Coming off a COVID-19 mortgage break?- MABS are here to help
MABS welcomes the launch by the Banking and Payment Federation of Ireland (BPFI) of a new website, www.paymentbreak.ie and a new booklet:
A Guide to Coming off the COVID-19 Payment Break
These supports are for people who are facing back into mortgage repayments after taking a mortgage break because of COVID-19 impacts.
The core message contained in both the website and the booklet is to engage with your lender. A nationwide media campaign using national and local media outlets will reinforce this message. In addition to explaining how the MARP process works and how to prepare a Standard Financial Statement, the booklet and website contain a section on explaining commonly used financial terms. MABS is also encouraged to see that lenders have committed to engage and support customers through dedicated arrears support units.
Forty-three thousand mortgage accounts were on active payment breaks in mid-August 2020. The breaks started on 19 March so thousands will be starting to come off the mortgage payment break from mid-September onwards. This transition will be stressful for many, and we encourage people to engage sooner rather than later.
MABS is referred to as a source of support in the BPFI booklet, and MABS staff have continued to work with many difficult mortgage cases throughout the pandemic. This support is available free to anyone who wishes to have an objective and non-judgmental discussion on their options. In MABS experience the earlier and more proactively people engage with their lender the more time and opportunity there is to create a positive outcome.
If you would like to discuss your options on engaging with your lender about repayments, please call the MABS Helpline on 0818 07 2000, Monday to Friday, from 9am to 8pm, WhatsApp 086 035 3141 or contact your local office.