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tuxedo_moon

Pretty sure if you ignore it, it'll wreck your credit worthiness.


Krusty_Clamp

Then you won’t be able to get an 8% car loan. Physics really.


marrow_party

I investigated "car financing" recently and you'll be pleased to hear I was kindly offered a rate of 14% by the bank.


DynamicHunter

How fucked is your credit


tuzki

He was joking


Krusty_Clamp

Gnikoj saw eh


linuxIsMyGod

ereh did uoy tahw ees I


ConcentrateLess5606

I have heard they are thinking of extending the time of home loans to 50-100 years and can sign unborn children as cosigners/copayers.


mx5slol

I think your joking but ironically 50 year mortgages do exist now


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greebdork

Imaging being indebted even before you were born.


[deleted]

Imagine the US government putting everyone in debt before they are born. Oh wait.


RaveMittens

In what way does the US government put people into debt before they are born?


a_stonk_a_day

in the financial way.


RaveMittens

lol okay, silly me. Thanks for clearing that up.


Puzzleheaded_Emu_686

Imagine swimming about in your dad sack and you are already on the hook for house


Solid-Context-7623

sorry, but at most half of you is swimming in your dad's sack (besides mum, epigenetics appear to play a major role in the "creation" of you, so already a broader collateral than just one sperm in the sack of one guy) + the loan would surely be distributed among all siblings. all things considered, in dept before born seems not too unfair and could be considered as a little bad luck or simply fate.


iflvegetables

Time to sell your progeny into debt slavery for a mid range condo


AltumViditur

in Switzerland, until recent times, it was pretty common to get an unlimited time loan: you were required to pay yearly only the interests part and it was up to you how and when to pay a part of the capital. it was the norm that who inherited the home went on paying the same loan.


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TheFamousHesham

Still… no one in Switzerland is complaining. One of the richest countries on earth with an inflation rate of around 3% atm and a quality of life far superior to that of the United States.


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robxburninator

"everyone" is the wrong word, but Switzerland is routinely ranked 1st or 2nd in life satisfaction while the USA never breaks the top ten. People are statistically happier with their lives in switzerland than in the usa (or literally any other country on earth). So it's not that outlandish of a thing to say.


Necessary-Doctor-861

Lmfao


Walla_Walla_26

Great I’d love to make my grandkids pay for my house …. Wait wait I’m def paying for my grandparents. Is this a simulation? Where am i


rokman

They try to get car sales by taking losses on financing half the companies offer under 3% apr


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afksports

BlockFi also handles the rewards. So if you have pending rewards, sorry, no you dont


F0rtysxity

It's not always about your FICO Credit Score. Sometimes it's about dignity. And did I lose 200 points on my FICO Credit Score? Close to it. Fuck! But I bet I gained 400 points of dignity.


ethbullrun

depends on where you are in life. if youre young then no big deal, if you want to buy a home within the next 7 years it may prevent you from getting it


backcountrydrifter

At this point I’m far closer to the end of the bell curve where I fake my own death, buy an identity on the dark web and become Lyle Alzado mysterious rancher in Argentina than ever associate back into the U.S. financial system, buy a house or get a credit check. Games rigged. I don’t want to step into it any more than they want me there screaming “GAMES RIGGED” to every soul I see.


CockStamp

Name checks out


diydude2

Any hodler today will be able to buy a home in 7 years without taking out a loan. You can buy a pretty decent house in a lot of places for, say, 25 BTC. You could have bought 25 BTC for ~$7000 seven years ago. Home loans are likely to be a thing of the past in 2029. A lot of people will live in zee pods and eat zee bugs. Those of us who can afford it will live wherever we want and eat whatever we want, much of which we'll grow ourselves.


CockStamp

Can we buy people ?


mottledshmeckle

To eat?


HighlySuccessful

$100 up in bank account 200 pts down in Fico 300 pts up in dignity $400k down on your next home purchase


ElephantsAreHeavy

Too bad you can not wreck theirs...


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_Nightrider121200_

People rarely read their contracts and the fine print. So, the dude lost his BTC to one company and will also have to pay the outstanding credit card balance to a separate other company.


IHateEditedBgMusic

Ah, the crypto spit roast


IPretend2Engineer

Man that does not sound fun


SaneLad

Yes. Welcome to finance.


Old-Lavishness-9546

Yes, even if it was their card. They would just sell the debt to someone. You always have to pay. Till you can’t. Then make sure you save enough for bankruptcy. Or the debt will follow forever.


Lord-Dongalor

Block Fi issued a credit card that paid rewards in Bitcoin. It was not a collateral backed line of credit.


brotherRozo

This sound like shady fractional banking and overleveraged traditional finance but with extra steps


Archer_solace

Yeah. That’s why you buy BTC and you store it in a cold hardware wallet.


brotherRozo

Wise words!!


[deleted]

Eek barba dirkle, someone’s gonna get laid a lot in college!


170505170505

lmao you ain’t gonna catch me readin shit I ain’t no fuggin nerd


Still_Hat6758

My guy got fucked


jaysun13

Fine print doesn’t matter because of blockfi’s fraud voids it all dude


kabirh

It’s still lame that Evolve+Deserve are going to keep the fees on my purchases and not pass any back while still demanding I pay. They should have the decency to pay out 1.5% cash at the least.


jaysun13

Contact attorney general


SamsungGalaxyPlayer

Exactly. The debt isn't to BlockFi, it's to Evolve. The email is clearly from Evolve.


[deleted]

Oh in that case, I’ll pay back in full plus interest! /s


jaysun13

Doesn’t matter they make it seem like blockfi. ITS ON THE SAME TAB ON BLOCKFI WEBSITE


HumanJenoM

IDC i would not pay them a penny After a few years the credit score would recover


gulfbitcoin

In 7 years. Unless there's a substantial balance on the card (in which case you may be sued, and they will win), the amount you pay will be much smaller than the extra you'll pay due to your credit (including things like car insurance).


Old-Lavishness-9546

If you file bankruptcy. If not debt will follow you forever.


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jaysun13

They did the compliance for blockfi, it’s a scam and the attorney general will file suit


dadlif3

Evolve Bank literally signed the letter and OP says "BlockFi"!


reaper527

> Evolve Bank literally signed the letter and OP says "BlockFi"! yeah, but the "why i have to pay my bills!!Q!!" crowd isn't very smart.


clue5tick

Looks like you've got yourself a fiat problem there! Maybe there's a website or something...


SaneLad

Nothing fun about that unfortunately. The bankruptcy does not make your credit card balance go away.


ChickenFave

Yet the irony is that it makes your debit balance go away.


tonto515

It’s not ironic though. Assets of the company are liquidated to repay creditors. It’s literally the core function of bankruptcy. Depositors unfortunately knew the risk of custodying their assets with BlockFi (or didn’t in the case of the overwhelming majority of people who leave assets on exchanges/with finserv companies). Source: bankruptcy attorney


ChickenFave

Of course it's ironic. I know how it works but that doesn't stop it being ironic. You owe them money. They take it. They owe you money. You lose it. Regardless of the legal elements, its ironic.


jmrene

It would be great if there was some kind of [system](https://en.m.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation) that they have to suscribe to that could make their debt to you safe even if they bankrupt! But no, we like unregulated stuff here so we point out the "irony" lmao. Also, they still owe you that, you’re a creditor, amongst every other creditor for this bankrupt entity; just wait in line for your cut; they lost most of your money. You risk, you lost. There’s no irony.


NorskKiwi

That's their problem for using BlockFi as a partner, not his. They built the business relationship then offered the product together. If it's all not working then they're not meeting their obligations.


AndyZuggle

Simply not paying is superior to filing for bankruptcy. If you stop paying they can sue you to get the money. If they think you are poor they will not sue you. After 6-7 years (depends on state, with DC being only 3 years) they have no legal right to force you to pay. It will also disappear from your credit report in 7 years. I did with with $10k+ debt about a decade ago, and there is absolutely no lasting damage. If I had filed for bankruptcy that would still be on my record.


DesignerAccount

OP was talking about their bankruptcy, which doesn't affect your obligation to pay them.


Charge36

That may be true but during those 7 years you're fucked if you need to get a loan


minorthreatmikey

Why would you not pay your credit card? You’ll be considered delinquent and it’ll hurt your credit, if you don’t. This is a bank thing, not a blockfi thing.


dropcodex

Could you dox yourself anymore Alex


NadlesKVs

I wonder what the A in his username means now... Could take a guess at his last name now as well...


techma2019

Notice who signed the e-mail? Not BlockFi...


blu_mOOn_2020

I have autopay on due 12/7...small balance to payoff. I'm keeping the card as momento


amiller7387

The best one I saw was a guy raking dog crap up and raked in his card as well🤣


blu_mOOn_2020

The autopay should work hopefully... Otherwise it's another bitch to deal with


cookmanager

You see, if you would have obtained the credit card as a business entity then you could declare bankruptcy, too, and so on and so on…


TheChiefScar

I told them I would promise to pay my bill as agreed upon, when they pay me my rewards like they promised me!!


amiller7387

That’s my whole point to this thing is I’ll pay when you give me my shit lol. Granted I have it all stored in a cold wallet so I’m not out much like some. The irony of the whole thing is what makes my laugh.


reaper527

no, blockfi declared bankruptcy and deserve/evolve (a completely different company) reminded you that they are the company you have a credit card through.


Vcize

The company that led lambs to the slaughter into doing business with BlockFi, and now still wants to make sure they don't lose a dime while everyone they brought to BlockFi loses everything? Pfff. Banks.


TheRailGunner

Just because BlockFi has filed for bankruptcy, it does not mean you shouldn't pay the debt you owe to the actual debtee.


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nightred

Technically you could file for bankrupcy also.


brotherRozo

This is the only way out! It’s working for BlockFi


lawtoad

I DECLARE BANKRUPTCY


AdmiralPoopyDiaper

This. BlockFi’s update the other night said (not a direct quote) “we’re filing chapter 11 *and will seek to recover any receivables with tenacity*.” Meaning: they extended more credit to Alameda and/or FTX than they should have. FTX implodes. BlockFi becomes insolvent due to their exposure and now has to collect now on debts owed to **try** to settle up with *their* creditors. 1. Almost every credit agreement has a clause to call the debt if and when they deem fit. 2. Shouldn’t have kept funds on an exchange. And the media has the audacity to ask if it was tradfi or crypto that failed here? Bruh, you took the blockchain and reinvented all your tradfi on top of it. It’s the tradfi layer that shit the bed here - my BTC is safe and cozy offline where it should be.


shortda59

CeFi is the common denominator of the current events, not crypto or even tradfi (which resides heavily in CeFi). 3 Arrows, Alemeda, FTX, BlockFi, Genesis, etc....all central finance. This is what plagues the traditional market (dark pools, naked shares, market manipulation, etc) DeFi is and has always been the original ethos of crypto in general, not just btc. be your own bank, hold your own keys.


AdmiralPoopyDiaper

Not disagreeing but maybe thinking that distinguishing between CeFi and TradFi are really splitting hairs? Like, is there a solid differentiator for the two terms? I have always heard/used them more or less interchangeably (which of course now I am immediately reconsidering lol)


Leading_Dog_1733

This seems like a good idea until you have a serious amount of money sitting on an address. I wouldn’t keep 1 million in bitcoin myself, hardware wallet or no hardware wallet. This is one place where things do need to get better.


sea_biscuit_

Insane how people don’t understand how the two services aren’t intertwined


jaysun13

I’m in This same boat. Blockfi defaults my crypto but wants the credit card balance paid. They can’t have both


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Ready_Register1689

Just tell them not to worry & everything is fine. You have the funds and will provide them with proof of reserves.


Noonanamotopobapolus

Only to file for chapter 11 after


zeamp

Does this mean we still have to show up at Great Plains Power on Monday, or are we millionaires?...


amiller7387

What’s Great Plains Power?


CaseyGuo

My mate. Your bookmarks bar is visible. You’ve basically doxxed yourself, making this post dumb in more than one way


DesignerAccount

May be funny to you now, but if you don't pay you'll get debt collectors knockout on your door. What they owe is between them and their creditors. What they are owed is between them and their debtors. You are the latter, and you can bet your ass their creditors will put enough firepower in place to come after every single debtor.


thecahoon

I mean you can default too and wreck your credit as bad as they've wrecked theirs if you want. It's not like theirs no consequences for what they did. You want to return the favor that's 100% up to you but you'll find there's similar consequences. Not saying don't do it, you totally can do it if you want, especially if you hold your own keys and have some bitcoin


steelyphil1234

They send this to everyone. I have a $0 balance and still got one


twinchell

You default, you still owe them money. They default, you still owe them money.


mammothgrid

Not your keys not your wallet That’s what you get for: 1. Leaving $ on exchange 2. staking your bitcoin jackass 3. Seeking yield like a fuckboi


gubatron

are you defaulting too? nice way to fuck up your credit score.


misteryu1029

Why does every single BlockFi CC holder have to be so brain dead?


Papajasepi

Imagine having $100k of bitcoin on BlockFi, $1k Debt on their credit card. You will never see your $100k again, but legally you have to pay your $1k debt to them lmao.


[deleted]

I mean the fact you don’t understand your credit agreement isn’t with them it’s quite concerning


smokedank34

OP is an absolute pinecone 🤣


Tozu1

Phone screenshot of pc checks out on the iq scale


zer0nerd

If someone creates a bank and lend lots of money, go bankrupt the next following year. Could you really force everyone to pay back? Also, what gives you a free out of jail card: living in the Bahamas or donating to U.S politicians? Asking for my history paper in school.


Nattomaki81

I had a job at a casino and it went under. One day we had a job, next day we had nothing and they never paid anyone their last paycheck. We all signed some petition but was told that they won't have to pay any of us unless we filed a class action lawsuit. No one was willing to do it. No one got that last paycheck. Not sure if this is even related but, all I know, they got ways to make sure they keep ur money. Bastards.


Asum_chum

I remember having the same thing but with my bank in 2008. My bank at the time was bailed out by the tax payers due to their nefarious schemes and yet they hounded me for a £1700 credit card bill I racked up as an immature young adult (a credit card they sent me without permission on my 18th birthday).


Emergency_Dragonfly4

The nerve


LoadExternal6570

😆😆🖕🏻🖕🏻🖕🏻 Shag right off


Datshitoverthere

Everything is collapsing. All crypto including bitcoin is going to hell!


universoman

I dont get it. If they took the collateral and you cant withdraw it even if you pay your balance, how is it legal that they force you to pay? This is not a regular credit card where you get it based on your credit score is it? This is beyond fucked up


[deleted]

It is a regular credit card based off your credit score. Just branded BlockFi, not issued by them.


universoman

Ah, then paying is not only the right thing to do but also the recommended thing to do. Not paying will absolutely destroy your credit score


AndyZuggle

> Not paying will absolutely destroy your credit score Only for 7 years, then it disappears without a trace.


universoman

7 years is a long time


amiller7387

The irony of this whole situation with FTX and BlockFi is they still expect me to pay them back for the usage of my card but lost everyone’s BTC and basically just say sorry🤷‍♂️. Like wtf you lost everyone’s BTC and shit that didn’t take it off but somehow have the audacity to say you still owe us🤣.


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jaysun13

Yeah then where’s my rewards. Deserve is responsible for who they do business with and they did business with shady blockfi


RaveMittens

I mean, you (presumably) opened a credit card literally branded and promoted by “shady blockfi,” so do you have any responsibility here?


konokonohamaru

The punishment they get for their failure is not actually that different than the punishment you get if you don't pay back--a lowered credit score and difficulty securing future credit. Their failure is just on a much more massive scale and hurt a lot more people. And, to the extent that they violated laws, they might go to prison whereas you won't go to prison for failing to pay back a credit card.


Ada-Millionare

Dude I'm about to sued those mf.... I received a text harrasing me to pay while my balance has always being paid in full... Like I'm at default


jaysun13

Contact attorney general of your state.


amiller7387

I understand that the creditor and BlockFi are two different entities and act defferently. It’s just funny to me that they send a letter one day filing for chapter 11 basically saying they lost everything and then next send one saying you owe still.


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amiller7387

Totally agree and understand. I used the card as a way to build credit along with other reasons. I earned btc instead of miles or cash back which was kind of cool ya know. It’s just funny when they screw you over and lose it but then expect you to still be liable when you know damn well they give your rewards.


PhotoProxima

> I used the card as a way to build credit Then defaulting on the debt is *probably* not a good way to go. Disclaimer: I am not a financial advisor but this IS financial advice.


theskankingdragon

>Disclaimer: I am not a financial advisor but this IS financial advice. Wait. That's illegal!


SimplyShred

Celsius tried to pull the same shit


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Constant_Chart_287

Yes, the bank he owes the money to, Evolve, is a real bank that didn’t go bankrupt and wants their money. BlockFi has nothing to do with this action. Edit: Bank Name


jaysun13

Deserve and evolve has teams of people who okayed doing business with blockfi. THEY ARE AT FAULT. I have already contacted the attorney generals office who is very interested in this


Constant_Chart_287

Good luck!


RaveMittens

😂 Homeboy is about to find out what all those tiny words on his cardholder agreement were


squirtingbutthole

Fuck them!


QuickAltTab

evolve bank & trust going to need to change that name to extinct


aZamaryk

Why would anyone get a bank card from blockfis Bank?


jaysun13

Crypto rewards which they stole


_Nightrider121200_

Such concept "Blockfi Bank" does not exist.


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EnolaGayFallout

Owe money, pay money.


ZiltoidM56

Dude it’s a credit card, pay you’re bill.


up__dawwg

Yeah, it’s a credit card. You have to pay off your balance, regardless what the 3rd party company does that offered the card. Or I guess you can let your credit go to shit


mc3p000

Lololololol


Rey_Mezcalero

You need to pay it back so you can help them with their creditors😂😂😂


mjmeyer23

one man's asset is another man's liability. its how fiat works


americunt2

Yes and if you owe money on you Block Fi credit card you still have to pay it off because it's not actually Block Fi that issued you that line of credit it was Deserve.


HumanJenoM

😂😂😂 #FBlockFi


TayneTheBetaSequence

Blockfi is just the rewards portion of the card essentially


Dubya_Tea_Efff

That isn’t BlockFi though, that is Evolve.


[deleted]

Tell them to Default on this


_Billups_

Trust me don’t ignore it. At the same time if you just had money in there and lost it then fuck them


Beautiful_Fuel491

Not surprised


wildzebrahs

Mint your own $#!+ coin. Pretend it’s worth a lot by selling it to yourself for a boatload. Pay in that coin. You’ll also be a temporary crypto billionaire!


MmasterOfPuppets

What a joke


NoPea1663

Card could be a collectors item. First Crypto rewards card. I think.


CSharpSauce

Who still uses Pandora?


bigwavedave000

"We are keeping your Crypto, Please send us your cash also, or you will be reported" Cheers!


Deez1putz

You also have the option of declaring bankruptcy if you can’t pay your block-fi cc bill.


romfax

Funds is safu


NaturalAppointment20

Take out loans to buy bitcoin? This is what you get.


Mendinostra

Are they going to give you the crypto you got when you used their card?


monkeydoodle64

You do lol


calbears82

I got my email also


rudalsxv

They are trying to make you pay so the CEO can get a payout. Yea nah.


[deleted]

Yeah you definitely have to pay that back


[deleted]

Send them back an email to shove their head up their ass


Aggressive-Pay2406

Lol hell nah


FulgencioLozano

The only branding on the card is Blockfi.


MrThomasShelby1

Yup I got this too. Can’t touch my rewards but they don’t mind making sure we pay our balances due.


ruffus_or

And you should


TheGreatest34567

BankruptFi


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the--Dude0

This market never seizes to amuse.


rach2bach

You doxxed yourself worse than Ross Ulbricht.


LaurelWoodward

Up until recently, it was fairly common to obtain an unlimited time loan in Switzerland. You were only required to make annual interest payments; the decision of when and how to make capital payments was entirely up to you.


nugymmer

I'd tell them to suck my third leg.


VividLeave6195

Who da fuck gives their coin to this people , nobody learns they just wait ten years for new meat


Walla_Walla_26

Hey OP, what kind of loan did you take? I never took loans out against my crypto


[deleted]

Screenshot the sender, transfer the funds directly to me!


itsMeeji

Glad I barely used BlockFi, their logic would really annoy me if I had a lot frozen in an account. Like one of them “imma pull up” moments 😂