‘Mortgage debts must be written down’

Mortgage debt write-downs are needed to help families trapped in arrears, insolvency experts told TDs.

The Insolvency Service of Ireland said the controversial move would rescue people in genuine distress and would not be open to abuse.

Giving evidence to the Oireachtas justice committee, the organisation’s director Lorcan O’Connor said such write-downs in specific cases would not be “resented” or demanded by other people struggling to make payments.