We know that being in mortgage arrears on your home can be very stressful. It is understandable that you might feel like you are completely alone or that there is no help available. We know this because we help people who feel the same way, every day.
The good news is that there is help and you are not alone. The services available through Abhaile are here to help. They are experts at what they do and have provided support to thousands of people in long term mortgage arrears. Working with people in arrears to come up with a permanent solution to tackle the issue and stay in their homes.
This is the first in a series of four blogs where we will share information on each of the services and what to expect.
The first step can often be the hardest, but we’re here to help. In today’s blog we will be discussing the Dedicated Mortgage Arrears (DMA) adviser service available nationally through MABS. We will also discuss the accountants service available and why you might need to use this.
Keep reading to learn more and remember, the first step can often be the hardest, but we’re here to help.
The Dedicated Mortgage Arrears (DMA) Adviser Service
Under Abhaile, DMA advisers are available nationally through MABS. This, like all the services of Abhaile is free to access. You will normally be referred to a DMA if you engage through the MABS Helpline (0818 07 2000), your local office, or by WhatsApp 086 035 3141.
Working with you, a DMA adviser will discuss the type of financial, insolvency or legal services you might need. To identify what solution you need, you will complete (with support from your DMA) a standard financial statement (SFS). This document provides full and clear details of your current financial situation and is required under the Mortgage Arrears Resolution Process (MARP). The MARP sets out rules of how the lender must deal with borrowers when they fall into mortgage arrears or are in pre-arrears.
Based on the information in your SFS, your DMA adviser will work with you and your lender to agree on an informal resolution to your mortgage arrears. This informal solution is often known as an alternative repayment arrangement (ARA).
Your DMA will also discuss your options under insolvency and a formal solution known as a Personal Insolvency Arrangement, or PIA. You can read more about this later in the blog under further supports.
On completion of your SFS, if your case has complex financial issues such as Revenue compliance or self-employment, then your DMA may help you apply for an accountant voucher so that you can obtain further financial advice from an accountant.
The accountant will advise you on any financial issues relating to the resolution of your mortgage arrears. They will also advise you on possible solutions when you talk with them and confirm this in writing.
You can choose your accountant from the Abhaile accountants panel depending on who is available.
The Abhaile accountancy panel is different from the mortgage arrears information and advice service (MAIAS) accountancy panel. Your DMA adviser will be able to explain the difference to you – and why it matters.
You may be eligible for a personal insolvency solution such as a PIA achieved with the support of a Personal Insolvency Practitioner, or PIP. Your DMA will help you apply for a voucher for a consultation with a personal insolvency practitioner (PIP). Read more about the PIP service.
If you do not qualify for a PIP consultation, or you decide not to use the PIP service, your DMA adviser will work with you and your lender to agree on an informal resolution to your mortgage arrears.
Don’t worry if you’ve attended court for the repossession of your home, or received a letter with a court date, Abhaile has Court-based Supports – the Court Mentor and the Duty Solicitor. Both are normally* available for support on your court date, and if you have a court date coming up and are working with MABS or a DMA, they will liaise with the court-based services to update them on your progress.
If your DMA adviser thinks you need legal advice, they will give you a voucher for a free consultation with a solicitor.
Next time we will introduce the Personal Insolvency Practitioner (PIP) service and how a PIP can help. Follow @AbhaileInfo & Abhaile Mortgage Arrears on Twitter and Facebook and Instagram so you don’t miss the next blog.
If you are in mortgage arrears and fear you are at risk of losing your home, call the MABS dedicated Helpline on 0818 07 2000, or find your local office to make an appointment.
Please note: This blog is provided as an aid to highlight a typical borrower journey through the different services and supports available under Abhaile. It does not constitute a legal interpretation of Abhaile, or legal advice on relevant legislation, and should not be relied on as such.