Pepper Finance

MizzBiz

DELETED

walterking

You need to start by stopping calling them "vulture" funds.

To date the investment funds have been far far far more lenient than banks.

For the investment funds to go to court would suggest that you have not been very accomodating or willing to enter into agreement or keep to agreements.

If you think a bank has done wrong, then the financial ombudsman service is there, but I'm guessing it's in your head rather than on paper if legal people don't see an issue

And yes, 80k can reduce a balance by just 10k in 11 years if the balance is high enough and the repayment just covering interest payments and small contribution to capital.

My advice is to change your mindset before going any further and then come up with a reasonable repayment plan.

Jim2007

You need to start with a large dose of reality, you are not in the court of public opinion, so calling them vulture funds and going on about the banks etc... is going to get you absolutely no where.

The reality is that your parents borrowed money of their own free will and then failed to stick to the terms of the agreement they signed and now not surprisingly the lenders want to get it back at this stage. And although your legal advisors are not giving you the answer you'd like to hear, most likely they are correct as they are far more likely to have an impartial view than you.

The situation you describe suggest that the borrower has not been cooperating in the process - no agreement for the past 11 years and now it is in the registrars court. You and your parents need to decide if you want to continue this loosing strategy or do something about solving your problems. If you do then you need to engage with the lender on realist terms and then stick to whatever agreement you sign up to until the debt is eliminated.

Jim2007

Mod Note: If you want to discuss the bail out/housing crises etc... take it to the appropriate forum as this is certainly not the place for it.