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Nurse's debt deal gives fresh hope

The debt forgiveness deal reached between a bank and a nurse over her mortgage holds out hope for struggling homeowners all over the country.

Laura White made huge efforts to keep up with her repayments. But, like thousands of others, as her circumstances changed, she found she couldn't manage.

And, like many others, she eventually felt she had no option but to hand back the keys and walk away.

But it's not that easy to walk away from one's debts. She was still left owing the bank €170,000, even after it got the proceeds from the sale.

Under the settlement, she will have to pay back just €18,000. But if she misses any of her monthly payments, she'll face a judgment against her.

The banks face big losses in writing down portions of debt. But then again, aren't they better off getting some repayment than nothing at all?


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