Central BoI statistics and Abhaile helpline trends offer hope to those in serious mortgage arrears

June 2018

Central BoI statistics and Abhaile helpline trends offer hope to those in serious mortgage arrears

There has been a decline in the number of accounts in home mortgage arrears of over 90 days for the eighteenth consecutive quarter according to the most recent Central Bank of Ireland statistics.

The numbers in more serious arrears of over two years fell by a further 1% for the eleventh consecutive quarter. Add to this the fact that of the restructured mortgage accounts, 86% are deemed to be meeting the terms of their restructure agreement - a trend that offers some hope to those out there who are still struggling.

In parallel with this downward trend Abhaile, the home mortgage arrears support scheme also notes that there has been an increase of 15.6% of callers to their MABS helpline 0761 07 2000 compared to the same period last year.

The scheme is free and confidential and can be contacted Monday-Friday 9 am to 8 pm. It provides a range of expert, nonjudgmental and confidential services, like dedicated mortgage arrears advisers who help people to prepare and complete their standard financial statements. The DMA also helps people to start or continue negotiations with the lender on the borrower's behalf.

A Personal Insolvency Practitioner (PIP) (who is a member of the Insolvency Service of Ireland) will advise on insolvency options such as debt settlement arrangements or bankruptcy. Abhaile provides a voucher to the value of €500 to cover the necessary consultations to assess a borrower’s situation. A further Legal voucher of €250 can be provided to cover the cost of legal consultation with a Legal Aid Board solicitor. A Personal Insolvency Arrangement (PIA) Review enables the borrower to have a rejected PIA (S115A) reviewed by the court, to review further the arrangement suggested by the PIP and enforce it if deemed to be fair and balanced.

In the possession court, a trained court mentor from MABS will provide support, and a duty solicitor will provide additional legal support for borrowers who do not have legal representation.

The services provided under the Abhaile Scheme are free to access, and if eligible there is no cost to the borrower.

Further information available at www.mabs.ie/abhaile

Residential Mortgage Arrears & Repossessions Statistics: Q1 2018(pdf) pdf document icon