What would happen if everyone in Debt stopped paying

magicmaria

Just sat here wondering what would happen if everyone in the country just deceided tommorow they were not paying their debt back - would they really take us all to court????????????????????????

Annie_Fanny

Interesting thought...

They wouldn't be able to take us to court as there would be too many of us! The infrastructure just wouldn't be able to cope.

The country would probably just fall to pieces...

hmmm...

mattp_3

yeah after about 6 months the courts would be flooded with ccjs, charging orders, attachment of earnings orders and would be totally unable to cope!!!

would probably result in the British Legal system falling to its knees as civil servants resigned or went on strike in protest

mattp_3

Lets see if Martin wants to start a new national campaign???

"DESTROY CREDIT FOREVER!!!!"

LOL

tru

mattp wrote:

would probably result in the British Legal system falling to its knees as civil servants resigned or went on strike in protest

In protest of what - having to do some work? :rotfl:

rchddap1

If people stopped paying credit would collapse. Afterall why would a company offer money to people is no-one was going to pay it back.

One effect would be that jobs would be lost at the financial companies having an associated impact on all other business around due to job losses. Whilst this would have very bad impact there is another far more important one.

The economy would also get another double whammy (making a total triple whammy) as many people buy on credit to have something now that they don't want (or can't) wait for. So instead of buying those items now they'd be forced to save up. Not only would this take out the 'loaned' money from the economy, but it would also lose the amount that people are forced to start to save for those wanted items.

Put simply....because we have (as a society) become to expect credit to be available if it were to stop from being available the country, and many other economies around the world would collapse.

At least that's my theory anyway

magicmaria

come on Martin get a campaign going

mattp_3

indeed - the world would stop and we'd all fall off!!! lol

lynzpower

So do mortgages count as credit? I think credit aint a bad thing, its just when it gets out of hand it can be a problem.

maforduk

My Theory, Everyone will start getting the Bailiffs calling round, the Bailiffs would get very rich to start off with, then there would be storage need for all the ceased goods!
Courts would prosecute at a much faster rate to keep up with demand, employ more staff also for the demand. I don't think 'they' would let the legal system fail somehow and would rather this option.

bonnie_2

the price of goods would go up, because if people are saving for them they wouldnt sell so many.
How many could afford to shell out for example for a n xbox at £380 more than a weeks income.