Business Personal Finance

Friday 24 February 2017

'My mum (96) now owes BoI €86,000 on Life Loan product'

Independent.ie Newsdesk

Independent.ie Newsdesk

David Rosney is in a dispute with Bank of Ireland after his 96 year old mother took out equity in her home. Photo: Douglas O'Connor
David Rosney is in a dispute with Bank of Ireland after his 96 year old mother took out equity in her home. Photo: Douglas O'Connor

A man whose 96-year-old mother is facing a huge bill for an equity release product is to form a pressure group in a bid to get the Bank of Ireland to engage with people who took out the product.

David Rosney, of north County Dublin, said he wants the Bank of Ireland to negotiate with people who took out so-called Life Loans.

He is setting up a pressure group to raise the issue.

Mr Rosney said the bank was refusing to meet people to discuss doing deals.

"Legally, I recognise we may not have a leg to stand on, but morally I believe we do, particularly when it is set against the backdrop of the whole bank debacle and everything that involved," he added.

Mr Rosney, whose case featured on RTÉ's 'Liveline', said his mother took out a €25,000 Bank of Ireland Life Loan a decade ago. She wanted to buy a new car.

His mother turned 96 in December, and now owes €86,000.

He is angry that the bank will not discuss a settlement.

"I believe the only way to expect to get any modicum of success with BoI is to form a pressure group, where many voices may be listened to rather than one or two in isolation, and I would be prepared to undertake the formulation of such a group," he said. His mother now has dementia and is a ward of court.

"Fortunately, she is hospitalised with dementia, and is a ward of court and so knew nothing about it," Mr Rosney said.

He said that up to three years ago she was able to manage her own affairs, but when he reviewed her financial position and learned of the mounting debt, he engaged with Bank of Ireland to try and negotiate a more reasonable and acceptable compromise position.

"On two occasions, I offered to settle for €50,000, to no avail," he said. Bank of Ireland said it does not comment on customer's cases.

David Rosney can be contacted at davidrosney108@gmail.com.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business