€88,000 loan soars to €1.39m

A Tipperary couple who took out a loan for €88,000 almost 14 years ago now face a demand of €1.39m.

Yesterday, a subprime lender asked the High Court for an order granting it possession of the couple’s family home on foot of a failure to pay €1.39m due now on the IR£70,000 (€88,000) loan taken out in 2001.

Vivier Mortgages Ltd, formerly called Home Funding Corporation, wants the court to re-enter a repossession order it obtained in 2007 against Patrick Cummins and his wife Christine Cummins in respect of their property at Hills Lot, Rosegreen, Cashel, Co Tipperary.