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Old 03-12-2019, 12:49 AM   #1
Kanaxis
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CFP Collateral Issue Moneyfold13

Pokerstars SN: Moneyfold13

Signed him to a CFP ( Coaching for profits ) around July 2018, made me 0 profit, variance happens.

Now towards the end ( when profit was not in sight ) both parties decided to end the deal , issue is about the collateral / security deposit:

I decided to keep it due to multiple breaches of contract:
- Minimum volume of 50k hands / month was not met, he played 140k hands in 9 months freerolling HH reviews trough skype and playing 1 hour / average daily





These SS show that he agreed to 50k hands / month

- Total arranged hand requirement was not met, student was also not interested in making profit at some point anymore and hammered down volume at lower stakes just for the collateral / security deposit.

- Student played offstake games and would disappear from cashgame for some months playing mtts, extending the contract that was supposed to be finished in 3-4 months ( it extended to 8-9 months instead due to no volume commitment, while still receiving coaching on HH reviews )

Am i fine keeping the deposit in this case, even if both parties agreed to end prematurely?
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Old 03-12-2019, 02:37 AM   #2
PokerPlayingGamble
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Re: CFP Collateral Issue Moneyfold13

Quote:
Am i fine keeping the deposit in this case, even if both parties agreed to end prematurely?
No, you are scamming your student.
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Old 03-12-2019, 02:58 AM   #3
ratslla
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Re: CFP Collateral Issue Moneyfold13

The guy certainly understands why OP wants the security deposit. What I don't see in the SS are clear questions, followed by clear answers regarding all terms of the deal or something similar where all requirements are clearly stated.

The guy just says ''If I agree to play 50k hands, I'm gonna stick to it''.

But did he agree?
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Old 03-12-2019, 07:13 AM   #4
Kanaxis
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Re: CFP Collateral Issue Moneyfold13

He did indeed agree to it, its outlined in the SS.
The thing is there was no official contract, just agreed to things 1 by 1 verbally, the 50k hands being one of them ( and my main issue ).
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Old 03-12-2019, 11:15 AM   #5
Kanaxis
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Re: CFP Collateral Issue Moneyfold13

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Originally Posted by Kanaxis View Post
He did indeed agree to it, its outlined in the SS.
The thing is there was no official contract, just agreed to things 1 by 1 verbally, the 50k hands being one of them ( and my main issue ).
i wouldnt have agreed to the cfp otherwise, he was suggesting 20-30k hands at first and i declined, later on he agreed to 50k ( as shown in SS ) and that was one of my terms by then
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