Will debt forgiveness happen?

[rupert7]

I want to stress that I don't want this to be a debate about the rights or wrongs of debt forgivness. That has been discussed ad nauseam on many forums.
My question is, if debt forgiveness does happen in what form can you see it occurring?

 

[Jim2007]

If it ever was to happen, then I should think that the most acceptable to the tax payer would be non recourse mortgages

 

[kmce]

At the very least it would be great if All SVR mortgage holders were allowed to move to tracker rates
that alone would save me 400 euro a mth and MAKE all the difference to my spending power and piece of mind
All I am looking for is the same rate that half the country are paying but I am not because I STUPIDLY took a SVR with the EBS who at the time was a mutual building society for the benefit of their members, I always felt there were "nicer" then the big banks - the naivity of it!!

 

[miriammary]

At the very least it would be great if All SVR mortgage holders were allowed to move to tracker rates
that alone would save me 400 euro a mth and MAKE all the difference to my spending power and piece of mind
All I am looking for is the same rate that half the country are paying but I am not because I STUPIDLY took a SVR with the EBS who at the time was a mutual building society for the benefit of their members, I always felt there were "nicer" then the big banks - the naivity of it!!

+1 on that, agree totally

 

[LDhood]

Debt forgiveness won't happen. At least not in the way that everyone is talking about. It's never happened that I am aware of in any industrialised, capitalistic society.

What may happen is that for people who have no source of income or no potential for income whatsoever- the creditors may come to an agreement that social welfare entitlements are turned into a partial debt payment or collateral. Any assets or collateral that can be leveraged will be used. Or dependants/family may be brought into the equation to help with the debt recovery (payments, assets, etc).

The only other option is bankruptcy. I do see the laws changing on this.