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NAMA bailout for borrowers

Can I get an injunction against my bank to halt NAMA bailout until my bank allows me my NAMA to alter loan duration. Tom Hobbs, Dublin 22.

Sadly Tom, no you can’t and Matthew Elderfield, the financial regulator said that a NAMA-style bailout for ordinary borrowers is unlikely because it would increase taxation and therefore penalise those who are not caught up in the credit crunch because of over-borrowing. 

 

As an important aside I would say that if you find yourself before the courts on a repossession application, the courts are usually quite generous with ordering a stay of execution, sometimes of six months or more, particularly if you have some prospects of  getting out of your problems. 

The issues raised in the answer to this NewsTalk listener's question are dealt with in a general way as can only be the case on live radio. Before relying on the advice given in this answer, whether you heard the broadcast or are for the first time reading the issues here please do not rely on the broad advice given. For a detailed professional opinion please consult a qualified legal advisor and for further details read our disclaimer on the Home Page.

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