such a high balance for such an extended amount of time. Which is due to how I have cut spending.

    The week of the shutdown I was supposed to have the Iron door on my house refinished, I canceled that.. Next month I was suppose to get my entire foundation pier'd. I have put that on hold also, so I had to call the structural engineer and foundation company to cancel that. Before the shutdown I was doing a lot of research trying to figure out if I was going to upgrade my home theater setup to 77" OLED or 75" QLED. Since the shutdown I now feel that my current tv is just fine and I am no longer in the market to upgrade.. I could list several other examples.

    I am sure I am not the only person that has a lot more cash in the bank now then before the outbreak. I would think other people are also changing their plans and how they are spending money.

    I wonder if the Banks will release any numbers regarding the average amount of money people have sitting in there accounts now vs before the shutdown.

    I feel if we don't return to being consumers and start back circulating the cash, the stimulus packages will not work as intended. I am preaching to myself. But I just don't feel comfortable spending money on any non essential things right now.

  3. #28
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    UPDATE...

    So 1 of my creditors added a "Comment" to my credit report in regards to the natural disaster.

    It appears some creditors are adding these comments to get around the Cares Act provisions regarding credit reporting and scoring. Also the House Democrats are trying to extend the provisions that are in the Cares Act with the new HEROES (Health and Economic Recovery Omnibus Emergency Solutions) Act proposal.

    So my credit score has not been negativle affected as per the Cares Act mandate, but the comment has been added.. I think the comment could have a negative affect in the future in various underwriting scenarios though. Perhaps the Cares Act or any new proposed act can be amended to prevent any reference to the disaster anywhere on the credit report. I have submitted my thought to my House & Senate Representative. If you would like to do the same you can find your House Representative here, and find your Senate Representative here.

    I am going to contact the one creditor that did this and see if I can get them to remove this comment. I have not missed any payments, but I did call and let them know I was affected by the Covid 19 disaster back on 03/24/2020, Post #2. The auto loan company did extend a loan modification where as if I don't make a payment for the next 3 months, the car loan would be extended for 3 months. If I would have known that they would have added anything to my credit report I would have told them not to modify anything...

    I guess they just Checkmated my ass with the comment section, sneaky SOB's!!! But I respect the audible and the adaptation by them! Game On!

    Last edited by Winning; 05-14-2020 at 12:36 PM.

  4. #29
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    New Development.

    Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card

    https://home.treasury.gov/news/press-releases/sm1012

    Looks like 1 more steps towards guranteed income AKA universal income. I think eventually every man, woman, & child will have one of these cards. I think eventually it will be issued right along side the birth certificate & ssn #.

    Currently it looks like a test roll out. The EIP Cards are being distributed to qualified individuals without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center.

    I think this has great potential to increase efficiency across the board on so many various platforms... Tax Return payments, Social Security Payment, Disability Payments, Stimulus Payments, Various State Assistance Payments. Then they also could make it so certain vendors like Hospitals Emergency Room, could place charges on the card for unisured people but the charges dont get paid by the balance on the card but passed through to the state to issue the credit to the card for certain approved purchased.. That would make everything streamlined. All the info regarding any type of govemental payments and assistance would all be in one place and collected over your entire life. Could employers get some sort of tax break if we decide to start paying contractors and employees via direct depoisit to this new governmental bank account, instead of cutting paper checks, or direct deposit to some private bank?

    This is the same type system I think most businesses use. I have been usings amex charge cards for the last 15 years maybe... Damn near everything I buy goes through them. I can easily go to one place and see a snapshot of all types of various expenses.

    But I guess the thought of the Government having that much info on you in one system could be a little unerving for some.

  5. #30
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    Update...

    So Paypal send additional correspondence that they have moved the repayment drafts through June.


    Also I can report, that I have been a good citizen, and have recently spent money on a consumer based depreciating asset!

    I can't take all the credit though! My wife was the catalyst behind my recent consumer spending, and then I found an offer at Best Buy that was to good to pass up!

    Last week my Wife asked me what I wanted for Father's Day. I replied, "Don't worry about getting me anything, maybe a TV, but that costs more than what I want to spend right now". She continued to press me and said "Don't worry about that, just give me the model number of what you want"... I said "Ok, but you are talking about $3500 to $6500 dollars".. Later that night, I went into my Amazon List that I had already made a few months ago when I was heavily researching all the TV tech. All the top spots go to OLED Screens followed by QLED screens... I started typing in the various model numbers on google, to see what the current prices are for the various models.. I make it down to number 4 on my list, which was the Samsung 75" QLED Q80R QN75Q80RAFXZA. I type in QN75Q80RAFXZA on google and was surprised that I see a price that is about 50% cheaper than normal, with the added benefit of being sold by a major chain... So I click on the Bestbuy.com link and see that apparently Best Buy is getting rid of all the 2019 in store models and offering them at huge discounts... Due to the corna virus people are unable to go into the stores and quickly take advantage of such deals. To my delight when I clicked on the buy button, It showed me that there were at least 4 different best buys within 25 miles of me that said they had at least 1 of the exact model that I was looking for, available for me to pickup in an hour! I could not believe this! What were the chances I would luck up find this sale! So I called each of the bestbuy's and spoke to someone to verify the condition of each of the display units they had. After that, I then went online, purchased, and choose the pickup store from one of the stores that I had called and verified condition.. Bestbuy extended the same warranty as if I purchased new, and also gave me Geek Squad protection plan for 5 years! Man I still can't believe I found this sale... If my wife would not have pressed me, I would have never started looking at current prices of the TV's on my list!

  6. #31
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    UPDATE...

    PayPal has extended no repayments for an additional month.

    Also President Trump has mentioned there are more stimulus checks in the pipelines..

    "President Trump: Next Stimulus Check Will Be ‘Very Generous’ And Announced In A ‘Couple Of Weeks’"

    https://www.forbes.com/sites/jimwang.../#6bbe35d12068

  7. #32
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    Quote Originally Posted by Winning View Post
    I am sure I am not the only person that has a lot more cash in the bank now then before the outbreak. I would think other people are also changing their plans and how they are spending money.

    I wonder if the Banks will release any numbers regarding the average amount of money people have sitting in there accounts now vs before the shutdown.
    Figured this was the case!

    So would it be safe to assume a lot of you all also have higher than normal cash reserves on hand as compared to before the pandemic?

    US banks have seen a record $2 trillion surge of deposits since the coronavirus crisis began.

    https://markets.businessinsider.com/...0-6-1029330309

  8. #33
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    UPDATE!

    I am in Dallas County, and we may be headed for a re-shut down do to huge amounts of new infections and how many of them are needing to go to the hosptial.

    WTF!

    "Texas pauses reopening plan and elective surgeries as coronavirus cases and hospitalizations rise"

    https://www.cnbc.com/2020/06/25/texa...ions-rise.html

    "Texas Gov. Greg Abbott announced on Thursday that the state will pause any further reopening as the state continues to report record increases in Covid-19 cases and hospitalizations."

    "Abbott ordered all licensed hospitals in the hard-hit Bexar, Dallas, Harris and Travis counties to postpone elective procedures in order to protect*hospital capacity for Covid-19 patients.*Those counties include the state’s largest cities*— Houston, San Antonio, Dallas and Austin.*There are currently 4,389 Covid-19 patients hospitalized statewide in Texas, up from 2,793 a week ago, according to the state’s health department."

  9. #34
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    UPDATE!

    Covid Shutdown; the Sequel.

    I am at a lost for words! The picture was already ugly, but as things started to open back up, I begin to have better outlook on the future and started spending money again.. But now I am starting to worry all over again... Over the last month I think I have spent about $6000 on unnecessary depreciating consumer based goods! WTF was I thinking!

    Texas Bars, rafting and tubing businesses must close under Gov. Abbott's latest order.

    Bars and similar establishments must close at 12 p.m. Friday, per the governor's latest executive order. Restaurants are to reduce occupancy for dine-in service.

    Gov. Greg Abbott has issued an executive order that requires bars and similar establishments that receive 51% of their gross receipts from alcohol sales to close at 12 p.m. Friday.

    The measure also requires restaurants to reduce occupancy for dine-in to 50% on Monday.

    https://www.wfaa.com/article/news/he...e-87948a5c316e
    Last edited by Winning; 06-26-2020 at 01:51 PM.

  10. #35
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    UPDATE!

    On post #3, dated 3/25/2020. Is when I 1st submitted an unemployment claim on myself. During that process I mentioned that the State had a field that dictated that I had to perform a certain amount of weekly job searches on an online platform that they have with job postings. The dictated amount said that I had to do "0" searches weekly.

    Starting July 6, the agency was set to begin requiring me to make three attempts per week to find a job in order to keep receiving unemployment.

    But as of today the state agency reverses the decision to require Texans on unemployment to look for a job due to the COVID-19 cases and hospitalizations surging.

    https://www.wfaa.com/article/news/he...8-3215742f32fc


    BTW, for more context.
    An article wrote on June 18th says the "Texas unemployment agency’s bank account drained, now borrowing federal money to pay out-of-work Texans".

    "Starting June 9, the TWC’s bank account was set to go negative, when the agency began drawing upon federal loan money known as Title XII Advances. The agency can rely on the funding every day to continue making payments. To date, TWC has borrowed $118,297,483 under the program, which provides the funds interest-free into December 2020."

    https://www.wfaa.com/article/money/b...9-aab949151d1f


    Thinking about all this magic money that is being created out of thin air really rubs me the wrong way!! So why are there homeless people, or people that can not get proper medical coverage, or people living in poverty? The reason clearly could not have been that the Government could not have afforded to take care of these people... IJS....
    Last edited by Winning; 06-30-2020 at 04:57 PM.

  11. #36
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    An underwriter told me that PayPal started again drafting in June for some merchants... is this accurate? Did they automatically extend it for some, and for others not?

  12. #37
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    Quote Originally Posted by abfunders View Post
    An underwriter told me that PayPal started again drafting in June for some merchants... is this accurate? Did they automatically extend it for some, and for others not?
    They haven't started back drafting me yet.. last week they extended it for another month.

    They have asked me about various options to start repaying, but at the end of the conversation they say that they can extend no payments for one more month and to call back to discuss options in about 3 weeks.

    They have offered to extend the terms to over 3 years with the same payback. They also offered to do a payoff settlement of 75% of what is remaining. They haven't yet mentioned anything about a True Up yet, and I am not going to mention that until we are further along in the negotiations... But as of now, I dont even have to start with the negotiations because they keep extending the no payments.
    Last edited by Winning; 07-19-2020 at 01:12 AM.

  13. #38
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    Update!

    So I have restructured my Swift Financial Paypal Loanbuilder account to a 10 year deal! My 1st draft comes out next Monday. The people at Paypal are a real joy to work with, and I really value the relationship I have built with them starting back in 1998. From a customer experience, ease of use, low cost, efficiency, & flexibility stand point they have set the bar...

    I don't even understand how they are even able to do what they are doing over there... My original deal I had with them before covid was at 1.06, on 1 weekly ACH ( 4 per month). They have now restructured the deal to 1 monthly ACH, that is 92.21% lower! With such a low repayment draw, that pushes the time frame to repay the total outstanding amount to 120 months (10 years).

    So for those that would like real numbers.
    $6,026.60 per month is what I was paying. Now I am paying $469.37 per month. That's 92.21% less.


    Wow! Considering the time value of money, this is a huge win for my business and the support that businesses need during this strange time!

    Are these the kind of restructuring deals you all are seeing with other lenders? Or is Paypal setting the bar here as well?
    Last edited by Winning; 09-14-2020 at 12:34 PM.

  14. #39
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    So I really hate not being able to understand how a business is able to do what they are doing. And the deal I have reworked with Paypal, I can't wrap my head around how they are able to afford to do such things.... Maybe they are looking at this 10 year deal as a loss leader, with the hopes of making more profitable future deals with me...???

    In essence, they have embedded in me, a 10 year long homing beacon... anchor... hook..., or what ever you want to call it, for 1st position..

    Perhaps, they are hoping that in the future, when business revenue pickups to pre covid levels, I will need more capital. At which point I will reach back out to Paypal 1st since they have their "hooks" (1st Position) in me for at least 10 years.. At that point they will then request new banking info, to then present me new deals that gives me additional capital, and at that time readdresses the 10 year deal.. Maybe they wrap the 1st 10 year deal into some sort of new package.. Or perhaps they leave the 10 year deal alone, but create some 2nd package with a more profitable return... Where as they become a 2nd position to them self.. Hmmmmm...

    Perhaps the monthly Paypal transaction that will show up on my statements for the next 10 years, could also be looked at as a Scarlet letter to other MCA companies. How would you all here handle getting a merchant that is looking for a 2nd position then seeing that they have a monthly Loanbuilders draft. You ask the merchant about it, and they explain this 10 year deal with Paypal. Will you be able to absorb that 10 year 1st position with out costing the merchant a huge amount of money? Or do you just settle for being a 2nd position? If you do decide to come in as a 2nd, most likely the numbers you are going to present to the merchant are so far out of line with what the merchant has gotten use to when dealing with Paypal, the merchant will probably call up Paypal and find out if they can give more money as well and what would be their cost. That then opens the door for Paypal to come in and secure a new more profitable deal for them, but way cheaper than the deal the other MCA was presenting... Looks like all roads lead back to Paypal... for at least 10 years....

    So I guess the story continues...

    Perhaps in a year, or a few years when I cross that bridge I will know, and of course update you all here....
    Last edited by Winning; 09-25-2020 at 10:32 AM.

  15. #40
    Unlike some of the other funders/ lenders in this space, PayPal has a bunch of non-financing products (cc processing, online payments, venmo, etc) and will likely add more in the future. It's probably worth it to them to achieve a lower yield on your financing deal to keep you, the customer, happy for other products.

  16. #41
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    Quote Originally Posted by Onepointwhat View Post
    Unlike some of the other funders/ lenders in this space, PayPal has a bunch of non-financing products (cc processing, online payments, venmo, etc) and will likely add more in the future. It's probably worth it to them to achieve a lower yield on your financing deal to keep you, the customer, happy for other products.
    Yeah.. I don't know the in's and out's as to why they haven't decided to become a full on Online bank by now. Auto Loans, Home Loans, Stock Brokerage, etc... I would totally let them finance my car purchases, new homes, trade stocks through them, etc.... I don't see why Paypal couldn't be to finance as what Amazon is to retail.. Outside looking in, it just seems Paypal doesn't have the hustle & grind that Amazon has had. Amazon straight dominates various aspects of our life. Believe it or not, you are using Amazon right now by browsing this site... This site is hosted by Godaddy, Godaddy runs on Amazon AWS. ~ I Digress ~... But That's just crazy to think about how far Amazon has come.. I remember using amazon.com when they were only an online book store. And I also remember using PayPal when it was just Ebay's payment method.
    Last edited by Winning; 09-25-2020 at 11:14 AM.

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