Published on November 2nd, 2015 | by BoyleToday.com
The Financial Column
Welcome to The Financial Column in association with MoneyPlus, Bridge Street, Boyle.
Q. I have recently lost my job and have been making my mortgage repayments using my savings. However, they will run out soon and I will not be able to meet the repayments.
A. You should contact your Bank without delay and advise them of your situation. They will have specially trained personnel to help you . There is a specific Mortgage Arrears Resolution Process (MARP) which is approved by the Central Bank and ensures your home is protected while you are participating in the process.
The Central Bank have also issued a binding Code of Conduct on Mortgage Arrears which sets out how lenders must deal with borrowers in arrears. You will have to complete a SFS (standard financial statement). This is an Industry standard format and is issued by the Central Bank.
The Information provided will allow the lender to arrive at the most suitable & sustainable solution for you. There are many solutions now available depending on your individual circumstances. If you cannot reach a workable solution after a number of months in this process you can contact the ISI for information on a personal Insolvency arrangement.
NB. Lenders are not allowed to withdraw a Tracker rate for mortgages in arrears.
The first step is to make contact with your lender . You should also contact MABS if you have not already done so. Ph 0761 07 2000. Or email firstname.lastname@example.org.
There are many Debt Solution agencies who will assist you with this process in return for a fee which is generally deducted from the agreed repayment to the lender.
If you wish to avail of further advice from MoneyPlus please call us on 071 9194000 for an initial FREE consultation.
If you have any financial questions you would like answered in this column please submit details in confidence to email@example.com
MoneyPlus are experienced investment and financial brokers and have been in the business of financial and investment planning for many years. They are dedicated in providing bespoke financial planning advice to clients. If you would like further advice on the above or any other financial information please contact Belinda McCauley in our Boyle office on Bridge Street on 071 9194000 or firstname.lastname@example.org
Boyletoday.com/MoneyPlus accept no responsibility for any decisions taken as a result of advice provided in this column. A reliable recommendation can only be made following a full detailed consultation taking an individual particular circumstances into consideration