Banks making all the rules
Madam – James Fitzsimons (Sunday Independent, Sept 22, 2013), goes right to the heart of the issue of debt resolution.
It is plain that any scheme that confers a veto in favour of the banks with no adequate enforcement mechanism to assist a struggling overstretched borrower is bound to fail. To date the criteria used by the banks are of their own making with no regard to the reality of the position that someone in arrears faces.
A sustainable solution should reflect the true cost of funds in the individual case.