Man discharged early from bankruptcy after bank overcharged him on mortgage

A man who lost his home and was declared bankrupt after being overcharged on his mortgage is considering legal action against his bank after a landmark High Court decision.

Joseph Wallace, of 5 Castle Close, Mahon, Cork, was discharged from bankruptcy early by the court yesterday. It was the first case of its kind where someone forced into bankruptcy was discharged arising out of the tracker mortgage review process.

Solicitor Alan McGee said his client is considering legal options, including a possible civil case against his sole creditor, Permanent TSB. Mr Wallace’s debt arose after he borrowed money to buy a family home in Carrigaline, Co Cork, in 2007.