Tag Archives: Mortgage Forgiveness

Laura White, who managed to get a write-down on her mortgage debt, talked to Gavin Jennings on RTE R1’s Morning ireland.

We don’t know about you but we reckon there’s something a bit strange about this story.

Gavin Jennings: “ Bank of Ireland agrees €152,000 mortgage write down with Dublin Nurse’, that’s the headline on the front of the Irish Times this morning. The nurse is Laura White and she’s on the phone. Good morning to you Laura.”

Laura  White: “Good morning, how are you Gavin?”

Jennings: “What happened?”

White: “Yeah, well back in 2005 I bought a place out in Coolock [Dublin], and then I was struggling to pay back the mortgage and I asked the bank could I hand it back … and you know so there was negative equity and everything and there was a lot of debt and eventually negotiations and they showed a reasonable side and agreed a debt payment of €18,000 over six years”

Jennings: “Sorry to go into detail with you on this Laura, you borrowed €245,000 to buy the house in Coolock but when it was sold there was still an outstanding debt of €152,000”

White: “There was still €170,000. So when it was sold there was still a debt of €170,000. So it was like an answered prayer. I didn’t have any money to get barristers, I earn too much to get free legal aid, lots of people helped me. Ross Maguire Senior Counsel came on pro bono ”

Jennings: “He worked with ‘New Beginnings’ is that right?”

White: “Yeah, and Marie Mullarkey, she’s a barrister who came on board. The two of them were brilliant. They did it pro-bono [free]. If it wasn’t for these two people. They negotiated the deal.”

Jennings: “And the deal is, instead of you paying off €170,000 you pay €18,000?”

White: “I pay back €18,000 over six years, €250 per month for the next six years”

Jennings: “It must be a huge relief to you?”

White: “It is an absolute huge relief. I’m absolutely delighted. I think it’s really important that we do honour debt and I did made a payback commitment to pay. I took out a mortgage years ago. You do have to honour your debt but I just think that this is great that there’s great mercy that the banks are showing. You know, the banks are showing great mercy out there”

Jennings: “You said that the banks have shown you great mercy, is that right?”

White: “Yeah, I think the banks are showing great mercy, do you know what I mean? If it wasn’t for Ross Maguire and Marie Mullarkey negotiating this deal pro-bono that the banks are now showing mercy”

Jennings: “Laura, there will be plenty of people listening to you today who are in similar difficulties and wondering what did you do that they could do or should do

White: “Well first of all, obviously, I prayed to God, he was the answer to prayer, it’s definitely the kind of thing he will hear, and I just left it with him, and Myra Malarky, she did it pro bono for me. There are such amazing, good people out there in New Beginnings; Ross Maguire Senior Counsel, absolutely brilliant. This country is full of really good people, do you know what I mean? So, definitely, my advice would be not to panic. There is great hope. The banks are showing mercy and they are being lenient but I think the most important thing is to honour your debt and to pay something back. Do you know what I mean?”


Listen here

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