Garnishing Income for Overdue Loans

[John jacob astor]

Captain Jack, we haven't heard you say anything about this yet. what is your opinion on this topic?

[Captain Jack]

My opinion is that you cannot force anyone to pay via magical ways. There must be either consent or violence.

The only way to script it, is to force comply when consent has been issued. But it needs to be a separate loan article. Here is one of the existing Academy technology ideas we have that addresses this issue:

• 6.Loan shark
-Level 1 unlocks a new Bank ability for the Banker: Investigate
This ability allows the banker (through target's consent) to view the liquid able assets of the target.
-Level 10 unlocks a new Bank ability for the Banker: Collateral Guarantee
This ability allows the banker (through target's consent during loan acceptance) to place a collateral marking to any of the assets owned by the loan receiver. The bank may liquidate the marked assets in case the receiver has debts (in case of a ship collateral, the ship is sold to the shipwright and banker gets the owned funds). Excess funds generated through a single liquidation, end up in the players hand treasury.
-Level 20 unlocks a new Bank ability for the Banker: Confiscate
This ability allows the banker (through target's consent during loan acceptance) to confiscate gold coins directly from the hand treasury or any bank savings or treasure hole or gold bars (market price at port taken in mind) at any warehouse. Confiscate can be used in combination with Collateral Guarantees and up to the owned amount each time.
-Each level recovers lost loans to inactive players by 1% (max 100% is allowed in combination with nation law insurance). Funds are drawn by the game directly and up to the amount of Loan Shark Level * 500,000
-Each level generates 2% more profit from loans paid by newcomers (Players with less than 3000 turns). Bonus is paid (and calculated) alongside with each player payment (automatic or not). Bonus is paid by the game. Max profit allowed this way is 50,000 * Bank Level per contract (7 days minimum is applied, which means a maximum of 142k extra profit per day, per contract). This bonus will be valid only once per receiving player. All these result to a maximum of 40% extra profit when issuing a loan offer to a newcomer. The max profit claimed in this way can be 1M from any given player.

[Sir Sam Lowe]

+1

[PhoenixKnight]

I like that

[Mr. Rothschild]

I like these ideas and that would give myself more security when deciding to grant loans.

My only question is the consent. To me, when any client clicks the accept loan offer button (essentially signs a contract) they "are giving their word to pay back the loan and "consent" for a banker to recover dishonored payments. If this is not the case how will consent be taken by the banker?

[Most Lee Harmless]

I agree; consent is implicit in accepting the loan offer : its irrational to hold that agreeing a contact doesnt imply consent to its being enforced.. if that were the case, its a joke document.

I like the ideas put forward by CJ above : they would certainly encourage me to open for such business again, once I had done the necessary academy levels.. but not until then.

I would ask does this open the way for banks to assume nation debts, for a fee, and thus be able to enforce them? As Monarch of a nation currently sitting on over 2billions in tax debts.. that would be of great interest to me.

[Roberts]

I agree; consent is implicit in accepting the loan offer : its irrational to hold that agreeing a contact doesnt imply consent to its being enforced.. if that were the case, its a joke document.

I like the ideas put forward by CJ above : they would certainly encourage me to open for such business again, once I had done the necessary academy levels.. but not until then.

I would ask does this open the way for banks to assume nation debts, for a fee, and thus be able to enforce them? As Monarch of a nation currently sitting on over 2billions in tax debts.. that would be of great interest to me.

Too buy more donkeys?...

[Most Lee Harmless]

A proud nation can never have too many donkeys!

[Captain Jack]

-Consent: Picture it as an extra TERM that will show at the contract offered to the client. The client will see the term. If he does accept the contract, then this will be his consent.

-Regarding debt collection for countries, this is an entirely different case. What we could do in the near future, would be to add a law where the officials of the country will be able to remove such debts through votings.
-Or we could use the Letter of the Marque idea I posted elsewhere
-Or both of these options perhaps.

Do not have any hopes that you will be able to collect your insane debt though. It would be inhuman, unrealistic, cruel, etc etc, if we ever gave you a way to collect such a debt. Now, if you can persuade any to pay this, then it will make a great headline. But that's all. Or maybe not? Surely not, as the debtor is effectively not allowed to be part of your country ever again. Kind like a little less headache.

This ever again paragraph did not sound well at all though, so expect a tweak of the following that is currently in effect:
0 - 100k - 365 days
100k - 500k - 2 years
500k - 1m - 3 years
1m - 5m - 4 years
5m - 25m - 5 years

Last should be changed to
5+ at 5 Years

[Roberts]

-Consent: Picture it as an extra TERM that will show at the contract offered to the client. The client will see the term. If he does accept the contract, then this will be his consent.

-Regarding debt collection for countries, this is an entirely different case. What we could do in the near future, would be to add a law where the officials of the country will be able to remove such debts through votings.
-Or we could use the Letter of the Marque idea I posted elsewhere
-Or both of these options perhaps.

Do not have any hopes that you will be able to collect your insane debt though. It would be inhuman, unrealistic, cruel, etc etc, if we ever gave you a way to collect such a debt. Now, if you can persuade any to pay this, then it will make a great headline. But that's all. Or maybe not? Surely not, as the debtor is effectively not allowed to be part of your country ever again. Kind like a little less headache.

This ever again paragraph did not sound well at all though, so expect a tweak of the following that is currently in effect:
0 - 100k - 365 days
100k - 500k - 2 years
500k - 1m - 3 years
1m - 5m - 4 years
5m - 25m - 5 years

Last should be changed to
5+ at 5 Years

With all respect, 2 years is a long time to wait for 500,000 at the top... Why dont the Banker's just go out and hit there targets?... And stop being so nice If everyone thought like me, Pirates Glory would be no more... I do agree with Banks being able to chase there Failed Loan Contracts, as its called , but... Its a long time zone...

May I ask this though , to you Admin, so there is no way ; That you can enforce Nation Tax, but you can enforce a few Gold coins out of the Hundreds of Millions these Nobles have?... ( No disrespect meant )