Payment breaks during lockdown?

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So luckily I’m still working at the moment but can’t say the same for a relative who is burying his head in the sand regarding his mortgage. I keep advising him to get onto his bank and ask for a further payment break ( he had 6 months already but it’s up in January) either that or seek a deal lower repayment but he’s convinced himself that he’s gonna get turfed out in a few months . Personally I don’t see that happening with lockdown and so on but it’s a possibility in fairness . What are others doing does anyone know ? Are the banks being reasonable or are they going to go for the jugular while they can and repossess en-masse?

Gremlinertia

Moving to A&P for relelvant replies - note new charter applies

Graham

There is no sign of mass repossession and I see no likelihood of that changing in the short term.

There is pretty much zero chance your relative is going to be 'turfed out' in a few months but they most definitely should engage with the bank to discuss the available options.

DaveCIS2020

I have heard of multiple banks not offering further payment breaks, the Bank would have to follow the MARP process prior to even the starting the legal repossession process. Sounds like your relative would benefit from engaging with MABS if they are not confident dealing with the bank themselves its a free service or if they are struggling with multiple debt repayments contacting a Personal Insolvency Practitioner.

dotsman

As long as they engage with the bank, they won't be "turfed out".

Ignoring the problem could cost him a lot of money or cause a lot of hassle even when he is back working. He needs to get this sorted now. It's as simple as picking up the phone. If they are not mature enough to do that, they should never have gone for a mortgage in the first place.

Repossessions are not for people who are struggling to pay their mortgage. Repossessions are for people who are taking the the piss and refuse to engage with their bank.

Get your relative to read up on MARP. https://www.citizensinformation.ie/en/housing/owning_a_home/mortgage_arrears/mortgage_arrears_resolution_process.html#

Long story short, just by talking to the bank he'll be in a much better position than if he ignores them. Once you engage with the bank you're protected under MARP (repossession can still occur, but there's a load of steps the bank has to go through to try to help the borrower first), whereas if you do not communicate with the bank you lose protection under MARP and are much more vulnerable.