Re:Can We Survive the Next Financial Crisis?
by beaconstudios on Monday September 10, 2018 @06:33PM
(#17955757)
> I've allowed some of my debts to go unpaid because I considered repayment to be a poor deal.
Could you elaborate on this? I don't know if it's what you intended but it just comes off like you defrauded a company.
Re:Can We Survive the Next Financial Crisis?
by vkou on Monday September 10, 2018 @07:04PM
(#17955887)
If defaulting on a debt is fraud, then why do lenders charge a premium for credit risk?
They do it because, in most cases, it is not fraud - defaults are just a fact of business. Being a lender is not a ticket to free, zero-risk money.
Both parties in a lender/borrower transaction understand that there is a risk of default, as well as consequences for a default. In a secured loan, the borrower loses the secured item. In an unsecured loan, more of the risk falls to the lender (which is why unsecured loans have much higher interest rates.)
Re:Can We Survive the Next Financial Crisis?
by beaconstudios on Monday September 10, 2018 @07:12PM
(#17955922)
of course, but my interpretation of OP's comment was that they went into a purchase with the intent of defaulting. To me, that's fraudulent - IANAL but that would seem to be legally fraud too. It's really no different from chargeback scams.
Re:Can We Survive the Next Financial Crisis?
by spacehome on Monday September 10, 2018 @10:38PM
(#17956807)
It's only fraud if you take out the loan with the intention of not repaying it. sigfubar never says when he came to the conclusion that repaying the loan is a bad idea. If it's any point after he took out the loan, it's not fraud.
Yes, I've received things in the mail, which I simply threw into paper recycling. Eventually, these stopped as well.
A debt collector has yet to physically come to my home, however, having grown up in 1990s Russia, I'm prepared to take care of them in a swift, permanent, and legal way.