A Waterford family are at the centre of a landmark High Court ruling which has prevented a vulture fund from seizing their home.
The couple, whose house was in negative equity, had repossession proceedings brought against them by Shoreline Residential (Pepper), despite continuing to make substantial mortgage payments each month.
A personal insolvency agreement was rejected by the vulture fund, and the case went before the High Court.
The judge ruled that writing off the negative equity in full and fixing the interest rate to the end of the term of the mortgage was NOT unfairly prejudicial against the creditor.
It’s expected that hundreds of cases currently adjourned before the Circuit Courts will now be approved following this Judgment.
Mitchell O’Brien is the Dungarvan-based Personal Insolvency practitioner who took the couple’s case.
He says the ruling will allow people to have an easier passage through insolvency proceedings.
Mr O’Brien also recommends anyone in similar circumstances to seek advice.