A collection agency sued Jackson Mayor Chokwe Antar Lumumba in Hinds County Court for $6,557 in April.
The collection agency is Velocity Investments, LLC. The complaint states:
Plaintiff, holds a claim against the Defendant pursuant to a Cross River Bank account having account number *****0327. This account is in default and is presently due and owing in the amount listed below. Plaintiff, through counsel, sent Defendant a correspondence pursuant to Miss. Code Ann. § 11-53-81 demanding payment on this account. More than thirty days have elapsed since the mailing of this correspondence and Defendant has failed to satisfy this account.
Hizzoner apparently engaged in a "forward flow purchase and sale agreement" in September 2022 with Cross River Bank. Posted below is the Truth in Lending Statement.
The case is assigned to Hinds County Court Judge Pieter Teeuwissen. Attorney Hiten Patel represents the plaintiff.
64 comments:
Take a default judgment & garnish his wages !!!
Yo Chowke, pay your bills.
Yo Rukia, pay your taxes.
I thought Sista was going to take care of this- right?
Send him to debtor's prison where he belongs.
APR 29%. Yikes
Simple solution, garnish his pay check plus additional collection and legal fees.
Take his toupee as his bond collateral, he’ll come up with the money very quickly.
Lumumba and Lee both have been sued, what in the hell they doing with the money they alleged stolen from tax payers.
Yaber couldn't make the payments on a $100k mortgage and now this. Jxn voters are electing some real winners.
The collection company is in no hurry to collect. Would you be, where else can you get a return of 29%. Stupid is as stupid does. And believe it or not, I know people living in Jackson who can afford to move to places with drivable roads, drinkable water, police protection, etc.
KF, I am away from MEC. Has the Mayor been served or answered yet?
this clown can't manage his own finances ,yet he wants to manage the cities finances.
anyone who would borrow $$ at almost 30% interest is financially desperate.
Where is the poster that's always braying about how well off the mayor is?
I wouldn’t expect anything else from the grifter than totally ignoring a demand letter.
Anyone accruing interest debt at 29% 999 times out of a 1000 times has little or no money.
With his Capital Club connections, surely he could have gotten a better rate locally. What must he have been thinking?
In arrears on a piddling little note like that? And the interest rate makes it even more embarrassing.
He must have money. He lives in a gated community, dresses to the nines, has an impeccable toupee, drives a nice car, eats at the best restaurants, goes on numerous Canadian conventions, etc.
But I thought that all of these lawsuits against politicians were political witch hunts! Now I just don’t know what to think!
The complaint appears to pursue collection of only the principal amount- the buyer/plantiff probably bought the note for less than $.05 on the dollar.
This helps explain why the city doesn't pay its bills either - the mayor just doesn't believe in it.
At his age, and with his position, it is unfathomable that he could not come up with $6,000 and had to take a loan at 30%. That insight into his inability to run his own personal affairs sheds a lot of light on his inability to manage the city’s affairs.
@10:52- are you "implying" that Chok-a-Lock isn't a stellar business manager? If that is the case, I am shocked- shocked I say!
Give him credit, he was smart enough not to do it with any local bank. This would have hit the press and the street committee before he even defaulted.
Could this be an indication the mayor is living beyond his means?
People, he can come up with $6,000, but he is arrogant, narcissistic, etc. To Chowke $6,000 is chump change.
Doesn’t’ he make over 100k annually?
This is definitely a signature loan with no collateral. And he probably used his mayor status instead of an actual credit score. This is the bank’s fault.
His credit score takes back seat; he simply needs to raise the race card and flash his mayor's badge.
No. It isn’t the bank’s fault. It his fault for not paying the loan back. Wtf are you thinking? Definitely a democratically minded individual to blame the lender.
June 15, 2024 at 11:16 AM
Nobody believes you.
This reminds of Kenny and the bus company. Will Chok tell them you can’t get blood from a turnip? You know what west Jackson is gonna say…. Y’all need to give the Mayor more money. These people have no idea why interest rates matter. And he is the voice for all of them.
The interest rate doesn’t matter when you have no intention of paying it back, right?
Will Chowke's security detail make this go away?
No one with means takes out a loan like this with 29% interest. Mayor's credit score prolly looks like Jackson's.
Make no mistake, owing the bank $6700 at 29% is Chowke's problem, not the bank's.
Next, he will be like that “super mayor” up in Illinois playing Rhianna playing B’ch better have my money.
I have an American Expeess Gold with an 800 + credit score . The extended pay terms are 28.99%.
@2:20 That's not smart financially
Having seen 36%-126+% on signature loans, I’m not surprised one bit at 29.99. What I find it hilarious is those of you dopes who think he got the loan just by flashing a race card and mayor’s badge with some random non-local company. And I don’t even like the man.
@2:20 PM - I see your Amex Gold and raise you with my Amex Titanium with no limit.
I’m greatly offended when I see reports claiming that Dolton, Illinois, has the worst mayor in America. That title belongs to right here in Jackson.
Poser
The Mayor knows what he is doing! He doesn’t pay this so you can think he’s in a bad financial state. I’ll bet he has plenty money stashed! And to think Rukia can’t pay her taxes! People, my people it’s all farce! They rolling in MONEY!
Upgrade, Inc. is one of many different non-bank lenders that target poor credits. High interest rates and origination fees (like 4-5% of loan balance) are standard. Cross River Bank bought the loan from Upgrade to yield them like 10%. Upgrade makes money off the spread and origination fee. After default, it is sold at a big discount to Velocity Investments. As long as the interest rate is high enough and enough people are able financial/morally to pay the debt...the model works.
Don’t worry, he certainly handles the city’s debt better than he does his own debt. Oh, by the way, he has some massive new city projects that he wants to start. Of course, the income off of these pie in the sky projects will more than produce more income than it cost to build them. Maybe these projects will actually bring people back to the “capitol city”.
If I remember correctly, Jackson recently had a mayor that was behind on his mortgage. The lien holder wiped away his mortgage debt and gave him a clear title to his house. “ Bank records show that Wells Fargo authorized the release of the remaining lien, $91,621.94, on April 22, 2014, the day of his election. Essentially, they wrote it off, Yarber said.”
Maybe His Honor might look at some programs which might put butts in the massive number of deserted houses. By the way, how are the prices of those Eastover houses for sale doing.
Dang - is ole Chuckwood Lumber broke? Hate to hear it.
Chuck, how embarrassing, right ! These loans are for quick cash to pay off another debt that you are behind on. 29% is for people with no money and poor credit scores. Obviously Chuck makes a good salary but either living way beyond his means or has an addiction problem, right. When I didn’t think I could think less of our mayor, he has fallen to a level close to those good folks that work Lakeland drive and 55 by St Dominics. Those good folks could probably get a 19% rate, right. We need one of our local news outlets to investigate.
Karma is knocking on Antar's front door.
This company is trying to get ahead of the federal case that may hit soon.
What is a “forward flow purchase and sell agreement?” I did look it up but…
And what is that list of two and three digit amounts on page 4 of the complaint.
Trying to get a loose grasp of the instrument. For some reason.
@12:59 it's the literal American way.
And 3:36... Nobody believes you.
Let's not make something out of nothing. This loan was supposed to be paid under the table by the city's accounts payable department. They're just not very good at their jobs and the coupon book is sitting in the stack of unpaid contractor invoices.
New parking meters will generate millions, according to Lil Choke. Financial genius.
Financial indefinitely is a chronic problem with this guy and his peons.
Rest assured, somewhere tonight the Mayor is calling this collection agency racist.
And, good lord, I knew he was dumb as dirt but he’s dumb enough to get a loan at that APR? It’s no wonder he thought stopping the cutoffs of water for nonpayment was a good idea.
There's the right way, and the Chok way.
This clown can't manage his own finances, let alone the city finances.
BTW, he doesn't wear a toupee. Those little triangle thingies on his hairline are painted on or tattooed on. Enlarge a pic and take a closer look. No one on earth has a natural hairline like that.
...the coupon book is sitting in the stack of unpaid contractor invoices.
Excellent comment. Cracked me up.
Where are the people of Jackson finding these dead beats they keep electing? There must be a list handed out to the people of Jackson that lists all of the dead beats in the state.
The hubris it takes for a man who is this awful at finances to demand more unfettered access to federal money should be studied.
And I believe HE believes that he is owed such a privilege.
Like every other spoiled kid that was raised being told they were the best at everything, he sees no conflict between this proof and his crusade for more power.
El alcalde es un tonto. This $6000 loan dates back to January of 2022, twenty-nine months ago.
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