PO Rule Proposal - Eliminating Debt

[TONelson]

I object to your statement riverdee, look at my case for example, I have defaulted on many a loan, but have no other screennames and always pay when late.

This rule proposal isn't meant or aimed at you, or others like yourself. You get "it".

No, this is born out of SR23 and his ilk being the exception that requires the rule.

@ZAB, I'm no a fan of the TAX to enter client suggestion. I don't believe it is good policy to allow someone whom is indebt to try and gamble their way out it. Frankly, most of the time they are in the mess in the first place is because they gambled and lost. Throwing good points after bad leaves two people with no points more often then not.

What I would like to propose instead is that within 48 hrs of a loan going into default, any client balance be somehow automatically dumped back into their PO account for debt collection availability. Their PO account should also be frozen in terms of doing redeems or outbound point trades until such time as a debt is paid. A pop-up notification upon login or even changing pages reminding the debtor of his status would be helpful or at least annoying enough to prompt action.

Within 7 days, if a debt has not been paid the loaner has at their discretion the option of blocking a debtors chat functions.

Within 14 days, if a debt has not been paid IN FULL, their loan limits be automatic reduced.

Within 30 days of no apparent activity on the account, the PO account should be suspended pending review by ADMIN which would be triggered the next time the user tried to log into this or ANY linked account (hello background check)

If an account repeatedly goes into default, their account should be automatically flagged for review by ADMIN, with possible additional penalties being imposed upon the account such as a further reduction in loan limits, Loan Shark privilege suspensions in lengths to be determined based on history, feedback, and general behavioural participation on the site (the later meaning that it would be better to be liked by people rather then being rude).


I understand the that above constitutes a MAJOR upgrade to Loan Shark, but I assure you it is worth it. In my short time here I have loaned (to date) 1, 287, 505 points. This number does not include any Market loans I have done to members whom I trust implicitly either.

1287505! That is a significant number of points that I have been a conduit for in this sites economy. I know for a fact the rrickr and rghy2 have got very similar stories to mine. Like me they also have a number of outstanding defaults on the books, I sent ZAB a list of 25.

My point is that we three and others like us contribute greatly to the economy of this site. We take the risks, and we get diminishing rewards. We are often told "well you have insurance" as if we are somehow not aware of this..... but insurance takes not weeks but MONTHS to repay the principle only. That is MONTHS we don't have full use of those points. Make no mistake, we appreciate the insurance, but at the end of the day from a business perspective, it's a net loss... made even more so if we are unable to collect the interest portion(s) of the loan too.

Loan Shark is a valuable tool for this site. It's time the people who offer the loans be given more tools and more protection.

If you have read this far, thank you