Light at the end of the tunnel for distressed mortgage borrowers?
A recent landmark High Court Judgment may help many distressed mortgage debtors who have had poor payment histories.
The outcome of the decision of Mr Justice Denis McDonald would appear to be that just because a borrower may have missed payments in the past, does not automatically disqualify such a debtor from availing of a personal insolvency arrangement under the Personal Insolvency Legislation. In this particular case, by virtue of the fact that the debtor’s financial position had improved and this was going to result in a better outcome for the bank in question, than would have been the case in bankruptcy, the Court sanctioned the personal insolvency arrangement.
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