Court rejects plan for woman to pay mortgage until age of 98 Judge noted term of restructured loan would likely have exceeded debtor’s lifespan
about 18 hours ago Aodhan O Faolain
Ulster Bank opposed the PIA, which proposed to restructure the length of the woman’s mortgage repayments to 348 months. Photograph: iStock
The High Court has refused to approve a Personal Insolvency Arrangement (PIA) under which a pensioner would be making mortgage repayments on her home until she was aged 98.
In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some €72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.