Brendan Burgess
Founder
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From yesterday's [broken link removed]
The Government is not proceeding with an overarching personal debt management service considered as an option in the programme for government.
Howeve, in its place, borrowers who are offered long term forebearance, e.g. split mortgages, mortgage to rent or trade-downs, will be able to go to an accountant in practice and get a once-off consultation. Accountants can also be asked for advice where the bank wants the borrower to agree to a sale of the property or where the property will be repossessed.
The bank will pay the €250 fee.
This is a very disappointing outcome.
Borrowers need advice long before the bank offers the proposal not on whether to just accept or reject the proposal.
Most practising accountants would not understand mortgages very well and would not be in a great position to advise. Maybe they intend to deal with this through training.
It's unlikely that a decision can be made in a one-off meeting.
Brendan
The Government is not proceeding with an overarching personal debt management service considered as an option in the programme for government.
Howeve, in its place, borrowers who are offered long term forebearance, e.g. split mortgages, mortgage to rent or trade-downs, will be able to go to an accountant in practice and get a once-off consultation. Accountants can also be asked for advice where the bank wants the borrower to agree to a sale of the property or where the property will be repossessed.
The bank will pay the €250 fee.
This is a very disappointing outcome.
Borrowers need advice long before the bank offers the proposal not on whether to just accept or reject the proposal.
Most practising accountants would not understand mortgages very well and would not be in a great position to advise. Maybe they intend to deal with this through training.
It's unlikely that a decision can be made in a one-off meeting.
Brendan