How I lost my house for the price of a second-hand car.

(From Irish Independent)

It's every family's nightmare. You remortgage your house - and are then are struck down with a serious illness. You are insured - but this proves woefullyinadequate and riddled with restrictive clauses in the 'small print.'You appeal to the lender for help in rescheduling your debts - but all to no avail. You are summoned to appear in the High Court in the week before Christmas and end up having to sell the family home you have lived in for three decades.This harrowing true story conveys a powerful message about the dangers of remortgaging and the serious flaws of income protection insurance

MICHAEL still cannot believe it has happened. His family home of 32 years has been sold, and he and his wife are now living in a rented house as he approachesretirement.

He has very serious health problems, but these do not seem to bother him as much asthe financial nightmare he has just endured.

He can get very emotional when he talks about it, and admits that he is still "very bitter."They broke our hearts," he said. A few years ago, all of this seemed inconceivable.

Business was booming and he decided to do what lenders were, and still are, urging …