We have all heard the anecdotes about well-heeled borrowers flatly refusing to pay their mortgage instalments despite having plenty of money in a current account to do so, and still taking expensive holidays or buying new 132 reg cars. I don’t deny that there may be such people who feel that is possible to rationalise such behaviour). Who could endorse such behaviour?
But does it really characterise the attitude of most arrears case? Of course many arrears cases are characterised by absolute cash squeezes – where the household simply does not have the resources to maintain consumption above, say the minima set out by the Insolvency Service of Ireland.