The lender must publish their criteria for restructuring mortgages

14. A lender must prepare and make available to borrowers, an information booklet providing details of its MARP, which must be drafted in accordance with the requirements set out in Provision 12 above and must include:
a) an explanation of its MARP;
b) an explanation of the alternative repayment arrangements available to borrowers, how these arrangements work, the key features of the arrangements and an outline, in general terms, of the lender’s criteria for assessing requests for alternative repayment arrangements;

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and

40. A lender must document its considerations of each option [for alternative repayment arrangements] examined under Provision 39 including the reasons why the option(s) offered to the borrower is/are appropriate and sustainable for his/her individual circumstances and why the option(s) considered and not offered to the borrower is/are not appropriate and not sustainable for the borrower’s individual circumstances.

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This is very welcome, even if it is a bit vague.

It has been very difficult for us to advise people in arrears, because we did not know what the criteria for the different solutions were.

I don't believe we will know what they are doing, they will draft a 'vague' document and continue to deal secretly.

And continue up in the debt recovery rooms with 'be nice to customer' pretend, and celebrate each day when they 'force' customers to pay something back with pressure calls. We know they have daily targets, and it was fully outlined in the Irish Independent (maybe the Times) around Easter. But it was outlined in warm language, touchy feely stuff.

Bronte said:

I don't believe we will know what they are doing, they will draft a 'vague' document and continue to deal secretly.

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Hi Bronte

It's a bit vague, but it's a start.

If the banks don't publish them, we can chase the CB to issues clarifications.

Brendan Burgess said:

It's a bit vague, but it's a start.

If the banks don't publish them, we can chase the CB to issues clarifications.

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Brendan you've great faith in the CB and in banks, it being a start, I'm a cynic and don't believe one word that come out of banks or the CB.

Hi Bronte

Just to be clear - I am not happy with this limited proposal, but there was no mention of it at the briefing the CB gave a few of us last week. So maybe we managed to get them to accept that it is necessary.

The Revenue Commissioners will be issuing Guidelines for PIPs in the coming weeks and when it is published, I think we should push this issue again to get the banks to publish similar guidelines.

Brendan