Southern Court’s Save Family Home
In the battlefield of bad debt families are often the first victims. Being a single homeowner or even a small business owner pitched against a vast Bank can be both intimidating and stressful. It’s in times like these that good news for those trapped in debt seems to bethin in the air, though that is not to say that things are not changing.
The Court of Appeal in the Republic of Ireland has this month ruled in a landmark case regarding the ability of Banks to fix mortgages against jointly owned family homes. In the particular cases before the Court two separate husbands were being pursued by a Bank for borrowings in their own names totalling roughly around €500,000 each. The Bank petitioned the Court to grant them a mortgage of the husband’s portion of the equity in the property, and subsequently allowing them to force the sale of the property.
In a historic ruling the Court refused to grant the Bank permission to fix a mortgage against the Properties as they felt it would unfairly disadvantage the wives of the plaintiffs. The Court felt that in these particular cases the remaining equity left to the wives after the sale of the properties would not be sufficient for them to purchase new family homes and that therefore they could not in good faith uphold the Bank’s claim.
So what does this mean for homeowners across the island? Well for people living south of the border it shows a clear indication from the Courts that they are willing to defend ordinary people from the power of the Banks in certain cases. In the North it could be influential in forcing the Court’s to defend homeowners trapped in similar situations, however this is not certain.
What is clearly needed both North and South of the border are pragmatic and progressive decisions regarding the debt dilemma we face. At GDP we advocate for ordinary people facing the force of the Banks. We believe that the mountain of debt facing people both North and South is stagnating the economy. Our philosophy is clear, if we are to move forward both Banks and Consumers need to have honest and pragmatic conversations around debt.
If you’re facing debt and need advice call us on (028) 92 444 555.