Thursday 22 February 2018

Dad who won right to keep his home for his young family urges people to 'never give up fighting'

Stock picture: Getty
Stock picture: Getty

Laura Lynott

A father who has won the right to keep his young family in their home after a judge dismissed a fund's objection to their insolvency arrangements has urged others to "never give up fighting".

The Waterford man, who does not wish to be named, said he'd lost his courier job several years ago, and he and his wife had struggled to pay the mortgage for some time on her salary.

But the dad, who managed to find a security guard job and is back in full-time employment, said when their home was under threat he knew he "couldn't stop fighting for my family, my children".

The father of two girls, aged 10 and 12, attributed his sporting background to helping him stay strong through a lengthy legal wrangle.

"My sporting background gave me the inner strength to keep fighting for our home, and I know not everyone has that, but I urge others to never give up.

"Through this process, people can get crushed mentally, but we want to be the people to inspire others to now go on with their fight."

The man, who was very emotional after the court decision, said he was "walking on air" after years of "strain".

On Wednesday, the High Court rejected Shoreline Residential DAC investment fund's claims of unfair prejudice in the case.

The court found that writing off negative equity in full, and fixing the interest rate to the end of the mortgage term, was not unfair.

It is now expected that hundreds of cases currently adjourned could be affected by this landmark judgment.

The investment fund was owed around €323,000, having acquired loans from Irish Bank Resolution Corporation.

Its debt is secured on the couple's home, valued at about €190,000, and their PIAs provide the €323,000 debt be written down to €190,000.

Ms Justice Baker said, during the hearing, the couple live in a "modest family home" and have a joint monthly income of some €3,112, with costs of €1,835.

The relieved father said: "It was very hard to keep the family home, to work, to continue with normal life, having this over your head all the time - it took a massive toll on our lives.

"But I always felt I needed to save our home.

"It wasn't my fault I'd lost my job and I knew I'd get another, but it was a matter of time.

"People need to keep going, to not let them grind you down."

Irish Independent

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