head1
head2
head 3

Is the debt increasing? Fear not; the Irish government is with you

DUBLIN – The Irish government is launching a special awareness campaign to assist those in debt who are struggling to repay mortgages, credit cards, personal loans, and other loans as living costs rise. You can talk to the borrower or credit service provider under this special scheme to help you get more installments or tenors on your debts.

The programme, which is being implemented by retail banks, non-bank lenders, and credit servicing institutions across the country, aims to assist those who are feeling hit by the pressure of rising living costs.

This includes the launch of a new website, DealingWithDebt.ie, https://bpfi.ie/dealing-with-debt/, which provides in-depth advice for those experiencing financial difficulties, as well as a national advertising campaign.

BPFI member banks, non-banks, and credit servicing firms are well aware that many households are experiencing increased financial stress as a result of rising living costs and interest rate increases,’ said BPFI Chief Executive Brian Hayes.

Members of the government want consumers who are having difficulty repaying their mortgages or other payments such as personal loans, credit cards, or overdrafts to contact their bank or financial service provider as soon as possible and request a longer grace period.

Everyone can seek the help of MABS.

Trusted third parties such as MABS can also be approached for this, mediators who help those in financial difficulty. Even if the service providers are harassing you with an exorbitant electricity bill, MABS may step in and give you more time to pay. MABS is a free service provider with several branches in every county.

The Banking and Payments Federation Ireland (BPFI) and the Money Advice and Budgeting Service (MABS) will collaborate as part of the new campaign to address customer service requests with a special plan based on customers’ pre-arrears to late arrears.

Consumers should go to MABS if their attempts to communicate directly with their lenders have failed.

The number of short-term delinquent private home mortgage accounts increased by 2,326 in the fourth quarter of last year alone, indicating that some households are struggling to make repayments, bringing the total to 29,499 at the end of December. 4.1% of borrowers are more than 90 days past due.

However, data show that 88% of home mortgages in Ireland are being rescheduled and are adhering to the terms of their current contracts.

Irish Samachar English News

Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.

https://chat.whatsapp.com/HzJB8StNSdJLWroGJPL3lc

Comments are closed.