RawringDragon
Eternal Dragons
0
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Posted - 2013.04.04 00:17:00 -
[1] - Quote
A proper loan contract system.
My idea is for a system of creditor and loan contracts.
- A creditor contract is simply someome putting up a sum of isk, with interest terms and everything set, ready for someone to accept.
- A loan contract is someone requesting cash, and offering interest & security terms they hope is attractive.
The trust problem.
The big issue here, is that in order for the loan contract system to garner any trust and major use for large isk volumes, it needs to have strong asset-recovery abilities in the event of a confirmed default. This is probably a pie in the sky fantasy, but I think this could have the potential to be the central feature of a finance/industry themed expansion.
So, should someone with debt fail to meet their interest or loan repayment, and depending on the terms of the contract, here's some example mechanics I can think of, which could kick in until the sum is recovered:
Isk streams which go to the creditor
- Most of current wallet content
- NPC & Player Bounties, Rewards
- Ship insurance
- Portion of market, contract & trade window proceeds
- Portion of isk sent to and from the player, (And corp wallet if avail, see the guarantor part below)
- LP & Research points (If a suitable base value can be established)
Possible other non-isk related mechanics
- Giving the SCC powers to seize assets in hangers of pilots with loan defaults.
- The "Estimated Market Value" feature already in game could possibly be used to identify valuable assets, starting with the single-most valuable stacks and assets (and their contents), and begin transferring them.
- Min-value caps would be in place so it doesn't choke the server and sieze low-volume amounts of every nut bolt and shuttle they ever had.
Guarantors/Vouches
- A loan/creditor contract can have guarantors attached, which will be jointly responsible for whatever isk is outstanding (after asset recovery has taken place against the defaultee)
- If the remaining defaulted isk is not made available within a time window, the above mechanics can come into effect against these people also.
- Guarantors can be a corporation directly or a player, and can also have a minimum SP level enforced to discourage throwaways.
I hope that gets some ideas going. Here's some rough options I envisage the system having. Some can apply to both types of contact.
- Minimum SP level
- Length of term (x months or open-ended)
- Interest payment frequency and %age
- Definition of default
- Default recovery options
- Asset recovery? Isk streams diverted? LP&RP? Market, trade & contract revenue? Corp wallet & assets?*
- Est value of collateral desired (If the above is not enough) (Creditor can review before contract is final)
- Guarantors needed & their minimum SP, In addition to or in absense of collateral.
* Note on corp ideas. If a CEO or someone with full wallet access attaches their corp to the loan (or the creditor requires it), there's nothing stopping them just leaving the corp after accepting the loan. Ideally a corp vote would need to be completed so everyone understands their corp & it's assets are responsible if the ceo/finance manager defaults, and that the ceo/directors understand the finance manager role cannot be removed from the person while their loan is in progress. If the person tries to leave the guarantor corp while the loan is active (or loses CEO status), they would be warned that this action would trigger an immediate default and asset recovery first against the person, then the corp.
PS. Sorry if this doesn't belong here :(
P.P.S. My apologies if these are terrible ideas, but I have minor hopes my hour of brainspew was of some value. :( |