Mortgage Arrears Still A Problem – Abhaile Can Be The Solution

13th June 2019

The Central Bank today released its report on ‘Residential Mortgage Arrears & Repossession Statistics: Q1 2019’. Overall, mortgage arrears continues to decline, however, those in the long term category of over 720 days has increased for the first time in over three years – but there is a scheme available to help these borrowers.

Abhaile, the free mortgage arrears scheme, provides access to financial and legal advice available from regulated professionals. The scheme is completely State-funded meaning it’s free to borrowers who are eligible.

Borrowers may feel their situation has gone too far and become too difficult to fix. There is hope and support for these borrowers who feel like they have nowhere to turn – regulated Abhaile professionals have provided help to over 11,600 borrowers and are continuously working with other borrowers to achieve a sustainable resolution to their home mortgage arrears, just like Orla & Dave, and Ann –

Orla and Dave – “They dealt with the bank for us and they were off our backs.. I could actually see the relief in my husband's face - that some weight had been lifted. The wait to see if it would all go through was hard but when we found out it had been accepted, it was like winning the lotto!”

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Ann - “The stress was too much; I had two young children to think about – putting food on the table and keeping a roof over their heads was causing me a lot of anxiety. I was afraid we were going to lose our home”

Ann’s situation identified a sustainable mortgage of €190,000 as part of a Personal Insolvency Arrangement (PIA), this represented the current market value of the property. This resulted in a write-down of €133,626. Read these case studies, along with other borrowers who were helped through Abhaile, click here

You might think it will never happen to you, but it’s easy to get into mortgage arrears if your situation changes or the unexpected happens. If it does happen, it is crucial you don’t panic and ignore it. Seek the supports and remember, you are not alone.

The key message for those in arrears is that “it is never too late to seek advice”. No matter how bad the situation appears, a positive outcome is possible. To understand how the service may help you or someone you know, call the MABS dedicated Helpline on 0761 07 2000, or visit mabs.ie/abhaile

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