Nationwide Campaign by Banking Industry and MABS Supports Customers Facing Mortgage Repayment Concerns

Tuesday, 6 June 2023.

In collaboration with the Money Advice and Budgeting Service (MABS), the Banking and Payments Federation of Ireland (BPFI), which represents banking, non-banking, and credit services providers in Ireland, has launched a nationwide campaign to raise awareness among customers. The campaign aims to encourage individuals experiencing financial pressure due to the rising cost of living to engage with their lender or credit services provider regarding mortgage or other repayment concerns, such as credit cards or personal loans.

To support this initiative, BPFI has introduced a comprehensive online resource, DealingWithDebt.ie, which offers detailed information on appropriate actions for customers facing financial difficulties that may affect their ability to meet mortgage or other repayments. The website provides insights into how lenders can collaborate with customers in such situations, along with the available options and solutions. Additionally, it includes essential contact details for all lenders and credit servicing firms, as well as independent consumer support organizations. The online resource will be complemented by a nationwide advertising campaign utilizing various channels such as national and local radio, social media, and digital platforms.

In conjunction with the campaign launch, BPFI and MABS have expanded their joint protocol agreement to encompass all customers from the pre-arrears stage to late-stage arrears. Originally established in 2017, the BPFI-MABS Framework Agreement for Late-Stage Mortgage Arrears facilitated collaboration between MABS Dedicated Mortgage Arrears Advisers (DMAs) and lenders to resolve mortgage arrears for borrowers who had already undergone the Central Bank’s Mortgage Arrears Resolution Process (MARP) and were either entering or about to enter the legal process. Now, considering the current cost of living pressures, the framework agreement has been extended to include mortgage customers across all arrears categories, including those in the pre-arrears stage.

Brian Hayes, Chief Executive of BPFI, emphasised the importance of customers promptly contacting their bank or financial services provider if they are worried or struggling with mortgage repayments or other financial obligations. He emphasised the broad range of solutions available to mortgage customers in Ireland, noting that Irish banks have successfully restructured over 100,000 mortgages in the past decade. Hayes also mentioned that more than 60,000 home mortgages were under restructuring arrangements by the end of 2022, with over 88% of these customers adhering to their current agreements, illustrating effective collaboration between customers and providers.

Michelle O’Hara, National Spokesperson for MABS, stressed the importance of seeking support before encountering financial difficulties. O’Hara emphasised the significance of communication, urging customers to engage directly with their lender or, if necessary, reach out to MABS for expert advice, support, or intermediary assistance. MABS offers free, independent, confidential, and non-judgmental services to help individuals facing various personal debts.

Expressing gratitude for MABS’ support, Hayes acknowledged the organisation’s vital role as independent advisers and encouraged customers who feel uncertain about contacting their provider to avail themselves of MABS’ free and impartial advice and support. He concluded by affirming BPFI’s commitment to working closely with MABS and monitoring the impact of the current cost of living and interest rate changes in the upcoming weeks and months.

For further information, please visit www.DealingWithDebt.ie