The High Court has ruled that the Irish Bank Resolution Corporation (IBRC) can take possession of a couple’s home in Co. Roscommon after they failed to make a single payment on an investment loan issued 20 years ago.
Patrick and Patricia Raftery put their house at Clonbracknagh Court in Roscommon up as security against a £69,000 loan from Irish Nationwide Building Society.
In 1992 the Rafterys signed up to a the mortgage advanced to buy a pub known as ‘The Hob’ in Charlestown in Co. Mayo.
Today 20 years on Mr. Justice John Hedigan noted it was remarkable that not one single payment on the loan has ever been made.
With interest Patricia and Patrick Raftery now owe over €262,000.
The couple dispute a claim by IBRC arguing that the loan agreements they signed breach the Family Home Protection Act.
They also say they entered into this arrangement without independent legal advice and claim that following repossession of ‘The Hob’ in 1996 the bank sold it and the license for a lot less than their market value
All the Rafterys claims have been rejected by the court and an order for possession of the family home has been made.
The couple say they will appeal.
