Limerick couple’s family home saved from repossession. Their ‘unusual’ Personal Insolvency Arrangements were approved in Ennis Circuit Court by Judge Patrick Meghan.
Main Points to take from this case:
📍The mortgage term was extended until the wife is 115 and the husband is 106!!
📍Both named parties on the mortgage are in receipt of social welfare payments, the wife being a carer for her husband who is an invalid.
📍The secured creditor associated with the family home is Permanent TSB who proposed the remaining term of the mortgage be increased from 16 years to 57 years.
📍It is highly unlikely both will live until the end off the mortgage term but their debts could end up being fully repaid as both have life assurance policies.
📍Other solutions of Mortgage to Rent or social housing were ruled out as their home was in positive equity.