Published
debt
vr.tr.debt-possession · thing-debt-possession
Let an agent handle debts by creditor, debtor, amount, terms and status, give factual information only, and signpost free debt advice rather than giving personal financial advice.
Thing Registry Society, people and institutions SOC.ECO
Bundle → Layer → Finding → QuestionsClassifiersWhat it isWhy it existsDistinguishing featuresWhat robots and AI may and may not doMoral aspectsOwnersLinks to other meta-modelsIdentity and identifiersDirect propertiesRecognitionCapabilities and actionsHazards and failure modesStandards and interfacesContext of useSources
Bundle → Layer → Finding → Questions Filled
4 bundles · 8 layers · 8 findings · 16 questions
Terms What is owed and how.
Amount
Principal, interest, fees.
Amount
Amount owed.
- How much is owed, including interest and fees? measurement
- What is the interest rate, fixed or variable? measurement
Schedule
Repayment terms.
Schedule
Repayment schedule.
- What are the repayment terms? definition
- What happens on a missed payment? boundary
Parties Creditor and debtor.
Creditor
Lender or seller.
Creditor
The creditor.
- Who is the creditor, and are they licensed? provenance
- Has the debt been sold on? provenance
Security
Collateral.
Security
Collateral.
- Is the debt secured on property? boundary
- What could be repossessed? boundary
Difficulty When repayment is hard.
Advice
Free debt advice.
Advice
Where to get help.
- Where can the person get free, regulated debt advice? action
- What protections apply during hardship? boundary
Collection
Collector conduct.
Collection
Rules on collection.
- Is the collector acting within the rules? boundary
- How can a complaint be made? action
Limits No personal advice.
Boundary
Information only.
Advice limit
What the agent may say.
- Is the user asking for personal financial advice? boundary
- How should the agent respond? action
Scams
Fake lenders.
Scams
Scam warnings.
- Does this lender or offer show scam signs? boundary
- Where can it be checked? action
Classifiers Filled
- Family
- Thing Registry
- Category
- Society, people and institutions
- Entry kind
- noun.possession
- Plane
- SOC
- Domain
- SOC.ECO
- Facets: substance
- social
- Facets: origin
- conceptual
- Facets: agency
- inert
- Facets: mobility
- not-applicable
- Facets: scale
- not-applicable
- Facets: affordances
- observable
- Other names and narrower kinds
- bank loan, business loan, commercial loan, interbank loan, arrears, national debt, public debt, debt limit, debt ceiling, national debt ceiling, bad debt, installment debt
What it is Filled
Money, goods or services owed by one person or organisation to another, such as loans, arrears or national debt, with terms for repayment and interest.
Why it exists Filled
Let an agent handle debts by creditor, debtor, amount, terms and status, give factual information only, and signpost free debt advice rather than giving personal financial advice.
Distinguishing features Filled
- An obligation to pay
- Secured or unsecured
- Interest and fees change the total owed
- Collection practices are regulated
What robots and AI may and may not do Filled
Must not
- Harass or threaten debtors, or contact third parties about a person's debt.
- Collect debts it has no authority to collect, or debts already paid or time-barred.
- Misstate amounts, interest or legal consequences.
- Take on debt on a person's behalf.
Only with a human decision
- Agreeing repayment plans or settlements.
May
- Report debts and repayment terms to the debtor who asked.
- Explain debt options in general terms and point to free advice services.
Moral aspects Filled
- Debt causes stress, ill health and exclusion; collection practices must respect dignity.
- Predatory lending targets the poorest.
Who is affected
- Debtors and their families
- Creditors
Owners Filled
Steward
The creditor holds the claim; the debtor owes it.
Master systems
- Credit reference records
Links to other meta-models Filled
parent
- oewn-13417227-n - registry parent class
related
- obligation - liability
- payment - repayment
- document of title or agreement - evidence
- assets - for the creditor
What else AI and robots need to interact with it Filled
Identity and identifiers required Filled
- Vercy registry: vr.tr.debt-possession
- Open English WordNet: oewn-13418347-n
Direct properties not applicable Not applicable
Not applicable
Plane SOC: no invented physical properties.
Recognition optional Filled
- Loan agreements with principal, rate and term
- Statements showing arrears
- National debt figures in official statistics
- Loan agreements, statements, invoices in arrears and balance sheet entries.
Capabilities and actions required Filled
- borrow and repay
- restructure or consolidate it
- collect it, within the law
- seek free debt advice
Hazards and failure modes required Filled
- Unaffordable debt and hardship
- Illegal lending and debt collection scams
- Hidden fees
- Personal financial advice from an agent
Standards and interfaces required Filled
- Consumer credit law such as EU Directive 2023/2225
- Debt collection regulation
- Insolvency law
- Public debt statistics standards
Context of use required Filled
- Financing spending and investment over time; debt is also a source of hardship.
- consumer loans and credit cards
- mortgages
- business and commercial loans
- interbank loans
- public and national debt
- arrears on bills
Sources Filled
- Open English WordNet 2024, synset oewn-13418347-n - sense and gloss of the concept
- Wiktionary: debt - word senses and usage
Open questions
- Should debt types be separate entries?
- How should agents signpost free debt advice by country?
- How should national and personal debt be separated?
Machine files
Provenance
thing registry research (pass 2) · unreviewed
Built from: models/things/publications/thing-debt-possession/spec.json