I feel for you - because at the end of the day you are a small fish in a big pond and the mortgage company have deep pockets. Isn't bankruptcy the best option to get rid of this liability for good? Do you have other assets which would be at risk under such proceedings?
No luckily we have no other assets. Which might make the risk of a court case not so serious because the legal fees wont make any difference to our situation ie we have nothing to lose. If we can get rid of this debt or serious reduce it then we can arrange dmp. I dont know hoew much of a weapon our going bankrupt is against them. Also what the FSA say is fair under their rules. I have taken a hit and lost my house and the equity fronm a previous property whic went into it. Why shouldnt the mortgage company do likewise. I really do believe I have a strong case but its whether to fight or not. In our area the good news is that we have a new manager but our sponsorship deal looks over. We are all geting our passports renewed ready for europe next season.
I have read your thread with interest and feel for you, ife can just be so unjust sometimes [:(]
My philosophy of later years is that resistance (i.e fighting too hard)can cause much greater stress in the long term than simply 'giving in' and walking away with your head held high.
I am a great believer in 'what goes around, comes around' ... karma and all that.
Soulgrowth I agree completely even more so as I have a family to consider. The problem is that I just worry that I might wish I had pursued it when I look back in later life. You see if I can reduce it vastly then a DMP might be an option. I really want an IVA but it means accepting this debt which something inside me just wont accept as my nature is to challenge it. However apart from the cost I am wasting time fighting it when the clock is ticking on an IVA. I know what the logical answer is but it is clouded with emotion. I have decided to write to them outlining a few home truths etc and will allow myself perhaps three months. If no change then I will pursue IVA application I think.
Why don't you seek proper professional advice from an insolvency practitioner about your current position and options.
This will cost you nothing, and sometimes it helps for a total stranger to strip away the emotive baggage around these issues (don't mean to criticise you there - we would all feel the same!) and give sound commercial advice.
Worth a try and costs nothing for an initial consultation.
CA ... I think Melanie is right ... perhaps an 'objective' professional might be able to look at the most sensible options for you ... head over heart and all that.
