As Britain's debt epidemic worsens should we bring back debtor's prisons and public floggings for debtor's...

Question

to someone whos filthy rich like me it seems the only way...

Answer 1

your an IDIOT, do you think DEBT is FUNNY? You might be filthy ritch but you came in this world the same as everyone else and you will go out like the rest of us.....WITH NOTHING! People like YOU make me SICK

Answer 2

but lets be practical here. The government has recently changed the law so that you are only bankrupt for a YEAR not the 3 it used to be, and if you co-operate with your OR and have no chance of paying it back it could be even less.

so there is no way that anyone will move the goalpost the other way now - will they.

much better to look at the people who when their companies falter, go into administration and then buy them back from the receiver at a knock down price. That gets my goat a whole lot more. Yes Ive been bankrupt - because when my company failed (along with lots of others in the same market place that year - including the number 1 manufacturer in the UK) it took me with it. No phoenix company for me, if my company went down so did I, and it did so I did. here i am 6 years later slowly rebuilding my credit history and avoiding debt like the plague.

so from a personal point of view - no to the debtors prison, but lets get a bit tighter on those who take the proverbial

Answer 3

A great many people with credit cards & loans etc are already in a form of debtor's prison and while not being openly flogged, probably feel like they're being constantly beaten.

Its not unlike putting on weight, doing drugs, gambling etc - easy to get into but hard to get out of. Some may never get out at all.

Answer 4

No, we should have public floggings for all the bosses and shareholders of these companies who, quite legally, convince many people that debt is good. Of course they are usually untouchable and it's the people at the sharp end eg: Customer advisors, who take all the fall-out, fines, prison etc. if they don't "manage their business properly" or adhere to all the different codes of conduct and financial legal requirements.I guess I'm lucky, I can't imagine what it's like to have a debt of up to three times my annual income. I don't have any credit cards or personal loans.

Answer 5

Absolutely. If you, through no fault of your own, get VERY sick, and amass HUGE medical bills, that you can't hope to pay, you should be put behind bars. (A LOT of the bankruptcy filings in the US are caused by medical debt.) And, of course, I'm being facetious. I say just let debtors - who knowingly incur debt they can't pay - suffer for it. Lenders are only too glad to lend money to known deadbeats, knowing that they can just jack up everyone else's rates to make up for the defaults. Hold the lenders accountable for their own actions. If you lend to someone who's defaulted on all his debts for the past 5 years, and he stiffs you, you lose. No more government bailouts, no more "sky's the limit" on interest. Companies that cause oil spills should be required to clean them up. By themselves. The government didn't cause the spill, so the government [your wallet and mine] shouldn't have to pay for cleaning it up. If the company can't afford the cleanup, it uses its last penny, closes its doors and the government finishes the task (and owns the company's assets, so it can sell them and get its money back). Companies that *continually* put profits ahead of safety (and human life) should be shut down in the interest of public safety (the only business the government should really be in), and the people who made those decisions should be enjoined from making those kinds of decisions in *any* industry for life. (Shoot someone in cold blood and you get life without parole. Kill 150 people in cold blood to save a few bucks, and you're given a $150 million annual bonus. Sorry, but you should get 150 life sentences.) Punish the guilty, not the innocent.

Answer 6

How about public floggings for bank and credit card company managers for making it all seem so easy ?

Answer 7

Maybe if you are so rich you might like to consider paying off some people's debts for them.

Answer 8

Absolutely. People don't see debt as debt any more, they see it as free money that they don't really have to pay back.

A good flogging or two would put that holiday to Tenerife in perspective.

Answer 9

No we should bring them in for the irresponsible lenders, that are offering people stupid size mortgages that they will be crippled trying to pay back.

Answer 10

Bl00dy hell. That's me being flogged and doing a lifer then.