Thousands of people defaulted on their mortgages once they knew they wouldn’t be evicted.
A Central Bank report has found a direct link between an increase in the number of people going into arrears and a High Court judgment which blocked banks from reclaiming homes.
According to the Irish Independent, these people could have continued to pay, but didn’t, because they knew their houses wouldn’t be repossessed.
Brendan Burgess from Ask About Money.com says it means that other people ended up paying for those who defaulted.
Advertisement