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Shelagh Marshall

Reporter:

Shelagh Marshall

Email:

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Shelagh Marshall

Manage your mortgage and loan repayments. 

Covid-19 may have impacted you financially and you may be trying to work out your options. You may be overwhelmed and as you may not be able to return to full repayments on your mortgage and look at the options available.

There is help available so please take the appropriate action.

Action

Please contact your lender immediately and keep them updated on your circumstances. 
If your income has recovered, you can start making full repayments. 
If you are unable to make repayments, you can contact your lender to keep them up to date with your situation. 
There is support available and lenders will work with you to find that correct solution for you.

Lenders will follow the CCMA Code of Conduct on Mortgage Arrears

Financial Assessment

You will need to prepare and collate all your information. 

Payslips 

Bank Statements 

Household budget

Debt Repayments 

Do you need Financial Advice?

At this stage you may need assistance and when you receive your solution you can get Financial Advice to review and advise you in relation to this Alternative Repayment Arrangement (ARA). These consultations are funded by lenders.

Panel of experts are listed on the Mortgage Arrears Information and Advice Service.

Vulture Funds: If your loan is sold to another lender. 

Not in Arrears: Once your monthly loan repayments are kept up to date, neither the bank nor anyone else, can make you sell your home or pay off the loan early.

Arrears: Continue to make the payments you can afford and contact a Personal Insolvency Practitioner to assist you with advice and discuss your options.

Personal Insolvency

I am a Personal Insolvency Practitioner (PIP) since 2013 following the introduction of the Personal Insolvency ACT. The Government introduced this legislation to help banks and borrowers negotiate sustainable solutions. The term insolvency means that you are unable to meet your debts as they fall due. 

The Personal Insolvency Practitioner (PIP) is an Independent intermediary that can apply to the court for a Protective Certificate which lasts for 70 days to allow the PIP to prepare a proposal on behalf of the borrower to the lender. 

The PIP must prove that the proposal is a fair outcome to both borrower and lender and that the arrangement is more favourable than Bankruptcy for the lender.

Personal Insolvency - Abhaile Scheme
Personal Insolvency Practitioners are available to help with advice and solutions on mortgage arrears and other debt. This service is free through the Abhaile Scheme.

If you have other debt and your mortgage is not in arrears, then there are other solutions, and you can contact a Personal Insolvency Practitioner.

Please call 062 65633 for help and assistance or visit www.firmadvice.ie

Useful numbers

MABS HELPLINE: 0761 07 2000

BACK ON TRACK: backontrack.ie or 0761064200