Residential Mortgage Arrears, Restructures and Repossessions


Not unless they end up keeping the house with a write off.
But even then, the older I get the more I realise that time really is the most valuable commodity of all.

Living mortgage free for 10 years sounds great, but the problem is they are 10 years older with 10 less years to start afresh.

I know a number of people who hit the wall back in the recession.
The ones that came out of it best are those who handed the keys back to the bank, went to the UK, did 12 months penance and returned free and clear of debt.
The fact that they were able to begin again was only part of the benefit, the biggest advantage was that the threatening bank letters and court cases stopped.
10 years of this level of stress is no joke and will undoubtedly take it’s toll on any individual in that position (not that I’m sympathising with anyone who voluntarily decides this course of action).

Many of my clients couldn’t declare bankruptcy given the implications such action would have on their jobs (accountants/legals etc.). Most wished they could.


Celebrity couples are in the half-penny place. Here’s a couple who are walking away from > €6M. debts to Ulster Bank . And they keep their home although the bank claims it is “beyond their reasonable living accommodation needs”.
I thought the personal insolvency arrangements were only for debts under 3 million Euro. It seems this couple invested in lands for which they couldn’t get planning permission and which I assume are now simply agricultural value .

If courts are this generous to debtors, the vulture funds must be wondering whether they will even collect 10 cents on the euro on the NPLs they bought from NAMA.

We can tell our grandchildren about the days when banks would give Millions of Euro to a retired Garda for gambling and then the politicians stepped in so the banks couldn’t get repaid.


Not one mention explaining the ultimate costs to the proles of this compo culture, and the precedents set for next time. Be they British or Irish taxpayers it is still a waste of scarce economic resources.

Rise of debt write-offs: How hundreds are seeking deals as they battle to save their homes
Another interesting aspect of recent court decisions is that a debtor’s advancing age does not necessarily militate against their PIA being approved.
In the case of Mr McNamara and Ms Lowe a judge dismissed objections by Tanager that they would be 78 and 75 respectively when their new mortgage term ends.
The judge noted there was no retirement age for musical directors or barristers and pointed out that singer Burt Bacharach was in his 90s and had recently performed a series of concerts in Dublin.
In another case an arrangement was approved for a woman who will be 90 by the time her mortgage term ends. She was able to show she could cover the payments from her pension.

The judge knows very well that many barristers can struggle to eek out a living even during the money years

There is more


Tis a great country we are in when someone can suddenly manage to find €3700 a month, every month for 5 months, while declaring themselves bankrupt at the same time and them having paid nothing at all for 10 years while they were NOT bankrupt. :smiley:

Even Ben Gilroy would gasp at the sheer audacity. :smiley:

Mr Ryan, in his affidavit, told the court that since re-possession proceedings were issued in February 2016 he had, on three occasions co-operated with the several banks that had owned his mortgage debt to sell his house. He had even vacated the property to allow viewings.

He said that prior to Judge Linnane’s March 8th order granting Tanager consent possession, his then legal team had negotiated the deal after having advised him he had no defence. They had not advised him of the personal insolvency legislation. It had been due to a friend noticing widespread publicity of his case that had led to his knowledge of insolvency.

Mr Ryan told the court that is all of his dealings regarding the sale of his home he had been told by banks that repayment of monthly instalments were unnecessary. He had expressly been told repeatedly “we just want the asset,” that the repayments were irrelevant.

He said he was now in a position to make his monthly repayments and had been paying €3,700 a month since March last. He wanted to save his home and he and his wife had signed the consent possession agreement because they were not aware of any other option available to them. Non-payments had never been a strategic intention on his part. So eager were his creditors to realise the asset that they agreed to no payments, offered to write down his €1.2million debt and pay him removal expenses.

Judge Simons will give his judgment on October 7th.


Given the nature of the business, I’d guess a restaurateur who hasn’t heard of an insolvency regime is about as rare as a farmer who hasn’t heard of a subsidy cheque.


oh oh oh … or a politician who has never *seen a brown envelope.

*heard of


Speaking of RestaurantHoors This clown sold his house to Dinny O Redacted almost 20 years ago for £7m, the highest price paid for a house in Dublin that year IIRC. He had bought it for £140k years before.

You wonder how the clown ended up owing €4m at all???

Feniton sought the judgments over money loaned to fund the purchase and refurbishment of properties at Wellington Road, Heytesbury Lane, Dublin, and St Stephen’s Green, Dublin, and were put into investment funds.

Ahhhhh, exclusive tastes, what! :slight_smile:


Borrower-Lender Engagement is Key to Finding Resolution to Mortgage Arrears

some interesting statistics arise from an analysis of the most recent report from the Housing Agency (Q2 2019) on the operation of the Mortgage to Rent Scheme – which enables distressed borrowers to stay in their homes.

  • Of the total 4,712 cases submitted to the Scheme since its inception (in 2012)
    • 527 cases have been successfully completed; and
    • a further 1,058 cases are being actively considered

so another 3K in limbo…


Residential Mortgage Arrears, Restructures and Repossessions Q2 2019 figures

(Note 1: BTL figures are discussed separately here
(Note 2: Analysis of Restructured Mortgages can be found here

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Where Green = highest since records began and Blue = Lowest since records began


Let the floodgates open says Mr Justice Garrett Simons. And be damned.

Pamela Flood, Ronan Ryan avoid immediate loss of home after court appeal

Couple had appealed against circuit court order in favour of so-called vulture fund
Ronan Ryan, husband of former Miss Ireland and TV presenter Pamela Flood, has won his High Court appeal over a decision allowing a financial fund to execute a possession order for the couple’s home in Clontarf.

Mr Ryan opposed execution of the possession order because he had obtained a protective certificate giving him a period of protection from his creditors as part of his application for a personal insolvency arrangement (PIA).

His appeal was against a Circuit Court decision last August allowing Tanager DAC to enforce possession of the home of the couple and their four young children at Mount Prospect Avenue.

In a judgment on Monday, Mr Justice Garrett Simons said Mr Ryan was entitled to avail of the protective certificate which “continues in force”.

The judge said he would not allow Tanager to enforce an order for possession of the couple’s home or to sell the €900,000 property and he would set aside the Circuit Court decision in favour of Tanager.

Mr Ryan, a well-known restaurateur, has a €1.2m mortgage debt on the property.

Ms Flood was a notice party to the proceedings.

Mr Ryan had consented last March to the making of an order for possession in respect of the house in favour of Tanager, subject to a four-month stay on execution of that order.

The house was to have been vacated by July 9th but Tanager claimed the couple and their family did not leave.

Instead, Mr Ryan brought proceedings under the Personal Insolvency Act and obtained a protective certificate from the Circuit Court in late June.

The certificate prevented Tanager from executing the possession order against the couple’s home pending the determination of the application for a PIA.

Tanager, which acquired the loan Mr Ryan took out on the property, opposed the appeal and had argued it was fundamentally unfair if the existence of the protective certificate was allowed to derail its order for possession.

Why are we paying mortgages at this rate. Isn’t it rational that we all stop


Shocked by that ruling. Everyone can do that now. Precedent set…

How long do you get under the PIA? It’s been a few months already

EDIT: see this in today’s Irish Times


Outrageous. It must be so galling to their neighbours.


The system works! :dipso:


That’s some article. Martin is the worst kind of creature we have in Ireland…solicitor/barrister who wants to be a TD also. This ‘opinion’ piece shows him covering all his bases


Now to some ordinary decent parasites in Wexford, Leonard and Leonora Dalton.

They stopped paying their mortgage in 2013 and went out and bought a gallon of the Freeman kool aid and pretended to transfer their debt to ‘a trust’

They seemed instead to have been “duped” into paying money to anonymous “advisers” with no legal expertise to advance “nonsense pseudo legal arguments” in challenging Start’s entitlement to possession, she said.

She deplored such an approach which “only makes a bad situation worse” and exposes people to more costs.

The case concerned a €200,000 mortgage taken out by the Daltons with Permanent TSB in 2008 and on which they ceased making repayments in July 2013. The outstanding balance in May last was about €242,000, plus arrears of €104,000.

6 years free accommodation is rather good going, albeit nothing quite like what the parasitic Pamela Flood has managed along with her husband. If the Daltons had some proper legal advice they might even have gotten another year or 3 of free accommodation but now they will be out in January or so.


How secured lending works in a functioning banking market. Fair play to this celeb who held her hands up, accepted her position (despite a horrendous personal backstory), and moved on with life.

Girls Aloud star Nicola Roberts has €1.4 million home repossessed

Former Girls Aloud Nicola Roberts has had her home repossessed in a move that the singer insisted was her own decision.

It emerged on Saturday that the Cheshire-born singer had her gorgeous £1.25 million (around €1.4 million) Surrey mansion repossessed by the bank.

The repossession was unfortunately necessitated as part of a mutual deal concluded between Ms. Roberts and the bank so that the 34-year-old could restart her life after being terrified by her stalker ex-boyfriend Carl Davies.

Davies terrorised Ms. Roberts, inundating her with 3,000 emails and threatening to burn and stab her.


Massive pay-day for the lawyers who failed to mention the repossession order when seeking the protection of another court.

Curious that the vulture fund didn’t seem to raise that point when asking that no order for costs be made.

Lots of hungry Junior Counsels will dream of pulling similar lucrative stunts.

Do you miss Ireland’s justice system?

Do you, Miss Ireland?


Obviously there isn’t one for everybody in the audience.

Brothers with €1m debt lose home as judge compares situation to ‘paying just two months’ rent over 10 years’
TWO brothers lost their home after a court heard they had only made two payments totalling €1,600 in the 10 years since they bought the €650,000 property.

Two brothers, one of whom tragically since became blind, were left with a joint mortgage debt that had spiralled to almost €1m.

Judge Jacqueline Linnane, granted so-called vulture fund Promontoria (Oyster) Dac a possession order against the brothers David and Mark Darcy.

The judge told barrister Eoghan Keane, counsel for Promontoria, that she would award legal costs against both brothers.

Mr Keane had stressed the need for a costs order following a highly contested application by the fund to recover the property.

Mr Keane, who appeared with Dylan Byrne of HJ Ward Solicitors, said that the Darcy brothers had opposed Promontoria’s application for a possession order since the case had come to court almost four years ago.

Judge Linnane said the brothers now owed €991,000 on their mortgage, including €351,479 of arrears on repayments.
The judge stated that they had effectively lived rent free in the property since 2009. “Someone who is renting and paying only two month’s rent in 10 years would not be allowed to remain there,” she said.
When Judge Linnane granted the possession order Ms Burnside said her client was in penury and asked the court not to make a punitive costs order against him.

Judge Linnane said the defendants had added to costs by contesting the application, as they were entitled to do, but while not making a single repayment since 2011.

Only the little people pay taxes€1m-debt-lose-home-as-judge-compares-situation-to-paying-just-two-months-rent-over-10-years/ar-BBX0aTt?ocid=spartanntp


Residential Mortgage Arrears, Restructures and Repossessions Q3 2019 figures

(Note 1: BTL figures are discussed separately here
(Note 2: Analysis of Restructured Mortgages can be found here

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Where Green = highest since records began and Blue = Lowest since records began


The family home was so sacred. But business is business ya know

’Huge weight off our minds’ - Pamela Flood and Ronan Ryan to sell home after deal with vulture fund

Pamela Flood’s husband Ryan will have €1.2m debt wiped out

High-profile restaurateur Ronan Ryan is to sell the family home he shares with his wife, former Miss Ireland Pamela Flood, under a deal hammered out with a vulture fund.

The agreement will wipe out a €1.2m mortgage debt Mr Ryan owes to the Tanager fund and will leave the celebrity couple in a position to downsize to a new home.

In an interview with the Irish Independent, the restaurateur said an agreement had been reached which both sides were happy with.

There is no more

Seemingly this is it