PWCC expands its lending activities

[BobbyStrawberry]

Originally Posted by Johnny630

I'd rather go to crackpot pay-day loan check cashing joint then PWCC.

Is there really that much of a difference at this point?

[Johnny630]

Originally Posted by BobbyStrawberry

Is there really that much of a difference at this point?

Sadly very little.

[Lorewalker]

Two interesting FAQs on the PWCC Vault page.

What happens to my items if PWCC files for bankruptcy?
First, we would like you to rest assured that PWCC is in excellent financial standing. With that said, assets would be returned to their owners in the event of PWCC filing chapter 7. Unless a client's account is in default, or PWCC Capital has a lien against the assets for a loan, PWCC has no claim to ownership of the assets stored in the Vault.

And someone brought up valuations:

How do you determine market value for my item(s)?
We use our algorithm and recent sales data to determine items’ market value.

Wondering what their algorithm is.

I have not used the PWCC's vault but it seems that terms have possibly changed. I have not heard of anyone paying sales tax on their withdrawals once the cards have been seasoned and held by the vault for a certain amount of time. I have heard of administrative fees being paid to PWCC on a withdrawal.

[Exhibitman]

Originally Posted by Lorewalker

Two interesting FAQs on the PWCC Vault page.

What happens to my items if PWCC files for bankruptcy?
First, we would like you to rest assured that PWCC is in excellent financial standing. With that said, assets would be returned to their owners in the event of PWCC filing chapter 7. Unless a client's account is in default, or PWCC Capital has a lien against the assets for a loan, PWCC has no claim to ownership of the assets stored in the Vault.

Complete and utter BS. Whether they claim ownership of the asset they hold is irrelevant. As we found out when Legendary went into BK, unless you perfected a security interest in the assets, even if the bailee claims no ownership of the asset, its unfettered possession of the asset (unlike a safe deposit box, where you have the key that allows access) means that it is all considered part of the BK estate until the court sorts out the creditor claims. You are free to put in a claim in court and try to get the cards back. Good luck with that as an unsecured creditor.

If you are going to let someone hold your cards in a 'vault', take five minutes, spend five bucks, and file a UCC-1 with the secretary of state in the state where the vault is located. Worst case scenario, it is superfluous. Best case, it lets you get your cards back if something goes horribly wrong.

[Peter_Spaeth]

As I've explained before, I don't think the UCC-1 is technically required, but I agree with Adam that it's a good idea and could save a lot of aggravation and avoid risk.

[Exhibitman]

Originally Posted by Peter_Spaeth

As I've explained before, I don't think the UCC-1 is technically required, but I agree with Adam that it's a good idea and could save a lot of aggravation and avoid risk.

I would not trust my fate to a judge deciding between members of a pack of squabbling unsecured creditors, not when the cost and effort of protecting myself from that outcome is so minuscule. It is a heck of a lot easier to file a claim to retrieve the property as a secured creditor than it is to slug it out with the rest of the pack of unsecured hyenas.

[Peter_Spaeth]

Originally Posted by Exhibitman

I would not trust my fate to a judge deciding between members of a pack of squabbling unsecured creditors, not when the cost and effort of protecting myself from that outcome is so minuscule. It is a heck of a lot easier to file a claim to retrieve the property as a secured creditor than it is to slug it out with the rest of the pack of unsecured hyenas.

Yeah, what's that saying about an ounce of prevention?

[Lorewalker]

Originally Posted by Exhibitman

Complete and utter BS. Whether they claim ownership of the asset they hold is irrelevant. As we found out when Legendary went into BK, unless you perfected a security interest in the assets, even if the bailee claims no ownership of the asset, its unfettered possession of the asset (unlike a safe deposit box, where you have the key that allows access) means that it is all considered part of the BK estate until the court sorts out the creditor claims. You are free to put in a claim in court and try to get the cards back. Good luck with that as an unsecured creditor.

If you are going to let someone hold your cards in a 'vault', take five minutes, spend five bucks, and file a UCC-1 with the secretary of state in the state where the vault is located. Worst case scenario, it is superfluous. Best case, it lets you get your cards back if something goes horribly wrong.

I think if someone has to even think about the what ifs and go to those lengths to protect themselves, they might want to rethink who they are entrusting.

As far as we all know, PWCC is still a target of an FBI investigation. The outcome might be a slap on the wrist but it might not. Who needs to invite headaches into their life trying to get cards back.

[raulus]

Originally Posted by Exhibitman

Complete and utter BS.

For a sec, I thought you were going to dispute their assertion to being in strong financial health.

But I suppose there's the possibility for multiple complete and utter BS elements in any advertising piece. Puffery at its finest.