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Loans become cancelled when excessively paid-back

Submitted on Thursday 4th August 2011

Published on Monday 15th August 2011

Current status: Closed

Closed: Wednesday 15th August 2012

Signatures: 5

Tagged with

Money

Petition Action

Loans become cancelled when excessively paid-back

Additional Information

If a person or company borrows money - say £1000 - after interest has been paid far exceeding the original loan - for example once £3000 has been paid for the £1000 loan - the loaner should be considered to have made due profit from it and the loan should then have no legal standing. No loaner deserves unlimited ever-increasing amounts from a loan to the destruction of the borrow who has paid back many times over but cannot overcome the interest.
This would also have the effect of making loaners careful to lend to those who can repay.
This rule should not depend on the amount borrowed. This would also help out impoverished countries who have paid their debt many times over but are crushed by the interest.
Exact details can be decided by consultation.


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