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Nationwide Mortgage Arrears Resolution Service Launched
Pictured are Social Protection Minister Leo Varadkar, Ita Mangan, Chairperson, Citizens Information Board, Tanaiste Frances Fitzgerald
An innovative mortgage arrears resolution service Abhaile was officially launched today by Tánaiste Frances Fitzgerald and Social Protection Minister Leo Varadkar.
The new nationwide service marks a departure in State assistance by providing free, independent expert advice and support on financial and legal issues. The number one objective is to help people to stay in their home wherever possible. The scheme started in late July and is already proving very effective.
Eligible clients are given vouchers to obtain expert advice from financial and legal advisers in order to resolve their debt issues. They can get assistance in court where needed, have access to solicitors, and get help obtaining legal aid. They can also get financial advice from a Dedicated Mortgage Arrears advisor, a Personal Insolvency Practitioner or an accountant.
Tánaiste Frances Fitzgerald said:
Today’s launch puts in place two very significant components of this service – an important new Scheme for getting free, independent, expert advice and help, and a major new information and communication campaign to reach those at risk of losing their homes due to mortgage arrears.
Minister Varadkar said:
We do not want to see anyone foreclosed into homelessness. Mortgage arrears of more than 90 days are falling rapidly and are down to 7.8% from a peak of 12.9%. But they are still too high. For this reason, we are going to double down on our efforts to support more people to restructure or resolve their mortgage debt which lifts both the burden of debt from individuals and families, as well as the enormous emotional burden that comes with the fear of losing one’s home.
Read the full press release here.