@Bronte. Thank you for your support. While having no desire to explain in detail why I have chosen to pursue a certain strategy, I suppose some broad explanation is called for. Back in March 2011, I was paying all creditors via a money management service despite having lost my business, being unemployed with no social benefits as a result of being self-employed and no prospects of employment particularly given my age. My sole income was an occupational pension which meant I did not qualify for any of the means tested supports. In March of 2011, I was diagnosed with severe depression. Additionally, my physical health was not good and I ended up with cardiac disease. As I recovered, I made a strategic decision to stop paying all creditors and let matters take their legal course. The relief I felt in making this decision was tremendous.
I was fully aware that this strategy might work against me in some instances , my main aim was to reach the stage of installment orders not to avoid payment entirely.
However, as I have progressed this journey, I have come to realise that many of these finance agencies and their legal representatives like to play games with people, all perfectly " legal ", of course. The law is weighted in favour of the creditor. Why should a debtor not take advantage of what little legalities favour them ?
Your point re : PIPS/ Insolvency, etc., is bang on the button. I can only assume from Palerider's responses to me that he does not agree with these mechanisms as success in these procedures means that many people walk away with at least significant write downs of debt when they should really grow up, be responsible and pay what they owe in full. And bugger the consequences.
I am simply using the law to my advantage which is what the other side does. In fact, I am doing exactly what many are advised to do on this forum. Let no one expect me to have any qualms about my actions, not when you consider the behaviour of the finance agencies and banks through the years, from the offshore account scandal to the treatment of mortgage holders on tracker mortgages and all points in between.
One final point. Most of my issues concern MBNA, Bank of Scotland/Halifax, foreign institutions which rapidly exited this country when the going got tough, leaving their customers high and dry and who sold off their Irish loan books, performing and non-performing to the highest bidders. Neither of these companies received bail outs from the Irish State. Should I or anyone else care about these or the vultures picking over the bones for massive profit ? All legal, of course.
I note that Palerider is now " following " me on this forum. I wonder why he/she would do this given that he has made it clear he has nothing but contempt for me and my views. Or maybe I do not need to wonder at all.
Thanks to Jim Stafford also for his response.