Former Payzone boss in bank battle over home
Published 28/11/2012 | 05:00
THE former chief executive of card-payment firm Payzone wants to come to an agreement with a bank to allow him and his wife stay in their home.
John Nagle's home in Falls Road, Shankill, Dublin, is the subject of a mortgage obtained from Bank of Ireland Mortgage Bank. In September 2009, after the mortgage fell into arrears, the bank sought judgment for €5.1m against Mr Nagle and his wife Joan.
And in May 2011 the bank's Arrears Support Unit rejected the Nagles' proposal to attempt to pay back the money owed.
The Nagles decided to appeal that decision under the Central Bank's Code of Conduct on Mortgage Arrears. The High Court put a stay on the summary judgment proceedings.
However, the Nagles claim they have been unable to advance their appeal.
They allege that BoI has not provided them with information concerning the appeal procedures.
Michael McDowell for the bank said that the Nagles' action was "misconceived". Counsel denied that the bank had acted unfairly.
The case continues.