Fallen behind in your mortgage? Here is some good news

Fallen behind in your mortgage? Here is some good news

If you are experiencing some difficulty with your mortgage (and there is plenty of evidence that people are) then you will be glad to know that Ireland’s banks have agreed a new Protocol with MABS (the State-funded independent service for people in debt) to help customers to manage debt when under severe challenge.

Housing-dice
Photo by woodleywonderworks

This Protocol will allow banks and MABS money advisers to work together to help stressed customers to manage debt problems and, wherever possible, to formulate a mutually-acceptable, affordable and sustainable repayment plan. 

It sets out the agreed steps by which banks and MABS money advisers will work together to try to put such a plan in place. This is a much better situation that having to go it alone to the bank when you are under financial pressure. The actual scheme will go live and become fully operational on 28th September once all the training and documentation for relevant staff within the banks and the MABS are in place.

You can read the full press release here (PDF).

If you are having problems with your mortgage or any debt, do yourself a favour and contact MABS straight away. They can really make a huge difference! They already provide a great leaflet on managing mortgage arrears (PDF).


One Responseto “Fallen behind in your mortgage? Here is some good news”

  1. Jackie says:

    Does anyone know how the Onbudsman is getting on with bank and the question of allowing people out of fixed term loans (without the very offensive and unnecessary penalties being charged), so that they can avail of the cheaper mortgage rates, before the Government decide to pilage the ordinary guy’s pocket again, with the introduction of charges such as property, water, more income tax & levies and whatever else they like.
    Sorry for rambling, but fear needs a release.

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