Offaly man (76) set to lose home to bank says he has now been threatened with court proceedings
Tullamore native details how he is working to address his mortgage arrears and financial situation
A WELL-KNOWN environmental campaigner - who is set to lose his home in Rhode – has detailed his plight in a letter to the editor of the Tullamore Tribune this week.
Tullamore native, Tom Roche was told in June of last year by PTSB's solicitors that the bank is commencing proceedings for repossession of his home.
Since then he has held well supported vigils outside PTSB branches throughout the Midlands, including Tullamore, Portlaoise, Nenagh and Mullingar.
His letter reads as follows:
Sir,
On Thursday, March 20, 2025, I received a letter from MARS Capital Finance Ireland DAC, demanding full payment of outstanding debt within seven days or court proceedings would issue. I replied to MARS straight away via registered post.
In my reply I strongly disputed their assertion that to date I had not made a ‘feasible proposal’ regarding repayment of the outstanding balance. As your readers will know, I have been actively seeking a resolution to this matter and have been working diligently towards a mutually acceptable resolution for over ten years. In my reply to MARS Capital Finance, I highlighted the following reasons to counteract their nefarious accusation:
iCare Offer: I had secured a joint PTSB/iCare offer to purchase my home. I duly signed-over ownership of my home which would have resolved the outstanding debt and afford me security of tenure. Six months after signing I was informed that the offer unfortunately fell through to my detriment, due in great part to iCARE’s questionable handling of the contract. I believe, it demonstrates my active efforts to find a solution.
MABS Engagement: I am currently working with the Money Advice and Budgeting Service (MABS) in Tullamore to explore various options for managing my financial situation and addressing the mortgage arrears. This ongoing collaboration with MABS further demonstrates my commitment to finding a viable solution. I understand that MABS has also been in contact with MARS regarding their refusal to allow me to re-enter the Mortgage to Rent (MTR) program, claiming what we both know to be untrue.
Prior Negotiations with PTSB: It is crucial to note that I engaged in extensive negotiations with PTSB, the previous (original) loan holder, as early as 2016. I was represented by a Personal Insolvency Practitioner (PIP), Mr. Alan McGee, and presented a significant offer of €50,000 upfront towards the outstanding debt. At that time, the total redemption figure was only approximately €120,000. This offer was inexplicably refused. We also proposed that PTSB 'park', not write off, I repeat, ‘park’ the remainder of the amount to allow me time to recover financially, but this was also rejected by the PTSB Insolvency Unit.
I must also express my deep concern regarding the tone and content of their letter. As a senior citizen on the cusp of my 76th year, I find the aggressive nature of their communication to be particularly distressing. On the recommendation of my family doctor, I commenced a Health Service Executive (HSE) program of counselling on Monday 17 February 2025 at the Primary Care Unit in Tullamore to help me to deal with the trauma this long-running debacle has caused me over the years.
I am increasingly concerned that my age is being exploited in this situation. As a result, I am physically, mentally and emotionally tired, which in turn, has had a seriously negative impact on my interpersonal relationships and social activities and the accusatory nature of the MARS letter only adds to my trauma.
I am deeply concerned that the MARS letter presents a misleading portrayal of my efforts to cooperate and resolve this matter. The claim that no feasible proposal has been made appears to be a deliberate misrepresentation of the facts. Given the behaviour of PTSB, the iCare Housing Charity and now Mars Capital in this matter, I am now actively seeking legal advice to explore all available options, including potential legal action for promissory estoppel (broken promise) and other remedies including but not limited to Elder Abuse contrary to ‘Article 25 of the Charter of Fundamental Rights of the European Union’. I have reported what I believe this to be, a case of ‘elderly abuse’, to the Health Service Executive (HSE).
As always, I remain willing to engage in constructive dialogue with Mars Capital to explore potential solutions. I requested that they reconsider their position and engage in genuine discussions with me and my nominated intermediary MABS, to find a mutually agreeable resolution, considering the trojan efforts I have already made and the circumstances I have outlined.
However, the MARS reply to all the above was swift. On Wednesday 26 March, I received a letter from MARS Capital Finance Ireland DAC solicitors O’Connor LLP, stating: ‘We hereby notify you of our client’s intention to institute Circuit Court possession proceedings in respect of the above mentioned property within the coming days’.
I, like many thousands more, are being forced to pay for the criminal acts of Ireland’s financial sector that resulted in the Irish Tax Payer bailing them out to the tune of €64Billion. It is true to say that the Department of Finance (DoF) showed no concern for the mental health crisis they fuelled.
As David Hall of Irish Mortgage Holders Organisation (IMHO) has consistently argued, that the imbalance of power in the courts, combined with the government's inaction, has perpetuated the suffering. Under the guise of prudent management, the pursuit of financial rectitude turned into an excuse for human misery. Decisions were made with a cold, economic calculus, seemingly blind to the social fabric being torn apart. Mr Hall goes on to say, “This wasn't just neglect; it was an active prioritisation of financial stability over the well-being of the nation.”
As criminologist and forensic physiologist Teresa Clyne puts it: “The housing crisis in Ireland wasn't just the product of bad luck. It was the result of conscious decisions and laws designed to safeguard particular interests while methodically depriving common people of their rights. The narrative of unintended consequences is a convenient fiction, obscuring the deliberate actions that transformed homes into commodities and lives into balance-sheet liabilities. It's a story of design, not destiny.”
Sincerely,
Tom Roche,
Tullamore and Rhode