How Should The Whole Loan Thing Work?

Discussion in 'Debt Collection' started by Elendil, Feb 25, 2016.

  1. Elendil

    Elendil New Member

    So, according to you, how can we do away with the debt collectors? What system of money lending (that actually works. You don't have to give an economy masters level answer, just the basic idea would be fine.) do you propose so that we won't see those hated faces at our doorsteps? Fire away!
     
  2. Zeta

    Zeta Member

    For starters, you can pay your debts on time. If you can't pay on time, ask for a more flexible term. If that is not possible, then pawn or sell a property to pay your debts. In other words, pay your debts to get rid of debt collectors. :D Whatever lending system you create, you're bound to meet debt collectors if you don't or can't pay your debts.

    In our country, people can take a loan from investors by pawning their payroll ATM. The creditor will deduct the amortization every payroll and return the rest to the debtor. This time, it's not the creditor that will run after the debtor but the other way around to get the balance of his/her salary. That arrangement is good only up to the time that a debtor is employed with the same company. If he/she leaves the company, the creditor is left hanging with an empty security.

    Take note that even people who put up a security for their loan are subject to debt collection procedures in the event of failure to pay.