New helpline for distressed mortgage holders

PEOPLE who have lost their jobs and are “distressed” about paying their mortgages have been increasingly turning to the Citizens’ Information Service for advice.
Paul Woulfe, manager of the Citizens’ Information Service in Clare, has welcomed the launch of a new helpline for these people. The Mortgage Arrears Information Helpline is being launched this week by the Citizens’ Information Board for those in mortgage arrears or pre-arrears.
The Government recently announced a range of measures in response to the mortgage crisis. As part of this response, the Citizens’ Information Board (CIB) has been asked to establish a Mortgage Arrears Information Helpline, initially for one year, to provide information and signposting in relation to the Code of Conduct on Mortgage Arrears and the supports available for those in mortgage arrears or pre-arrears.
According to Mr Woulfe, the helpline is being provided for callers with mortgages on residential property only. The particular target group for this initiative is those who have not so far taken any action to address their difficulties, such as by approaching the lender.
“The helpline is being promoted in conjunction with the Keepingyourhome.ie website. This website has recently been redesigned by Citizens’ Information Board and, in addition to new content, a mobile phone version has also been developed. The website will be updated to ensure that the latest information on developments in this area is available. Keepingyourhome.ie has been designated as the key online resource for general mortgage information.”
According to Mr Woulfe, “Both MABS and the Citizens’ Information Service in Clare welcome this initiative as both services are getting a lot of queries in relation to people having difficulties in paying their mortgages due to job losses and reduced income. It can be a very distressful time for people and getting good, concise and impartial information is very reassuring for the client.”
The helpline will offer independent, confidential and high-quality information to borrowers in mortgage arrears or at pre-arrears stage.
Callers will get advice on existing mortgage solutions/alternative repayment arrangements to facilitate debt settlement. Distressed mortgage holders will also be advised on the availability of relevant State supports and the relevant application documentation required to apply for these supports in relation to mortgages.
Mr Woulfe added, “Other areas of help and supports that callers may need advice on will be the lender’s appeal process or directing a caller to where this information can be located, as well as the right to appeal a lender’s decision to the Financial Services Ombudsman. All financial institutions have relevant contact points, that is, the dedicated arrears contact points of mortgage lenders and the requirement that mortgage lenders have a dedicated section on their websites for borrowers in, or concerned about, financial difficulties where the caller will find relevant information.
“It is important for those in arrears to engage with their mortgage provider regarding difficulties, which may prevent them from meeting their mortgage repayments.”
It is also a requirement to have a standard financial statement prepared, including supporting documentation and of the supports available to assist the caller in preparing this statement, where the local MABS office in Ennis can support them. The Mortgage Arrears Information Helpline can be contacted Monday to Friday 9.30am – 5pm by telephoning 0761 07 4050.