Joyce
“Dear Steve,
Retired from 5/3 Bank in 2003 I was offered a loan to purchase my Stock Options. These options were at $40.+ and $50.+ per share. I have a loan for $36,300 at prime with quarterly interest with no maturity date. The stock price now is around $2.00 per share. The collateral for this loan is the stock.
What happens if I default on this loan?
Joyce”
Dear Joyce,
I don’t know specifically but I can see it being anything good. Besides some possible tax consequences and personal pursuit for the debt, I’ve seen very few situations where someone was able to walk away with no repercussion.
Before you do anything I would advise you to check with a lawyer licensed in your state for specific advice about what your legal liability for this loan is beyond the collateral.
Additionally, I think you need to speak to a tax adviser and ask if there is a taxable event to you as the result of not paying back this loan. If it is viewed as forgiven debt you could owe income tax on the loan amount and that’s not something to sneeze at.
Steve
I am Mr Gerrad Goosh a Deputy loan lender, we give out loan to Business Men or
women who are into Business transaction or those seeking personal loan
with an interest rate of 3% per annum. Our lending firm comprises of share
holders, and we are recognized by the Lenders Association of Netherlands.
This Financial Institution was founded in 1999,The unbeatable Financial
Institution which has spread far and wide, known for its efficiency and
professionalism.We welcome you and want to guarantee you that you will get
the best services here.Your progress is our pride. For more information
contact us today at: [XXXXX] Below is a personal detail guide.
Please fill it and return to us as soon as possible.
BORROWERS DATA FORM
Firstname: …………………………………….
Surname: ………………………………………
Address: ………………………………………
City : ………………………………………..
State/province: ………………………………..
Country: ………………………………………
Mobile Tel: ……………………………………
postal/Zip code: ……………………………….
Amount of loan needed : …………………………
Period of repayment : …………………………..
Mode of payment: ……………………………….
Occupation: ……………………………………
Yearly Income: …………………………………
Mr gerrad
Mr. Gerrad,
Sadly I’m sure many desperate people fall for this scam. It’s a take off on the below market apartment rent / to let scam.
If anyone sees anything like the message above, run away.
Steve