Friday 18 August 2017

Repossession cases before courts fall 40pc

Louise Hogan

Louise Hogan

THE moratorium on home repossessions has kicked in for struggling borrowers as the number of cases brought before the High Court last year fell by 40pc. But the financial pressures appear to be spilling over into the rental market.

There has been a 76pc surge in the number of people being ejected from rental properties for a number of reasons, including non-payment of rent.

Landlords successfully sought 1,564 ejectment orders, according to the 2010 report from the Courts Service.

The number of banks and building societies turning to the High Court after owners failed to meet their repayments dropped from 985 to 583 during 2010.

Lenders now have to wait 12 months after a borrower goes into arrears on a mortgage before they take any steps to repossess the home under the mortgage moratorium.

Ratings agency Moody's has repeatedly pointed out that the one-year moratorium on reclaiming errant loans means the number of repossessions is low in Ireland.

Almost 2,800 committal orders for non-payment of debt were granted in the District Court during 2010. The Government moved to bring in the Fines Act to provide an alternative to imprisonment in cases where small fines or penalties go unpaid.

The number of bankruptcy declarations continues to surge, with a 71pc increase recorded last year.

In the High Court, the number of judgments for recovery of unpaid debts was up by a quarter at 2,792.

Irish Independent

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