Tens of thousands of families around the country are struggling to pay their home mortgage and are falling behind with repayments.
That is a lot of worried heads hitting the pillows at night and a huge strain on many families.
A recent HSE study found that 40% of Irish adults named money issues as having a negative effect on their health. But now there is a way through this horrible situation and a new team of experts set up under the Abhaile Service, are available to help.
Their advice is to keep the lines of communication open between the debtor and the lender and to seek advice as soon as possible. For many, that might not be an option so if you can't talk to your lender, then the Abhaile Service is here to support you on getting back on track.
Daragh Duffy is a Personal Insolvency Practitioner (PIP) and explains that when it comes to the family home, it can be a hugely emotional time.
"There's always something about each case that's different, be it the number of kids, the work situation or the size of negative equity on their house. Separation plays a massive role in these cases too and makes it more complex. Suddenly, you go from having one house to run to two houses, both with individual debts. Sometimes both people will agree to work towards the same solution, but it doesn't always work like that."
In some cases, separated couples risked being tied to each other for life by their mortgage because the lender wouldn't let one party remain in a family home with a restructured family plan. But the court has now ruled that the bank must deal with each borrower individually where they seek help through a Personal Insolvency Practitioner (PIP).
Living with the stress of debt can take a toll - not only on relationships but also on an individual's health. This type of stress is omnipresent which can leave someone in a stress response 24 hours a day, waking them at night and not letting up. This is incredibly unhealthy and can undermine our ability to think clearly.
This strain also leads some to cut back on behaviour that is really important for emotional health like meeting friends, getting enough sleep or interacting with family. The entire process can wreak havoc on a life, which is why it is essential to seek outside help. That old adage is usually true; things are never really as bad as they seem. Once you get some impartial and expert advice, you can start untangling the predicament you find yourself in.
Relationships may change and your circumstances may alter, but ultimately there is a solution and contacting those in the know really is the first step.
Expert advice can be accessed free through the Abhaile Service. For more information click here or call the dedicated helpline on 0761072000.
