A Roscommon couples home is to be repossessed after the High Court ruled on Thursday that IBRC can take possession of their home after they failed to make a single payment on an investment loan for a pub which they bought in Mayo.
The £69,000 loan taken out by Patrick and Patricia Raftery in 1992 from Irish Nationwide Building Society was used to buy The Hob in Charlestown. The family home was put up as security. However, not one payment was made on the loan. With interest they now owe over €262,000.
The couple dispute the validity of the loan agreements and claim the bank sold off The Hob bar well below market value when they repossessed it in 1996.
The couple say they will appeal the repossession order of their home.