The arrangement had the backing of Ms Kirwan’s creditors, including Start Mortgage that owns the debt on her home. The deal was initially rejected by the Circuit Court on the basis that the woman could still be insolvent at 90 and facing the sale of her home to clear her debts.
Sources involved in the test case described the ruling as “transformative” and “massively important” as deals such as this could not be agreed informally outside of court-approved debt deals. He conservatively estimated that between 15,000 and 20,000 people with long-term mortgage arrears could benefit from similar deals but informally, without having to go to court.
The ruling would give others an opportunity to take contested cases out of the legal system and deliver “workable solutions” in line with Government policy to help people in debt, he said.
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Source: IrishTimes - 🏆 3. / 98 Read more »