'' I can afford to pay it all back ''
If you borrow money and can afford to pay it back then you should pay it back.
Under normal circumstances I agree, if you lent me 50 euro I would surely pay it back if I could, but likewise if I came to you and told you that by giving you back the 50 euro I would be unable to feed my kids I am sure you would hand it back. Theres the difference, you are not a corporation, you are an individual and therein you have a conscience.
There is nothing wrong with negotiating the best possible arrangement for yourself or have somebody do so on your behalf which may include some debt write down.
I have tried this tirelessly for 5 years.
I am not making a judgment on your morals
My morals are fine. I do charity work once or twice a year. How is failure to reward a corrupt banking system immoral ? I think its the most moral thing I can do.
or indeed the difference between right and wrong, you are clearly in a good job and I take it as given you are savvy and don't need me to point out the difference. You borrowed, you still have repayment capacity, don't run from your problems face them head on, negative equity is a reality for thousands of people.
Yes negative equity is a reality for thousands of people and those people should be out on the streets picketing the government, read about the banking collapse, this is no conspiracy theory. Many in the banking sector saw this coming and continued to give out toxic loans, what THEY did was immoral, if we refuse to pay them back this is the most moral thing we can do.
It is not relevant to state that you would not be leaving the debt to the Irish taxpayer, somebody must pay and you are on the hook, enter an arrangement with your lender after a period of robust negotiation and put the idea of relocating your family to the U.S. to the back of your mind at least for now, there is a cost to a relocation as well of course and not all costs are financial.
You will find people in the main will give their views and opinions fairly on AAM, I think your response to Mr Earl was uncalled for, If you do not like what you hear you don't have to engage.
I agree, someone must pay. and it will be the bank, not me , not you , not the taxpayer. THE BANK. If the government passes on the losses of a bank to the tax payer, does that not show you there is something seriously wrong with our society? Does this not in fact destroy the concept of the free market and capitalism?
Your response was in fact reasonable, but yet my initial question still goes unanswered.
As for running away, yes I would in a heart beat and wouldn't feel in any way ashamed of it.
I have done "the right thing" as you put it, for 5 years and I am worse off now than I ever was. If I robbed a bank I would do a 4 years and be back out on the streets, but these mortgages are a life sentence for me and my family.
If the tax payer ends up paying for the mistakes of the banks during the boom, well then that is the fault of the government, not mine, no one foresaw the huge financial crisis looming with the exception of the banks, I certainly didn't, but somehow you expect me to pay for their strategies and their bonuses.
Well I wont. I wont pay a property tax either, I wont see my wife (public sector) take more and more pay cuts, I wont take on more and more taxes myself any more. Im not running away, im escaping.The begrudgers who pat them selves on the back for not making the same mistakes as some of us can stay here and congratulate each other on their prudishness, they can take pleasure out of watching their fellow countrymen suffer.
If the Irish government were to bail out distressed mortgage holders how much would it cost? I can tell you it would be a damn lot less than what they paid for Anglo, but I dont see many on this forum talking about that option, bailing out banks and building contractors is fine, but heaven forbid the government should actually act in the interest of its citizens.