5 ms·

+1 for surety bail bond. "Cash Only" bonds are a racket for bail bondsmen.

by crb002 7y ago

rwmurrayVT 7y ago
I got railed. The postal inspectors stated in court that they wanted me released the day of my arrest. The judge still gave me $50k bail. Keep in mind I was 24 years old and made $55k annually with a net worth of about... $25k and most of that being in my personal vehicle. What they also don't tell you is how difficult it is to find a federal bail bondsmen. I called every where in the Hampton Roads area to no avail. I ended up being rescued by one from several hours away. $9,500.... never to be seen again.
- Consultant32452 7y ago
  Would you mind helping me understand this better? My understanding is that bond from a bail bondsman works kind of like a loan. The bail bondsman puts up the money ($50k in this case) and if you show up to court he gets his $50k back. This works kind of like a loan between you and the bondsman, I would expect you to pay some amount on the total, something akin to extremely high risk loan interest, but $9,500 is almost a quarter. Is that a standard rate for a bond?
  - benjohnson 7y ago
    The fee or 'premium' for most bonds in various jurisdictions in the USA is typically between 10% to 15% of the bond value. His while his fee of $9,500 is slightly higher than most, it's not a surprise.
    - dbancajas 7y ago
      wow. how can I be one? seems very lucrative.
      - vonmoltke 7y ago
        It's lucrative as long as your clients actually show up to court. If they don't, you (or someone you hire) is running around trying to drag their ass in so you get your money back from the court.
        tastyfreeze 7y ago
        Which lets you play out your man hunt fantasy. Sounds like a win-win.
        dbancajas 7y ago
        time for some data mining then. but that 10% return is probably 5% for 50% good behavior of criminals?
        Consultant32452 7y ago
        No. Let's use the $50k bail example. If the guy returns, you are up 19%. If he disappears you're -100%. It will take you 5 more good behaviors just to get back to zero. So you need less than 1/6 fleeing to make any profit at all.
        vonmoltke 7y ago
        Your numbers are off, though your point still remains. If the client jumps bond you lose $50k, but you got $9.5k from it for a net of -$40.5k or an 81% loss. It would thus take ~4 good bonds to cancel that one out.
        Consultant32452 7y ago
        Good catch
      - mikestew 7y ago
        It's probably easier to become a bail bondsman, all effort considered, than to become a developer. Now ask yourself why everyone's not doing it. I'll start you out: your profit hinges on the behavior of alleged (or plain ol' "known") criminals.
  - rwmurrayVT 7y ago
    It's just the best, and only option I could get. You need to be federally licensed. The bail bondsperson did not even have an office. When I did get out and had to pay her she asked me to meet her in a Harris Teeter parking lot. She pulled up in an Audi R8 spyder. It's ridiculous. There was absolutely no way I could be considered a flight risk. I only did it because my parents were on vacation and I was responsible for keeping their pet alive for 3 weeks. It came down to a dead animal or $9,500.

+1 for surety bail bond. "Cash Only" bonds are a racket for bail bondsmen.

by crb002 7y ago

+1 for surety bail bond. "Cash Only" bonds are a racket for bail bondsmen.

I got railed. The postal inspectors stated in court that they wanted me released the day of my arrest. The judge still gave me $50k bail. Keep in mind I was 24 years old and made $55k annually with a net worth of about... $25k and most of that being in my personal vehicle. What they also don't tell you is how difficult it is to find a federal bail bondsmen. I called every where in the Hampton Roads area to no avail. I ended up being rescued by one from several hours away. $9,500.... never to be seen again.

Consultant32452 7y ago
Would you mind helping me understand this better? My understanding is that bond from a bail bondsman works kind of like a loan. The bail bondsman puts up the money ($50k in this case) and if you show up to court he gets his $50k back. This works kind of like a loan between you and the bondsman, I would expect you to pay some amount on the total, something akin to extremely high risk loan interest, but $9,500 is almost a quarter. Is that a standard rate for a bond?
- benjohnson 7y ago
  The fee or 'premium' for most bonds in various jurisdictions in the USA is typically between 10% to 15% of the bond value. His while his fee of $9,500 is slightly higher than most, it's not a surprise.
  - dbancajas 7y ago
    wow. how can I be one? seems very lucrative.
    - vonmoltke 7y ago
      It's lucrative as long as your clients actually show up to court. If they don't, you (or someone you hire) is running around trying to drag their ass in so you get your money back from the court.
      - tastyfreeze 7y ago
        Which lets you play out your man hunt fantasy. Sounds like a win-win.
      - dbancajas 7y ago
        time for some data mining then. but that 10% return is probably 5% for 50% good behavior of criminals?
        Consultant32452 7y ago
        No. Let's use the $50k bail example. If the guy returns, you are up 19%. If he disappears you're -100%. It will take you 5 more good behaviors just to get back to zero. So you need less than 1/6 fleeing to make any profit at all.
        vonmoltke 7y ago
        Your numbers are off, though your point still remains. If the client jumps bond you lose $50k, but you got $9.5k from it for a net of -$40.5k or an 81% loss. It would thus take ~4 good bonds to cancel that one out.
        Consultant32452 7y ago
        Good catch
    - mikestew 7y ago
      It's probably easier to become a bail bondsman, all effort considered, than to become a developer. Now ask yourself why everyone's not doing it. I'll start you out: your profit hinges on the behavior of alleged (or plain ol' "known") criminals.
- rwmurrayVT 7y ago
  It's just the best, and only option I could get. You need to be federally licensed. The bail bondsperson did not even have an office. When I did get out and had to pay her she asked me to meet her in a Harris Teeter parking lot. She pulled up in an Audi R8 spyder. It's ridiculous. There was absolutely no way I could be considered a flight risk. I only did it because my parents were on vacation and I was responsible for keeping their pet alive for 3 weeks. It came down to a dead animal or $9,500.