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'Bring back debtor's prisons' says UK Loan Company

Friday, 25th January 2019

Got too much debt and can't pay? 'Then you should go to debtor's prison' says Loan Company.

A loan company based in South Yorkshire has caused outrage following a post on its website calling for those people that do not pay their loans to be put in Debtor's Prisons.

The company concerned, Quick Loans, make their money through charging exorbitant interest and in some cases this can be as much as 1,575%.

In their post Quick Loans said;

'If we brought back debtors prisons, the price of loans could be reduced'. They went on to say. ''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.'

Can you really go to prison for your debts or if you have been made bankrupt?

Under current UK laws a debtor (someone that owes money) cannot be sent to prison for non payment of unsecured debts such as bank overdrafts, loans, credit/store cards or energy bills. This also includes mortgages.

However, there is the possibility that wilful non payment of council tax when it has been proved you have the means to pay and you refuse to do so may lead to prison. That said there are changes afoot to stop this.

Another scenario where someone can go to prison over debts is if you were made bankrupt. It is not common but some bankrupts have been sent to prison for hiding assets from the Official receiver (OR). That said genuine individuals who are bankrupt will be treated with respect and support by The Insolvency Service and go through bankruptcy without any repercussions. However those who clearly set out to deliberately cheat the system and get caught can expect a custodial sentence. Further reading on how previous bankrupts have gone to prison below.

Prison Sentence for Council Tax defaulter

Bankrupt tells 'fairy-tale' and goes to prison

Bankrupt goes to prison over 'secret' bank account

Mike Thomas head and founder of DebtWizard.com said:

This article by the loan company is ridiculous. It is poorly written by someone that is not familiar with consumer law and the debt options available to those with too much debt. Those consumers who are honest and cooperative need not worry about going to jail. All consumers who seek debt help within the regulated debt industry are treated with respect and understanding, importantly they are also supported by the credit/store card companies and banks."

"Being in debt is not a crime, so don't let people or companies treat you like a criminal. The last debtor’s prison closed in 1869 becasue they were barbaric, inhumane, workhouse conditions. Life and society has moved on and we all need to recognise this."

Are you in debt but don't know where to start?

If this is you then we offer information on what to do when you have a debt issue, who to contact for help, how to take control of your situation, what to say to your lenders / debt collectors and that importantly how not to pay thousands of pounds in fees.

You can see the full five point guide here In debt? Don't know where to start?

Where to get 'not for profit and free debt advice

If you need more information on how to best manage your debts then look at our list of the 'not for profit and free' free debt help / advice agencies, they will not charge you fees for debt options.

More news articles here








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