Bruised, battered and bewildered by the banks

Extract from CONOR POPE Irish Times 05/09/2011:

Last week, the realisation that mortgage debt was a massive problem seemed to dawn on the Government for the first time with the Minister for Finance Michael Noonan saying he now intended to make the issue “a priority”. Such a statement is long overdue. According to figures released by the Central Bank last Monday, the number of people in arrears of 90 days grew by 5,000 in just three months and it is only likely to get worse in the months ahead. A report by a group of civil servants and bank representatives on mortgage debt is to be published later this month and it may recommend some class of debt relief scheme for struggling mortgage holders. The problem of huge and unsustainable debt is causing untold stress for tens of thousands of people, not just those in arrears.  While the banks claim to be engaging constructively with hard-pressed borrowers, many of the experiences would suggest they could be doing a lot more to resolve the difficulties people find themselves in. 

Conor’s article then quotes many individual stories from readers and from callers to the Today FM Ray Darcy radio show. The unsatisfactory responses from the lenders in these stories are disappointing, but it’s clear to me that people need help when dealing with their mortgage lenders under such stressful circumstances.  Having an experienced professional dealing with the banks on your behalf will take away a lot of the stress and is likely to produce a better solution on a more timely basis. Our sevice is a fee-based one, but for people who can’t pay a fee, there is a free service available from MABS, including its website which has a lot of useful information.  

Make contact with your lender as early as possible, is my suggestion. Depending on the initial response you get, decide whether you want to deal with the bank yourself with the assistance of MABS or if you may be better served by working with people experienced in this area.

The Loan Arranger

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