The mainstream banks and building societies remain fully committed to working constructively with those of their customers who are experiencing genuine difficulty with their mortgage repayments.
The importance of that early engagement is reflected in the four key action steps as follows that a borrower is advised to take:
- Contact your mortgage lender as soon as possible if you're having trouble with your mortgage repayments or you are concerned that this might be likely to happen.
- Look at your financial situation to make sure that you're maximising your income and draw up a budget based on your most important spending commitments.
- Respond to letters or phone calls from your mortgage lender or their legal representative.
- If you are genuinely unable to make your mortgage repayments, ask your mortgage lender to explore with you one or more of the options available under the statutory Code of Conduct on Mortgage Arrears.
If you are experiencing difficulties meeting your mortgage or other debt repayments you should contact your mortgage lender and seek free and independent advice. There are a number of organisations that provide independent advice free-of-charge.
MABS
MABS, the Money Advice and Budgeting Service, which is funded and supported by the Citizens Information Board, provides information and advice on managing money, budgeting and dealing with problem debt. MABS operates a nationwide network of centres, staffed by specialist money advisers, the MABS helpline (1890 283 438) and the MABS website.
Citizens Information Service
The Citizens Information Board is the statutory body which supports the provision of information, advice and advocacy on a broad range of public and social services. You can get information and advice face-to-face at your local Citizens Information Centre, by phone through the Citizens Information Phone Service on 1890 777 121, or via the Citizens Information website.
The Citizens Information Board and MABS recently launched the keepingyourhome.ie website, which aims to provide comprehensive information anyone who faces losing their home because of mortgage repayment or rent payment difficulties.
FLAC
FLAC (Free Legal Aid Centres) is an independent charity that campaigns on legal issues. It provides an information and referral line (1890 350 250) and organises evening Legal Advice Centres throughout Ireland in conjunction with the Citizens Information Board. It also operates the FLAC website.
National Consumer Agency
The National Consumer Agency's personal finance information website (www.nca.ie/your-money) provides information and advice on a range of financial issues including managing your money, tackling debt and repossession and making a complaint.