PokerOwned Insurance

Printable View

11-05-2011, 10:27 AM
Zab

PokerOwned Insurance

One of the things that really bugs me is people getting screwed in the Loan Shark (And Marketplace).

Here's my thought..

I want to build up an insurance program. Every transfer \ loan \ marketplace I will deduct 1-2% which will go in an 'insurance bank'.

If someone defaults on a loan, you can request "INSURANCE".

I will then take a look at who you insured and make sure nothing shady is going on. 1 of 3 things will happen at that point:

- I will approve your insurance request and you will receive 10-15% of the points owed to you ONCE per week
- I will approve your entire claim (This would usually happen if you are owed like 45 points or something and 10-15% doesn't make sense)
- I will deny your request for this week because I think it was a bad loan to make (New person, Multi Accounter, or I think there's some shady stuff going on) or there isn't enough points in the Insurance Pot to cover you.

The idea is you get to try making a claim only once per week, so EVENTUALLY you would get your points back.

You can only get insurance on the principle, not interest or 10% bonus on default.

You can only make a request once per week.

If your loan gets paid off while you were gone or WHATEVER, you still cannot request a loan until you REPAY the any insurance paid + any principle remaining + interest + default.

Thoughts?
11-05-2011, 10:33 AM
SendCookies

Man sound complex zab. I've been thinkin on this as well, buy I think it would work better the other way.

This is what I mean. So, 4% is deducted for promos. Deduct another 4% as insurance against that person only. So, it builds until it reaches 2k or 3k for each member and that is held by you against that member defrauding another member. U can stop after that amount or keep collecting and repay it to each member at the end of each week. It's like a bonus, for being a good member of the community, and insurance against those that would want to defraud the community.
11-05-2011, 10:34 AM
kozikpro

fine
11-05-2011, 10:35 AM
Poof

I think it sounds like a good idea, but my stance in general about the loans is don't lend what you cannot afford to lose and if you make a bad one, it is a lesson learned.
11-05-2011, 10:36 AM
Zab

Quote:

"So, it builds until it reaches 2k or 3k for each member"

That's A LOT of points especially for new people
11-05-2011, 10:37 AM
Zab

Quote:

Originally Posted by PooffyFooffy

I think it sounds like a good idea, but my stance in general about the loans is don't lend what you cannot afford to lose and if you make a bad one, it is a lesson learned.

Yes but the biggest issue is people defaulting on loans.. It's a problem. I don't know what else to do except stop loaning, marketplace, staking and i dont want that at all
11-05-2011, 10:38 AM
SendCookies

Quote:

Originally Posted by Zab

That's A LOT of points especially for new people

Of course. no noob would reach it right away. it would take quite awhile. but hey, better than nothings?
11-05-2011, 12:19 PM
CoolJakeB

I'm not sure if I like this idea to be honest.

I think the best update to the loan shark right now would be to be able to debt collect multi-accounters other accounts.
11-05-2011, 12:20 PM
Zab

I dont know if I can do that.. The logistics is hard.. + people use proxies so you'd have to prove their other accounts..
11-05-2011, 02:12 PM
Drivembig

Quote:

Originally Posted by PooffyFooffy

I think it sounds like a good idea, but my stance in general about the loans is don't lend what you cannot afford to lose and if you make a bad one, it is a lesson learned.

Personally, I think that if you loan someone points then its on the loaner. It shouldn't be other peoples responsibility to help them out. I have only loaned once, and have never asked for a loan. If I need points I think you provide plenty enough avenues to obtain them. People just need to get off their a** and earn them. I know in some cases people need to ask for a loan, but in the loaner's case it should be all on them if they choose to do so. IMO.
11-05-2011, 02:37 PM
tp3rd

This may prove to become a big pain in the ass for you Zab! Think you should do away with loans altogether. You lose your PO points you either do the tasks and earn more or you purchase more,plain and simple!!
11-05-2011, 06:42 PM
Drywallman3

Quote:

Originally Posted by CoolJakeB

I'm not sure if I like this idea to be honest.

I think the best update to the loan shark right now would be to be able to debt collect multi-accounters other accounts.

This is the biggest issue in Loan Shark right now. Wish there was a way to debt collect multi accounters. Thankfully I have never been burned because of who I choose to loan to but I see a lot of good peeps getting burned :(
11-05-2011, 09:24 PM
Rcktwrangler

where do the points come from to insure people who get defaulted on?
11-05-2011, 09:27 PM
Drywallman3

Quote:

Originally Posted by RcktWrangler

where do the points come from to insure people who get defaulted on?

From your account ROFL!!
11-05-2011, 09:27 PM
Zab

Quote:

Originally Posted by RcktWrangler

where do the points come from to insure people who get defaulted on?

1-2% deduction on all trades (Marketplace, Loans)
11-05-2011, 09:28 PM
Rcktwrangler

so if u give someone a 2000 loan they only get 1980 of it?
11-05-2011, 09:29 PM
Zab

Yes..

How else can I fund insurance? Its something EVERYONE probably would have used from time to time.

Like or Not Like the idea?
11-05-2011, 09:29 PM
Rcktwrangler

idk , i like and dislike it.
11-05-2011, 09:30 PM
Drywallman3

Idea sounds good Zab since debt collecting multi accounts is out of the question
11-05-2011, 09:39 PM
LvegasL1

I am with rocket, like it and dislike.
11-06-2011, 04:44 AM
MIGO14

Everything that helps on this will be great...
11-06-2011, 04:53 AM
moemtg

I love the concept of this idea... however putting it into play may prove to be a pain in the @$$... I also believe you should have people on a 14 day (at least) probation period when signing up as so they can not access the marketplace nor tempt people to make loans, etc... This should weedle out the dupe accounts (multi-users) unless they are really intent on screwing people.
11-06-2011, 08:11 AM
MIGO14

I guess there is already a period of time where these places are not usable by newbies.
But this helps only a little.
I have cirrently 2 long time members who don´t pay back the loans I gave them.
11-06-2011, 08:52 AM
tp3rd

isnt part of the success of this forum the fact that the tasks and surveys all get hits. So if people are just loaning points then that activity is being ignored or receiving reduced activity. Seems detrimental to the forum. I would still just abolish the practice of loaning points altogether!
11-06-2011, 08:59 AM
TrueOC

yea I could use insurance, i have a loan that smittyz defaulted on and lilg owes me 5k that i loaned him int he marketplace which idk when ill get but its better be soon
11-06-2011, 08:59 AM
TrueOC

What is the Debt Collector when soem1 defaults on a loan? I clicked it thinking I would get my poitns back but nothing happened? Let me know Thansk
11-06-2011, 10:46 AM
tp3rd

Abolish point loans!!!!!!!!!!!
11-06-2011, 11:02 AM
Zab

Quote:

Originally Posted by moemtg

I love the concept of this idea... however putting it into play may prove to be a pain in the @$$... I also believe you should have people on a 14 day (at least) probation period when signing up as so they can not access the marketplace nor tempt people to make loans, etc... This should weedle out the dupe accounts (multi-users) unless they are really intent on screwing people.

New members cannot use trade center
11-06-2011, 11:02 AM
Zab

Quote:

Originally Posted by TrueOC

What is the Debt Collector when soem1 defaults on a loan? I clicked it thinking I would get my poitns back but nothing happened? Let me know Thansk

Yes click it, then it tells you if they have any points to deduct.. Then you can deduct them
11-06-2011, 11:05 AM
TKD555

zab is there a securety that u cant reedem points if u have a loan open cause that should be i mean if someone loan 2000 points and another 700 in market they can reedem and run?? thatsy y u should not be able to reedem while u have loan open
11-06-2011, 11:06 AM
Zab

I dont want to encourage people to make new accounts. That would be way counter productive. So anything that limits people from playing, redeeming, etc.. could cause more harm than good.
11-06-2011, 12:56 PM
Zab

Well what do you guys think.. Do this or dont do this?
11-06-2011, 02:19 PM
CoolJakeB

Quote:

Originally Posted by Zab

Well what do you guys think.. Do this or dont do this?

Can you explain it a bit more? Do you take points from the person who loans or the person that is loaned?
11-06-2011, 05:58 PM
Zab

Quote:

Originally Posted by CoolJakeB

Can you explain it a bit more? Do you take points from the person who loans or the person that is loaned?

EVERY transaction will be 1-2% less.

So if you loan someone 100 pts, they would get 99 pts (1 point would goto the insurance bank)
11-06-2011, 06:10 PM
CoolJakeB

Quote:

Originally Posted by Zab

EVERY transaction will be 1-2% less.

So if you loan someone 100 pts, they would get 99 pts (1 point would goto the insurance bank)

Ok, so if you loan someone 100 points with 10 point interest for example, they get 99 points but still have to pay back 110? If so, I'm all for this. It could solve many dead loan problems.
11-06-2011, 06:11 PM
Zab

Yes.. I only take a % off the principle
11-06-2011, 06:14 PM
CoolJakeB

Quote:

Originally Posted by Zab

Yes.. I only take a % off the principle

If you make a poll asking people about this, I'm sure many will be in favor of it.
11-06-2011, 07:01 PM
billyjustin

sounds like a good idea, but I only loan to people I feel will pay back. Even then, I am kinda tight with my points as it is.
11-08-2011, 05:46 PM
CoolJakeB

Will this be implemented? I'm sure most would agree to it if there was a poll taken.