One Of The First Mortgage Debt Settlement/Write-Offs Happened Yesterday.


The Mortgage War has officially begun.

A BANK OF Ireland customer has secured a settlement on mortgage debt allowing her to repay the bank €18,000 – at a rate of €250 a month for six years – to settle an outstanding debt of €170,000. The settlement means she will not have to repay the remaining €152,000 but she will be prohibited from borrowing for six years and faces a €120,000 judgment if she fails to make the repayments.This is one of the first settlements of mortgage debt to come to light in which one of the country’s main banks has written down mortgage debt to a level the borrower can afford to repay.

BoI Agrees €152,000 Mortgage Write-Down With Dublin Nurse (Simon Carswell, Irish Times)

(Eamonn Farrell/Photocall Ireland)

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