'We are an honourable couple and we are trying to pay our debts'
GAA star's wife reveals €530,000 has been repaid so far
Published 02/04/2011 | 05:00
THE wife of Meath football legend Graham Geraghty insisted last night that they were "an honourable couple" who were not trying to run away from paying their debts.
She was speaking after the Irish Independent revealed the EBS building society was chasing her husband for the balance outstanding on a large loan.
However, Amanda Geraghty said the couple had already paid back a substantial amount of a €857,000 loan and were repaying their debts.
"We're honourable people," she told the Irish Independent. "We're not running away or hiding from this."
Ms Geraghty said that her husband and one of his business partners had secured a €610,000 business loan from the EBS in 2006 to buy a plot of land in Athboy.
The deal included a house that the duo intended to sell, and they hoped to secure planning permission for four other homes on the surrounding lands.
"They looked for planning permission but they were told no permission was being granted at the time in Athboy because the sewerage works were being upgraded and that would take three years," Ms Geraghty said.
She said quarterly interest repayments on the loan totalled €15,000, which Mr Geraghty and his business partner couldn't meet once it became clear that the new homes couldn't be built.
Ms Geraghty said EBS then took possession of the house included in the deal and of another house belonging to their business partner that had been put forward as collateral under the loan agreement.
She said her husband's business partner -- who she declined to name -- is also jointly liable for the outstanding balance on the loan.
EBS obtained an €857,000 judgment last year against Mr Geraghty and the business partner in relation to the loan, but only registered the judgment last Monday. A judgment is registered when a debt hasn't been repaid in full.
But Ms Geraghty criticised the lender last night, and said over €530,000 in two separate repayments had been made to the EBS since the judgment was initially obtained in March last year. The last payment was made in September 2010, she said.
Ms Geraghty said the outstanding balance on the loan was €342,000. Half of that amount would be repayable by her husband, and the remainder by the business partner.
When banks and building societies register judgments they do so against all the parties to the loan agreement, and attempt to recoup the money from whichever party has the means to pay it.
"We will try to do something and repay this balance," Ms Geraghty said.