Court Approves Insolvency Deal That Halves Woman’s Mortgage

A personal insolvency arrangement (PIA) which involves writing down a €343,785 mortgage debt by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husband’s gambling problem, The Irish Times reported. Permanent TSB objected to the arrangement, insisting the proposed write down of some €343,785 to €160,000, the current agreed market value of the woman’s home, was “draconian”. Mr Justice Denis McDonald said the woman, a public servant in her 40s with net monthly earnings of some €2,900, is separated from her husband and lives with their teenage daughter in the family home. She had said in a sworn statement her ex-husband moved to the UK in 2015 and makes no contribution towards mortgage repayments or child maintenance. The couple jointly bought the house in 2005 with a PTSB loan and the woman experienced financial difficulty for the first time in 2007. She said her husband developed a gambling addiction and borrowed €7,000 from “loan sharks” to place bets. Read more