The Irish Banking Federation (IBF) today announced a new initiative which is designed to help as many customers as possible to stay in their homes. This new initiative will involve lenders and customers working together both to prioritise the home loan payment and to restructure the customers’ remaining debts on an appropriate basis.
John Reynolds, President, IBF said: “It is apparent that the level of personal short-term unsecured debt that many home loan customers have accumulated is significant and in many cases unmanageable, when the customers’ total income and total indebtedness is considered.
“This new initiative is designed to encourage customers to work with both their secured and unsecured lenders with the overall objective of keeping families in their homes. In order to optimise the new approach being taken, IBF will be seeking the support of all lenders.”
The IBF advice remains that all customers facing financial difficulty should engage proactively with their mortgage lenders and provide the necessary information to enable their position to be assessed.
A copy of the Protocol on Unsecured Credit Principles is available here.
Note: The Irish Banking Federation (IBF) is the principal voice of the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Nuala Buttner, Q4 Public Relations, tel 085 1744275