Sunday, 3 April 2011

Reasons to be cheerful

It has been some time since I have taken stock because my focus has been on how to deal with what is constantly coming in. However, when I was lamenting the relentless creditor harassment to a friend, she quite rightly pointed out I need to remember how far I have come and celebrate the reasons I have to be cheerful. So here goes.

  • Banca Caja, in Spain, agreed to sell our apartment to our tenant if he wishes. In the meantime tenancy laws allow him to stay on as their tenant. All we have to do now is hand over the keys and then they will pay all our legal costs and settle the outstanding community fees of more than 9,000 Euros. The bank also guaranteed they will write of the mortgage shortfall which currently stands at approx 50,000 Euros.

  • Of the £446,000 credit card debt, £350,000 has now been written off on compassionate grounds by the banks themselves. Many thanks to HSBC, Barclays Bank, Barclaycard, HFC, Nat West Card Services, Royal Bank of Scotland, Bank of Scotland Card Services to name but a few.

  • Most of the individual creditors of our business have either given up hoping for a change in circumstances or written off the £75,000 owed to them for materials and labour. Those who haven't will shortly be informed again there are no funds with which to pay them when I wind up company in three months time. Most of those concerned have been sorry to see our demise on the basis of " there but for the grace of God go I."

  • The last remaining asset of our company was sold at auction on Friday for the meagre amount of £36,000 which falls a long way short of the outstanding debt secured against it. The sale frees me from my financial obligation to demolish this four bedroom house my husband risked building  four years ago without planning permission.

  • Heritable Bank have advised me it is their intention to write off the £150,000 shortfall on the business property they have just sold.

  • Now the assets of our company have been sold I will soon be at liberty to be wind up the company itself. This will mean I no longer have to spend hours trying to produce company accounts and returns (which have, for the past three years, totalled losses of £300,000 or more) in an effort avoid penalties.

  • The Debt Advisory Service and my solicitor both say that I have a case against the Bank of Scotland for breach of FSA and Government guidelines because they forced the sale of our home and created a £217,000 shortfall rather than exploring other alternatives when our arrears of £27,000 were only a fraction of the deficit we got landed with.

·        The Equal Opportunities Commission feel I might well have a case against the Bank of Scotland for discriminating against me purely because I am married. They have provided me with a contact to pursue this action.

  • The CAB believe my case may prove useful to them when offering training to their debt counselling volunteers. I have been asked if they can call on me to speak at training sessions.

  • The hire purchase company who financed our car have respond to my letter explaining our circumstances. They have rewritten our agreement at a level we can now afford so I no longer have to fear being stranded without trnasport because of repossession.
It seems an hour of contemplation has produced many stories of success on my part so my friend was correct when she said I should focus on my reasons to be cheerful. Thank you B, I can see now my cup is definitely half full. Here's to the day it "spilleth over"!

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