When someone doesn't pay back their debt, that debt has to be paid for by others that use that service. It’s precisely the same as the effect that shoplifting has when someone doesn't pay for their shopping. Those costs get passed onto people who use the service legitimately. In these cases, locking people up is the accepted and welcomed policy.
So why is not repaying loans any different from shoplifting?
If we brought back debtors prisons, the price of loans could be reduced. They’d be reduced because bad people wouldn't apply for them without a concrete plan to repay them on time. They'd take their own financial responsibility much more seriously if it was linked directly to their liberty This means that there would be less problem debt. Now surely fewer people in problem debt is a good thing and is something that politicians could get behind.
While it is technically illegal to be imprisoned for Civil Debt in the UK at present, you could be imprisoned for not obeying a court order to repay the debt. Basically, if we went to court and obtained a CCJ against a borrower, and they failed to repay that, They could legally go to court for being in contempt of court.
The law is already there; we just need to enforce it.
Think of how satisfying it would be as your neighbour who is always living beyond his or her means, the one who has been living the high life driving round in flash cars – we all know them – is carted off to prison for a couple of months because he doesn't make the repayments.
At the moment, he’s laughing at everyone else having to cover his high life. This is why it is time for justice for responsible borrowers.
I wish the ruling class tried so hard to give me jobs, but alas
The future. As it happens, we have been on the verge of leaving the finance industry for a little while. Today we decided to call it a day and sell the business as a going concern. This has nothing to do with the social justice mob on Twitter and Facebook. We never did take those so seriously. Even the death threats made me smile. Nor was it those who gave comments to the media in which they condemned us. Nor was it the person parked across from my house this morning in his black Land Rover taking pictures.
What really did it for us was when we received letters from Government departments/agency telling us that there would be consequences if we did not retract what we said. The letter from the ASA was professional and very polite. I don't want to make out that this brought terror to my life in any way, because it didn't.
It did though, cross a significant line for us. We are a private business, we are not owned by the Government, FCA or ASA, and we will never be told what we are/are not allowed to say. If we want to campaign to put Batman on the moon, then that is our business, not the Governments. Naturally, we told them no, we wouldn't retract it. Who knows where this will now end up.
This is a massive concern for us given the nature of the next project we were going to launch in the UK. Avoid.com is going to be the world's first negative-only travel review website. It launches in March 2019 and was going to be based in the UK - a massive investment with hundreds of jobs.