• return2ozma@lemmy.worldOP
      link
      fedilink
      arrow-up
      15
      arrow-down
      1
      ·
      3 months ago

      Example, this one is for Empower…

      I’m not a lawyer or endorsing any of the activities but it spells it out in their terms you’re not obligated to pay it back.

      • sunzu@kbin.run
        link
        fedilink
        arrow-up
        5
        ·
        3 months ago

        Creditor would still seek remedy I would presume

        Fuck that guy tho can’t get blood from a rock folks.

          • sunzu@kbin.run
            link
            fedilink
            arrow-up
            10
            ·
            edit-2
            3 months ago

            I checked it out. That’s three years old.

            I don’t think these apps actually are the creditor. They are “platform” they don’t care if yoindont pay. Creditor would.

            It is debt. Defaulting on debt carries risk, people should be aware of it. Strategic default is that just that strategic.

            If you are going to do it, either seek advice proper counsel or do your own research.

            It is a valid tactic but people need to be aware of risks.

            • return2ozma@lemmy.worldOP
              link
              fedilink
              arrow-up
              3
              arrow-down
              1
              ·
              3 months ago

              I may or may not know somebody that revoked ACH and closed accounts with a few of them a year ago and nothing ever came of it. They’re fintech companies not banks.

              • sunzu@kbin.run
                link
                fedilink
                arrow-up
                3
                arrow-down
                1
                ·
                3 months ago

                My point being is the risk…

                I am no disputing the anecdote but people also need understand that there is a risk.

                They will only sue you because they think they can get their money back, suing costs money to start with. There is a break even point or some times just a point.

                Either way, people should be assessing their financials with proper care. Remember folks that trump used this tactic lol don’t feel guilty about a “leadership” tactic.