The High Court has refused to grant a temporary injunction that would have stopped a €3.1bn payment to the former Anglo Irish Bank.
Unemployed electrician Ben Gilroy and unemployed plasterer John Squires of the group People for Economic Justice claim it is part of an odious debt that was not taken on for the benefit of the people.
Ms Justice Mary Laffoy said there was no urgency to the application and she would not make an order without first hearing from the State.
Afterwards, Mr Gilroy said it was a sorry state of affairs when a plasterer and an electrician have to come and try to defend their position in court.
"Myself and the other plaintiff in the case… are facing imminent eviction from our homes and this is because of this," he said.
"We bought our homes in the good times when money was circulating in the country.
"But now it's being dragged out of the system to pay back gamblers on the stock exchange."