Mortgage Repayment DifficultiesFrom time to time, we can all experience challenges in meeting our mortgage repayments. Even small changes in circumstances can result in huge pressure on your finances and huge pressure on you as you try to cope with this new challenge and worry.
But you have options and there are solutions and Danske Bank is committed to helping you. Below are some useful hints, tips and suggestions to help you get on top of your finances. The most important thing is to talk to us and any other lenders early if you are worried about your debts so we can give you as much help as possible. Together we can help you get back in control.
Danske Bank has introduced a four step Mortgage Arrears Resolution Process (MARP) to help customers who are having challenges in meeting their mortgage repayments now or who feel they may have difficulty meeting their mortgage repayments in the future. The MARP was introduced under the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears which came into effect on 1 January 2011, subsequently revised by the 2013 Code of Conduct on Mortgage Arrears.
The MARP only applies if the mortgage relates to a residential property that you occupy as your primary residence in the Republic of Ireland or a residential property which is the only property in the Republic of Ireland owned by you. If you have purchased payment protection insurance in relation to your mortgage account and you have subsequently missed your mortgage repayments you should investigate whether you are now entitled to make a claim under that policy.
Our MARP process has four stages:
• Communication / Talk to us
• Financial Information / Understanding your finances
We have prepared a MARP Booklet to provide you with more information on our process. If you are experiencing financial difficulties, or think that you may be about to experience events that will lead to financial difficulties, please call us so that we can discuss your mortgage and the options open to you.
Some documents that will assist you in the MARP process
• MARP Booklet
• Standard Financial Statement
The Central Bank of Ireland has produced a help guide to assist you to ‘Complete the Standard Financial Statement (A Consumer Guide)’
Supports available to you
If you are facing difficulties keeping up to date with your mortgage payments, then there are a number of institutions and agencies that are available to assist you.
Abhaile is a new State-funded service to help homeowners find a resolution to home mortgage arrears. It provides vouchers for free financial and legal advice and help from experts, which are available through MABS. A dedicated adviser will work with you and your lender to find the best solution for your situation.
Phone: 076 107 2000
Money Advice and Budgeting Service (MABS)
MABS (mabs.ie) offers free and confidential independent advice and assistance with managing your finances.
The Citizens Information Board
The Citizens Information Board is there to ensure that individuals have access to accurate, comprehensive and clear information relating to social services.
Citizens Information Board
Georges Quay House
43 Townsend Street
Phone: 0761 07 4000 (Monday to Friday 9am to 8pm)
Insolvency Service of Ireland
The Insolvency Service of Ireland (ISI) is an independent government organisation with a range of solutions to problem debt. It has a regulated network of qualified professionals that can help you get back on track.
Phone: 076 106 4200 or text GETHELP to 50015.