Wednesday 20 September 2017

Mortgage debt deals are step in right direction

David Hall complains that Permanent TSB is using high-pressure tactics to strike deals and force people to tap family members for cash
David Hall complains that Permanent TSB is using high-pressure tactics to strike deals and force people to tap family members for cash

News that Permanent TSB is writing off debt for some borrowers in arrears deserves a cautious welcome. Deals like the ones revealed in today's Irish Independent must be part of a solution to the debt problems that beset this country. It goes without saying that not everybody can, or should, walk away from their home forever. Not everybody can, or should, be allowed to have all their remaining debts erased. But in some cases, this is the sensible solution.

The alternatives for many will be decades of penury.

The fact that both Permanent TSB and borrowers lose out also reflects the reality that both are to blame.

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