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Former Payzone boss fights to keep house

THE former chief executive of card-payment company Payzone wants to come to an agreement with a bank to allow him and his wife stay in their family home, the High Court heard.

John Nagle's home in Falls Road, Shankill, Dublin, is the subject of a mortgage obtained from Bank of Ireland Mortgage Bank.

However in September 2009, after the mortgage fell into arrears, the bank brought proceedings and sought judgment for €5.1m against Mr Nagle and his wife, Joan.

The couple put forward a proposal to pay back the money owed, but in May 2011 the BOI's Arrears Support Unit (ASU) rejected the Nagles' proposal.

The Nagles decided to appeal that decision under the Central Bank's Code of Conduct on Mortgage Arrears.

The Nagles claim they have been unable to advance their appeal because BOI has not provided them with information concerning the appeal procedures or how the appeal is to be conducted.

The Nagles are seeking various declarations from the court, including that the bank has breached the code of conduct by failing to provide the Nagles with documentation setting out its considerations in relation to their proposal to repay the money owed.

Gary McCarthy said the Nagles felt that they had got "a raw deal" from the bank.

Outlining the BOI's opposition to the action, Michael McDowell said that the Nagles, action was "misconceived", adding that they had not co-operated with BOI by not giving financial information.

Mr Nagle said that it was his and his wife's intention to stay in their home. This was something that BOI was aware of.


He told the court that he wished to put a proposal that would pay off the debt due.

Mr Nagle told the court that in order to do this he required certain information, including why his original proposal was rejected.

Mr Nagle said he rejected the bank's claim that he had not co-operated with the bank.

He said that, while he owed a lot of money to various banks, and accepted his financial circumstances had changed drastically since 2009, Bank of Ireland was the only bank that was claiming that he had not co-operated with them.

The case continues.