The High Court has refused to approve a Personal Insolvency Arrangement (PIA) under which a pensioner would be making mortgage repayments on her home until she was aged 98.
In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
The bank opposed the PIA, which proposed to restructure the length of her mortgage repayments to 348 months from the coming into effect of the arrangement.
If the proposal had been approved, Ms Fennell would have been making monthly mortgage repayments until she was aged 98.
She had entered into an insolvency arrangement over her difficulties in rep…
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