Clare’s County Registrar today described as ‘immoral’ and ‘outlandish’ interest rates being charged by a financial institution on a Co Clare farmer.
Patrick Wallace was today commenting on an application for order for re-possession by the Home Funding Corporation Ltd for a 26 acre site from the farmer.
The application was one of 131 applications before the County Registrar's Court for re-possession and in the case of the Home Funding Corporation Ltd, Mr Wallace said that serious allegations of money laundering were recently made on an RTE Primetime programme against the company and they were not refuted.
He said that "there are serious question marks over this company and the interest rates they charge are outlandish and immoral."
Solicitor for the farmer in question, James Nash said that the man’s brother made a payment through him to the company of €35,000 in full and final settlement of the debt in 2005.
Mr Nash said that out of the blue in 2013, the Home Funding Corporation Ltd came back seeking a payment of €80,000 on an initial sum of €8,000.
Mr Nash said that Home Funding Corporation Ltd had initially stated in an affidavit that additional payments of €2,000 and €1,000 were made by his client in 2009 and these claims have since been withdrawn.
Mr Wallace said that he needed more time to read the papers in the case and adjourned the case to May 15th.
In a number of other cases, Mr Wallace has granted adjournments to applications for possession to allow the borrowers more time to get financial advice and to furnish documentation to the banks in question.
In one case so far today, Mr Wallace has granted re-possession to Permanent Tsb Plc – formerly Irish Life & Permanent Plc – of a property against one couple and put a stay on the order of four months.
In light of the number of cases in Ennis today, Clare Labour TD Michael McNamara has called for government legislation to better help people who are in danger of losing their homes.
