Mortgage debt help is available - Offaly councillor

Justin Kelly

Reporter:

Justin Kelly

Email:

news@offalyexpress.ie

Mortgage debt help is available - Offaly councillor

Mortgage debt help is available - Offaly councillor

Cllr Robert McDermott has said he has spoken to many constituents who are experiencing difficulty with their mortgage payments. 

"Many borrowers in mortgage arrears continue to suffer in silence, with the hope that ignoring it will make the problem go away – this is the worst thing people can do," the Edenderry representative said.

"It causes terrible mental and physical stress to build up, which can further compound the problem. The first step for borrowers is often the hardest – that’s why Abhaile – Free Mortgage Arrears Support - want to create a closer link with Community Leaders and the local MABS offices," Robert explained.

"As your local Councillor, I am glad to inform you that the Abhaile Scheme is available to those who need it in our area."

Abhaile is the State-funded scheme for people whose home is in mortgage arrears. Abhaile provides help and support to borrowers to deal with their situation, including financial advice, legal advice and insolvency service – all free of charge.

In a recent report on Residential Mortgage Arrears and Repossessions Statistics published by the Central Bank, it was revealed that 62,834 people in Ireland are suffering from their home mortgage arrears.

"That’s 62,834 accounts out of 726,089 or 1 in every 12 households. It could be a colleague, a friend or even a family member," Cllr McDermott said.

MABS, the State’s national Money Advice and Budgeting Service, is the main gateway to Abhaile and provides a consultation service to identify the best path for borrowers. MABS has been helping borrowers deal with budgeting and problem debt for over 25 years.

"Since it’s launch in 2016, Abhaile has provided help and support to over 11,600 borrowers to achieve a sustainable solution to their long-term mortgage arrears. On average, in over 90% of arrangements achieved under the Abhaile scheme, the borrower remains in their home."

Cllr. McDermott would encourage people to avail of the services of Abhaile and is pleased to provide the following contact details for this important support service – www.backontrack.ie or www.mabs.ie/abhaile; tel: 0761 07 2000