I've been reading if I hand back the keys that before doing this I need to get a letter of unsustainability from the lender in order to get rent allowance/supplement (whatever it's called).
Has your husband worked at all since the gift post. I'd imagine the grind of unemployment has taken it's toll. As a family have you considered emigrating, not just to declare bankruptcy, but to start a new life? Also has he considered working in the UK and travelling home regularly. Perhaps if you focussed not just on the debt, but on the employment situation he might be more amenable?
The intangible benefits of UK bankruptcy alone are huge
1) You get the matter dealt with NOW
2) You are free to start your life again in 12 months
3) You start to sleep at night
One of the hardest things for debtors in this sorry mess is not knowing when the next phone call is coming from the bank, not knowing when the next bank letter comes through the front door and not knowing whats going to happen to them ultimately. The banks are very guilty of refusing to engage with debtors when it suits them. This is not acceptable especially where you leave people hanging on for years on end.
I don't really understand Brendan's comment that there is "no real benefit" for those in mortgage difficulties in opting for UK bankruptcy.
UK Bankruptcy is a valid response to the way that the banks are mishandling the "workout". In this particular case the OPs husband will be able to write off 150K of negative equity and move on with his life.
The cost of this terrible situation is not just the cost in billions of euro (the bank measurement) but also the cost of what is being paid in human misery (ignored by the banks)
Brendan, Dont you work for a bank ?
A change of phone number does wonders.
if I should reply with my proposals as outlined above or should I throw it back to them instead, and ask them, what the hell are their proposals??
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