Adds on done deal looking for investment?

EPjnr

I've contacted a man that is asking for 4000 euro and will repay me 8000 in 12 monthly instalments over the next 12 months. too good to be true your all thinking.? me too

So i emailed him and said to get his solicitor to get the contract drawn up and i would get my solicitor to go through it at the weekend, he siad no problem. he told me where his shop is etc, its a discount store and he wants to get stock in for xmas and is desperate to do it asap as its peak time etc. and he needs the money asap.
i asked him about bank loan and other finance options and he said he couldnt get it else where. he tells me he'll be paying me out of his childrens child benefit money by standing order from his personal acccount each month so ive 'nothing to worry about'
So if i meet this guy, see his shop , get a proper contract drawn up... im sure there is still a huge risk involved...? hence the potential return?qhat if he goes bankrupt etc??

Your becoming a money lender there EP.

Im sure you've seen enough movies to know how that profession works. If not find yourself a copy of The Gambler with James Caan.

EPjnr

ha, thanks but i'm 22 and not big into movies! so cant say i seen it!! if this is all done through solicitors is it still very dodgy!?

actually... money lending? don't tell me there are laws around this and i need a licence or something? would i have to become an investor/partner to make it legal?

TheCostumeShop.ie: Ronan

What guarantees do you have? This is highly risky in my opinion. He could make the same promises to several people and just leave the country.

This reaks of scam in my opinion, there's no such thing as risk free 100% return on investment, so the fact that he thinks there is nothing to worry about would be a big red flag.

EPjnr

yeah i was thinking the same Ronan, even if i go meet the guy and see his shop etc he could put on a good act... and i suppose what good is a signed contract in 6 months if im not sure if he is in Dubai or Brasil! Surely there are some precautions i could take to make it a safer investment? i'm sure when i pass it on to my solicitor at the weekend he'll have an interesting take on things :rolleyes: (being my girlfriends father and all) I could do some background research i guess i know people down his side of the country!

TheCostumeShop.ie: Ronan

Mate your girlfriends dad will probably give her a curfew and forbid her from seeing you. This isn't a job for a solicitor, Its a risk on a person and its a person you dont know. If it was a mate who had a shop then maybe, but this is a stranger no-one else will invest in, probably doesnt have a good enough credit rating to get a credit card debt like a normal entrepreneur would and is now asking strangers for a no strings attached loan.

Also your young and starting out, why give money to a stranger when you can have a bit of fun yourself and invest in your real world business education on the way.

Gloomtastic!

He gets €8,000 a year from child benefit! He must have a big mobile home!
Walk away from this now, if something looks too good to be true, it usually is. How many times have I heard that when reading about how someone was scammed?

littleredspot

EPjnr wrote: »

he tells me he'll be paying me out of his childrens child benefit money by standing order from his personal acccount each month so ive 'nothing to worry about'

2 things strike me as odd about this: Why can't he pay you from his business account? (if its such a sure fire money earner and all) and most children's allowances are paid into the mothers account.

Walk away, nay, run away

Zonua

Walk away.

Either
1) He's a scammer
or
2) It's true and you trust him then can you really take 4K from a guy who can't get a loan from a bank and who is so poor he will pay it with his child's benefit?

Dodge.

Bandara

You'll never see your money again

He wants to get in Christmas stock? He could just get it in now from his supplier as normal and pay for it in eight weeks time (ie after Christmas, as the stock will be sold by then), UNLESS he is on stop with his supplier becuase he owes them thousands already and they will only deal COD with him

I'd imagine he is intending to shut down after christmas and is squeezing everypenny out for himself that he can, before leaving a raft of debts behind him

Walk away, if something looks to good to be true then it is.

He could go to a money lender and only pay 40% if he wanted to, but he can't do that because if he shafts them he knows full well what will happen to
him

thirtythirty

Don't be so naive OP.

In fact, I'd consider letting the Gards know.

macl

Walk away

Cops won't touch it because he's not doing anything illegal. But this one is a no brainer for all the reasons the other posters have given.