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Ferris welcomes High Court’s striking out of repossession order

19 February, 2015 - by Martin Ferris TD

Sinn Féin TD Martin Ferris has welcomed the striking out by the High Court of repossession proceedings against a Roscommon couple, John and Sheila Nolan today.

 Deputy Ferris said:

 “The ten year delay in processing this case, and so the huge interest on an original mortgage of just £40,000, came about due to the former owner of the mortgage company being in jail in England for fraud.”

 “These people ended up owing €1.4 million because of the interest imposed by the mortgage company, which had changed its name but not its nature, meanwhile.”

 “I welcome the fact that the court took a fair, humane and intelligent approach to this case and I hope that the dozens of other people in the same situation will be treated similarly if brought before the courts.”

 “The fact that people who are convicted of fraud in other jurisdictions are allowed to come into this state and operate in the money-lending sector is something I have highlighted over the years.

“There is a crying need for regulation to protect the borrowers left, as things are, at the mercy of these companies and individuals.”

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