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Why I Defaulted on My Student Loans

Discussion in 'Sports and News' started by YankeeFan, Jun 9, 2015.

  1. bigpern23

    bigpern23 Well-Known Member

    Unscrupulous Dick would be a great band name.
     
    Ace likes this.
  2. YankeeFan

    YankeeFan Well-Known Member

    Except for spite.

    You can't return a suit out of spite.
     
  3. Songbird

    Songbird Well-Known Member

    What, you think this wasn't going to be q-functioned?

     
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    You are taking several leaps away from anything I have said. He didn't default because of INABILITY to pay. He defaulted because he CHOSE to not repay what he borrowed. If you take someone's money for whatever beneficial purpose you want it for, and agree to pay it back with interest on a schedule. ... and then one day decide to stiff the lender on the remainder of what you owe (as he did). ... yes, you have committed fraud. You promised something to get the loan. But you didn't intend to follow through on your promise. You either make good faith efforts to live up to what you agreed to. ... or you are guilty of deception to secure someone else's money.

    This has nothing to do with bankruptcy. We're not talking about someone who is unable to repay a debt. We're talking about someone who took someone's money under false pretenses and then CHOSE to reneg on what he agreed to.
     
  5. LongTimeListener

    LongTimeListener Well-Known Member

    If it's fraud, why isn't he being prosecuted? Fraud is a crime.
     
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    Fraud can be a civil wrong, or a tort.
     
  7. Dick Whitman

    Dick Whitman Well-Known Member

    He promised!
     
  8. Dick Whitman

    Dick Whitman Well-Known Member

    I promised my high school girlfriend we'd be together forever and ever.
     
  9. LongTimeListener

    LongTimeListener Well-Known Member

    So why isn't he being sued for fraud then? It should be a pretty easy case.
     
  10. bigpern23

    bigpern23 Well-Known Member

    I'm still not sure where you are getting that he took the money under false pretenses. He chose to renege on the deal. I totally agree with that. But reneging on the deal does not mean it was not entered into under false pretenses. I'm don't really get where you are coming from with this idea that the guy's actions today are an indicator of his intent in the past.

    Default isn't fraud no matter how much you say it is.
     
  11. cranberry

    cranberry Well-Known Member

    Oh Jesus. I used the Macy's story as a real-life example of taking an action that was morally and ethically wrong while fitting into the construct of our discussion. It's not a "hang-up" and nor do I feel compelled to send Macy's an anonymous check or perform any other form of penance. What I did, however, was wrong and I recognize that. The clown who chose to default on his college tuition loan rationalizes his immoral action after the fact by alleging "the social arrangement" is immoral, so he was justified.
     
  12. Songbird

    Songbird Well-Known Member

    Interesting.

    You *knew* you were going to get one free use of the suit, and did.

    He took out a student loan intending to honor the contract, then decided not to.
     
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