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10/08/2012
Couple's Home To Be Repossessed Over Unpaid Loan In 1991
A bank has been given the go ahead to begin proceedings to repossess a couple's home for failing to repay a loan they took out in the 1990s.
It was ruled yesterday that the Irish Bank Resolution Corporation (IBRC) was entitled to an order for possession of Patrick and Patricia Raftery's house at Cloonbrackna Court, Roscommon.
It comes after they failed to repay €246,000 (as a result of accrued interest) arising from a IR£69,000 loan taken out to buy an investment property.
IBRC is the state-owned bank formed after Anglo Irish Bank and Irish Nationwide Building Society (INBS) were amalgamated and nationalised.
The bank claimed that as of July 2012, the couple owed more than €246,000, which had resulted in interested accrued on the outstanding balance of the original 1991 loan of IR£69,000 (€87,600).
The couple took the loan to buy a property known as 'The Hob' in Charlestown, Co Mayo, incorporating a coffee shop, a post office and a licensed premises.
After their failure to repay the loan in 1996, INBS took possession of the Co Mayo premises and sold it for IR£72,500.
IBRC said an outstanding amount on the original loan, including interest, continued to accrue and was not repaid.
The couple now intend to appeal yesterday's High Court ruling to the Supreme Court.
(H)
It was ruled yesterday that the Irish Bank Resolution Corporation (IBRC) was entitled to an order for possession of Patrick and Patricia Raftery's house at Cloonbrackna Court, Roscommon.
It comes after they failed to repay €246,000 (as a result of accrued interest) arising from a IR£69,000 loan taken out to buy an investment property.
IBRC is the state-owned bank formed after Anglo Irish Bank and Irish Nationwide Building Society (INBS) were amalgamated and nationalised.
The bank claimed that as of July 2012, the couple owed more than €246,000, which had resulted in interested accrued on the outstanding balance of the original 1991 loan of IR£69,000 (€87,600).
The couple took the loan to buy a property known as 'The Hob' in Charlestown, Co Mayo, incorporating a coffee shop, a post office and a licensed premises.
After their failure to repay the loan in 1996, INBS took possession of the Co Mayo premises and sold it for IR£72,500.
IBRC said an outstanding amount on the original loan, including interest, continued to accrue and was not repaid.
The couple now intend to appeal yesterday's High Court ruling to the Supreme Court.
(H)
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