Your situation is not unique. Unfortunately you are in a position where your are jointly & severally liable for the residual debt. However, while noting your stress and the difficulties you have encountered in dealing with the bank, you have not mentioned what action to date the bank have taken against you. When did you last make a payment to the loan or acknowledge it in writing? Have the bank issued proceedings? If not, why have they delayed? have you approached any financial advisors to work with the Bank?Id like to reach a reasonable solution with the bank so that I can begin to have certainty on my future. This has been going on for almost 10 years now in total and my health has really suffered this past year.
It would be soul destroying paying back a sizeable portion of your income over a 5 year period. The other significant disadvantage of the 5 year DSA is that if one inherits during this time frame the bank can move on the inheritance.
Thanks for the comments, I am grateful for your replies. It sounds like I need to investigate the lump sum option as it's the only solution that allows me get on with my life. I don't come from a wealthy background but I guess we could work something out.
It's more than that though. It would be similar to some kind of debt slavery. I'm not young anymore and I'm at a crucial stage of my life regarding family and my future. 5 years and I'm well beyond child bearing age and I'd have nothing to show.
Wish me luck. If anyone is interested I'll provide feedback on how it goes.
Thank you again for your comments.
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