Accountants warn against "strategic" mortgage default

The Association of Chartered Certified Accountants is advising against so-called "lifestyle strategic default" on mortgage payments in the hope of debt forgiveness to be included in the new personal insolvency legislation.

29th May, 2012

The Association of Chartered Certified Accountants is advising against so-called "lifestyle strategic default" on mortgage payments in the hope of debt forgiveness to be included in the new personal insolvency legislation.

The new laws will not offer any magic wand, the ACCA group said. Moreover banks can impose personal bankruptcy on people in some cases.

ACCA Ireland president Tom Murray said: "The personal insolvency legislation has no magic wand, and at best will reduce the...

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