Debtor gets 400 years to pay off bill - at price of a pint per weekJuly 26, 2012 - 7:00am
The price of a pint – that’s what a North Galway man has been asked to pay back on an €83,000 debt to Bank of Scotland . . . and it will take him 400 years before it is paid off.
The debtor from Ballyglunin told Tuam Civil Court that the banks pressurised him to borrow almost €5 million and still owed them €3.5 million.
However, the court last week was dealing with a debt of €83,000 owed to Bank of Scotland who were seeking an instalment order of €1,000 per month. However, they fell considerably short of what they were demanding.
It will take just short of 400 years to pay off this debt but Judge Geoffrey Browne (pictured left) said the bank would be around for a long time.
Gareth Duffy, Ballina, Ballyglunin, told Judge Geoffrey Browne at Tuam Civil Court that along with debts to Bank of Scotland, he owed about €3.5 million.
“Up to 2009 I didn’t owe a bob to anyone. Then the banks pursued me and pushed me into borrowing about €4.6 million. I still owe €3.5 million,” he said.
See full report in this week's Connacht Tribune.