A personal insolvency arrangement involving a €343,785 mortgage debt being written down by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husband's gambling problem. Permanent TSB had objected to the PIA, insisting the proposed write down of some €343,785 to €160,000 - the current agreed market value of the woman’s home - was “draconian”. She said her husband developed a gambling addiction and borrowed €7,000 from “loan sharks” to place bets. Her husband’s gambling problem became worse and she fell into arrears with the mortgage repayments and incurred other debts. PTSB took proceedings against her in the Circuit Court and her Personal Insolvency Practitioner proposed a PIA under which the mortgage debt would be reduced to €160,000.

Source: Irish Examiner February 11, 2019 13:18 UTC