The new way to deal with mortgage debt

Frank McNamara and Theresa Lowe are the latest people to use the personal insolvency law

Theresa Lowe and Frank McNamara are seeking to have almost €3 million of their total debts of €3.7 million written off, including the bulk of Tanager’s €2.2 million debt.  Photograph: Tom Honan

Theresa Lowe and Frank McNamara are seeking to have almost €3 million of their total debts of €3.7 million written off, including the bulk of Tanager’s €2.2 million debt. Photograph: Tom Honan

The judge was not happy. A “vulture fund” that had bought bad mortgages from banks questioned the legality around how a couple went about seeking a remedy to their severe financial problems.

The couple in question, musician-composer Frank McNamara and his wife Theresa Lowe, the TV presenter-turned-barrister, are among the best known people to have turned to the country’s still-being-tested personal insolvency regime to deal with Celtic Tiger-era debts they cannot repay.

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