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I am an unemployed professional that when fully employed earns low six figures. The economic crash was particularly difficult on my space, which is selling technology to Wall Street. I was unemployed for 10 months, then underemployed for another 10 months, then when the company started losing money, I was back to being unemployed since October 2010. Over this time my wife and I went through our savings and then racked up high interest debt to the tune of about $25K. I have 3 very good prospects now for employment that will pay six figures again. However, this is my difficulty. Starting one of these jobs will require upfront expenses for travel and misc. expenses, that while reimburseable, will have to come out of my pocket first. And given that unemployment has kept us in a state of very real poverty, I have no money. I have no working credit card. And the payments when I am employed on 25K with interest rates as high as 28% are going to be burdensome. So given all of that, here is my question:
Is it legal to place a classified ad in a couple of newspapers that would say something like "10% Return on Your Money! Instead of paying 28% to creditors, I would prefer to pay YOU a guaranteed 10%! Contact me for details."
The details of course are that I am a seasoned professional with a solid work background making good money. We would work out a payment plan over a few years. I can be looked up on LinkedIn and I would be open to providing whatever documentation short of a SS# to lend credibility. I could also provide a credit report. I can't go to banks since I have little collateral and my credit rating would probably be an issue.
So again, have you heard of anyone doing this? I'm not thinking of someone helping out that would just be financially comfortable. I'm thinking about someone with a large portfolio that might want to diversify a bit and help someone out at the same time.
I am seriously thinking of doing this if I am offered a position over the next two weeks as I expect. What do you all think? Feasible? Crazy? (Also, no family/friends money available).
Thank you for your thoughts. And please, no spam responses from loan sharks, check cashers or lending companies.
Rick
Is it legal to place a classified ad in a couple of newspapers that would say something like "10% Return on Your Money! Instead of paying 28% to creditors, I would prefer to pay YOU a guaranteed 10%! Contact me for details."
The details of course are that I am a seasoned professional with a solid work background making good money. We would work out a payment plan over a few years. I can be looked up on LinkedIn and I would be open to providing whatever documentation short of a SS# to lend credibility. I could also provide a credit report. I can't go to banks since I have little collateral and my credit rating would probably be an issue.
So again, have you heard of anyone doing this? I'm not thinking of someone helping out that would just be financially comfortable. I'm thinking about someone with a large portfolio that might want to diversify a bit and help someone out at the same time.
I am seriously thinking of doing this if I am offered a position over the next two weeks as I expect. What do you all think? Feasible? Crazy? (Also, no family/friends money available).
Thank you for your thoughts. And please, no spam responses from loan sharks, check cashers or lending companies.
Rick
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