[AlpacaTalk] Contract Extensions
Hey all,
It's been a while...
I had something pop up that I thought I would ask you guys about...
I'll try to keep it simple as it is a bit dramatic and emotional.
A good friend of mine fell in love with Alpacas and ended up buying 3
girls. It was a very typical contract, 20% down, monthly payments
with a balloon at the end.
This gal made the down and the monthly with out a problem. In the
middle of the year she ended up in a rough situation. Investments
tanked and she had a serious family illness, her Aunt died...and it
really goes on and on for this gal. A really rough year for her to
say the least.
She got to the Balloon, she had the money for it but asked her seller
(whom she became great friends with) for a 30 day extension on the
balloon. The seller agreed and asked for another monthly. That was
not a problem. All payments made on time. Well about 30 days later,
this gal found herself in a really tough spot financially and she
ended up filing chapter 7 bankruptcy.
Needless to say, the court trustee is calling the last balloon
payment a "preferential payment" and has gone to the seller to
reclaim the monies that were paid. Even though this is contract and
typical business for our industry. The seller has retained an
attorney and is fighting this claim.
What she needs is this....
The sellers' attorney has asked if anyone else has extended a
contract for a buyer before. He wants to prove to the trustee that
this is something that we as an industry would do. Also, he has
asked if sellers would be willing to write letters stating that they
would or have done this for their buyers.
This is something that I believe could happen to any of us in this
day and age. I also believe that the judicial system does not
understand the Alpaca Industry at all. If we can help this gal out
we might be able to help protect our selves in the future by having a
claim such as this squashed now and on record. That way if it
happens to any of us we can go back and say, "Hey look, here is a
claim that was stopped in the favor of sellers!"
If you are interested in helping please e-mail me privately. Time is
as bit of the essence as the sellers' attorney needs to get copies of
documents so that he can argue the case with the trustee. If you
can, please look up any extensions that you have done, black out the
name and write a short little letter and send it to me so that I can
forward it to my friend.
If you have any question re: this...let me know. I'd be happy to
help clarify. It is just so tough to watch someone stuggle so hard.
She is a good gal with a good heart who really loves her animals.
Thanks guys.....
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posted by Chaddo at 9:31 AM
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