If you are one of the 77,000 homeowners in Ireland behind on your mortgage repayments, you must be under an enormous amount of stress.
We are here to let you know that there is help out there, and things are not as bleak as you may think.
Ill health, a cut in working hours or losing your job are all common reasons for falling behind with repayments, but no matter how much of a debt mountain you feel you may have, it won't make things any easier if you ignore the situation.
First things first, help is available to you - no matter how complicated your situation. The Government established a new service to help those struggling to pay their debts and at risk of losing their home. It means you can access free, independent expert financial and legal advice and support via Abhaile
Priority is given to finding solutions which means you can stay in your home if it is a feasible option.
So, what's the best advice for someone who can't afford their next mortgage repayment or who has fallen behind?
1. The sooner you make contact with your lender the better. Find out the extent of the problem. Ignoring the situation may mean you lose the chance to 'fight your battle'. Seek out independent advice and remember it is never too late to engage in discussions to find a possible resolution before it goes down the legal route. Many people reach a successful outcome by contacting their lender. Remember, if you can’t speak to your lender, then contact Abhaile.
2. Brian Mac Gabhann is a mortgage arrears expert and a court advisor with Abhaile. He says it is better to view the lender as someone to collaborate with rather than conspire against: "Repossession is a long, slow and expensive process. The lender is almost always going to take a loss on it. If there is a viable alternative to be taken, they will consider it strongly".
3. No two lenders are the same and all have different policies when it comes to their mortgage arrears process. That's why it is important to have expert advice available to you so you feel like you are on an equal playing field when it comes to being informed about exactly what is going on and what your rights might be.
4. Over 10,000 people have already sought advice from the MABS national helpline, the gateway to Abhaile, so you are not alone in all of this. You may also have an option available to you that you didn't know about or hadn't previously considered, such as a Personal Insolvency Arrangement(PIA). This can be a court-approved agreement between you and your lender which allows you to restructure your debt with a discount.
5. Don't worry about feeling like you will have nothing left to live on once you enter into a payment arrangement with your lender - filling out things like a Standard Financial Statement will mean you can retain funds to allow you to live your life day-to-day.
6. If you find yourself in this difficult situation try to put things into perspective and take things one step at a time. It is incredibly stressful to face the prospect of losing your home, but starting by seeking out some free expert advice could open up some options to you that could provide a positive outcome for the situation you find yourself in.
If you are in mortgage arrears or fear you are at risk of losing your home, you may be eligible for free face-to-face financial or legal advice under the Abhaile Service. For more information click here or call the dedicated helpline on 0761072000