Ever Pawned Yourself?

Discussion in 'Debt Collection' started by remnant, Jun 30, 2016.

  1. remnant

    remnant Member

    Pawning is the situation when one gets deeply indebted but has no way out. It involves payment of a debt through services rendered instead of money. You would be paid a small percentage of the salary or wage and the rest goes to service the debt as per the agreement. It may result in a good working relationship with the creditor and may present a fresh financial leeway.
     
  2. morgoodie

    morgoodie New Member

    While that sounds like a good idea, I am not sure that I would like this scenario. I can see the benefit since you would pay your debt off in a way that would not cause added stress about coming up with more money to pay it. It could put you in better standing with the creditor for sure.
     
  3. Alexandoy

    Alexandoy Active Member

    In my younger days, I was spending so much that my salary couldn't afford so I had to resort to borrowings and later to pawning. But fortunately, I only pawn to people I know and not to pawnshop that can forfeit the pawn in their favor when the borrower fails to pay on time. But in fairness to me, those lenders have earned a lot of interest payments from me. I never reneged on my promise to pay back because I had a good job and that would ruin my reputation. It's really a sad situation when you have outstanding loans that you cannot afford to pay. It happened to me that's why now I am very careful with my spending.
     
  4. Decentlady

    Decentlady Member

    I know of my maid who is in this situation as of now. Although we have done and still doing everything we can to help her she keeps incurring more debts than she could pay from her creditor and pays off from her salary every month. Strangely, she has all members of her family working in good positions and earning quite good.

    I guess some people just like to get money from outside/elsewhere.
     
  5. ray

    ray Member

    No so far, and there are no chance I will come under this situation ever in my life. I have reasons to believe that I will never pawn a thing for my monetary needs as I use my credit card seldom or only if I am getting a good deal by using it. I mostly buy in cash or through my debit card.
     
  6. tpicks

    tpicks Member

    I haven't find myself in as to being pawned. That somehow looks a way out of debt but I can think the experience will be tough when there is virtually no other way out to clear the debt. I am not that familiar with this method of settlement anyway.
     
  7. ibezsocial

    ibezsocial New Member

    I find this to be an interesting topic as, I believe that there is no real way to avoid debt, indebtedness, servitude, or the topic of pawning one's self.

    Although, parents are not considered to be an actual creditor that we owe a debt, our indebtedness begins at birth and continues grow until to death.

    At birth, our dependence upon parents to provide for us is likely the only time that we may have any sense of freedom; that is if you believe your parents will not be seeking repayment in the form of caring for them in their elderly years.

    As we transition from toddler, adolescence, to adulthood the debts mount up quickly; we begin to flow into a system that the majority of us passively ignore and accept. The system of debt is merely a trade off, of our developed skills and talents, for our daily living and creature comforts.

    This system works well for the majority of us, so long as we avoid the bumps in the road such as; our particular skill or trade being out sourced to a more talented and cheaper work pool or technological advances that allow for machines to perform the tasks that we were once compensated to manage.

    If, you have ever experience such a transition then, you are painfully aware of, what if feels like to pawn one's self and grasp the meaning of the rich shall rule over the poor, or the borrower shall serve the lender.

    Ultimately, we all at some level move back in forth in the roles of the lender / master and the borrower / servant.

    When utilizing our skills and talents for compensation, we are in the servant / borrower role leveraging our time; but when we utilize that compensation to have someone to cut our hair, wash our cars, or mow our lawns; we then free up time for ourselves to enjoy other pleasures of life in the role of master / lender.

    Which would role would you prefer to play and how long would you enjoy the part?
     
  8. Zeta

    Zeta Member

    Having to pawn yourself to pay off a debt is an unfortunate situation to be in. You will likely work on jobs that are beneath your skills and would be earning so much less for the time spent working. That is because you cannot force the creditor to give you a job and a salary befitting your qualifications. I'd rather ask the creditor for a little more time or a lighter payment scheme while I sort my finances and look for a job that will pay me so much higher than the value of my servitude to the creditor. A person who lacks the capacity to pay back has a final resort and that is to declare bankruptcy. I am sure that the creditor will prefer to receive a little amount each month rather than not being paid if the debtor declares bankruptcy and there is no property to cover the loan.
     
  9. anupama

    anupama Member

    I haven't pawned anything ever. I have sold off something to meet the expenses when my mother-in-law expired but did not pawn anything as yet.
     
  10. Nocturnal Writer

    Nocturnal Writer Active Member

    I don't know if it is an appropriate term "pawn" of yourself to satisfy one's debt or financial credit. It would be appropriate to sign a contract to repay such debt by rendering a service for a minimum pay which in anyway could serve as a repayment of a delinquent debt incurred.
     
  11. Working Buck

    Working Buck New Member

    I figure this sounds like a smart thought, yet I also think it will keep you tied up or a long span of time if you loan a huge sum of money. I would resort in pawning things as opposed to doing this, and just like what @Alexandoy said, I only pawn to people whom I know. It is ideal that the person you borrow money from is close to you or knows you. At least you can request augmentations just in the event that you wont have the capacity to pay in time.
     
    Alexandoy likes this.