Evening All.
Now the dust has settled, i have examined my alternatives.
a)Down Down, Deeper and Down (Thats the Status Quo...Geddit!)
Just plodding on with the ever looming prospect of never paying our way was obviously out of the question.
Our only escape route would have been a remortgage at some stage perhaps, but its unlikely the house would earn enough equity to pay off all our debt unless we sold up and moved into a modest caravan pitched in a lay-by outside a nuclear power station.
b)Bankruptcy.in the words of Frankie Howerd, Nay, Nay and thrice Nay!. I just couldn't contemplate that for various reasons, only as a final solution when al other options had failed, which includes doing a Reggie Perrin, leaving my clothes on the beach at Weston Super Mare.
c)An 18 year DMP which would have completed when i was 67 just in time for Mrs T and the kids to have me put in a home. Whilst all through the life of the DMP, no guarantee that our creditors would have lifted the Fatwah placed on us anyway.
So, all in all the IVA route was the best option for us. Can't say i'm over the moon with the 4th year equity release, but, it's our debt and we should do our best to pay it back.
If i had wanted to lie, cheat, and rip people off whilst avoiding my responsibilities i would have become an MP, but my parents were married.
Aucto Splendore Resurgo.
(4 down, 56 to go)
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
