Vincent P Martin: Debt law will allow mouse to scare cat
We need to rid ourselves of the stigma of bankruptcy in this country, writes Vincent P Martin
THERE are tens of thousands of ordinary families in Ireland who, without a Nama or a bailout, are forced to bear the full brunt of the madness of crazy developers or bankers. That small unit of people, bound together by something more than money has, for the crime of buying a modest home, been lumbered with unmanageable debt.
These families know that they face a David and Goliath battle. They know that they can protest on the streets and that however big the protests are, nothing will come of it. This is a game of cat and mouse where the bank plays with the family, against the dark backdrop of a threat that should the family not behave, legal proceedings for possession of their home will commence. The family will be evicted and hounded for the balance of the monies. Lawyers will have to be paid and interest will continue to accrue. It is in this context that borrowers bow down and beg for mercy.