It's similar, except I'm going for open source and decentralized.  I got the idea after reading all of the recent threads about ripple being awful.

Another thing I'm considering is adding the option to add interest to the debt contracts.



Other ideas that I don't think I've thrown up here yet:
Receiver of a contract has to confirm receipt, you can't send contracts to anyone anytime
When a contract is sent, give an amount of time to confirm before it expires?  Default is a few hours up to a few days?
This makes it require at least two blocks to get 1 confirmation, first block has it being sent, second block is receiver confirming