Lender claims couple who took out £40,000 mortgage now owe €1.4m
A COUPLE asked the High Court to strike out repossession proceedings by sub-prime lender Home Funding Corporation Ltd which claims it is owed €1.4m.
John and Sheila Nolan of Tallaghan, Ballinagare, Casterea, Co Roscommon, entered into a mortgage agreement with Wise Mortgage Company Ltd.
The court heard the loan was for IR£40,000 to be repaid over 15 years. A total of IR£99,399 was to be repaid.
The court heard that Home Funding's lawyers wrote to the couple last year seeking €1.4m it claims it is now due.
Home Funding is opposing their application to strike out the case.
The loan was transferred to Home Funding Corporation in 1997. It is alleged the couple stopped repayments in 2000.
Peter Bland SC, for the Nolans, said Home Funding is seeking to have the possession application re-entered.
But he said as nothing was done by the company from 2001 to 2014, proceedings should be struck out.
He claims that Home Funding was controlled by Ian Leaf, who was extradited to England from Switzerland in 2004 and convicted of 13 counts of fraudulent trading.
Counsel said Home Funding and Mr Leaf, also known as Ian Andrews, was featured in a RTÉ 'Prime Time' Investigation on February 5. Home Funding denies all the allegations.
The hearing before Ms Justice Isobel Kennedy continues.