Like many homeowners, your financial situation may have changed in recent years. You may have fallen behind on your mortgage repayments or may be worried about not being able to pay your mortgage in the future. If you find yourself in this situation, our team is available to discuss your circumstances and to work with you to find a solution to resolve your financial difficulties.
The Central Bank of Ireland's Code of Conduct on Mortgage Arrears (CCMA) describes a framework for handling mortgages where you have fallen behind with repayments. It also covers a situation where you may be in financial difficulties and you let us know before actually falling behind (going into arrears). The framework is called the Mortgage Arrears Resolution Process (MARP).
A framework that corresponds to that described in the CCMA is used as much as possible for mortgages owned by third parties not regulated by the Central Bank.
How can we help?
The MARP applies to your case if you are in financial difficulty and are concerned about falling behind on your mortgage payments or you are already in arrears. In the relevant 'Customer' section on the adjacent toolbar, you will find a booklet that provides information on the MARP. This includes alternative repayment arrangement (ARA) options that may be available to you. However, it is important to co-operate with us in relation to the arrears. Otherwise you are at risk of being classified as 'not co-operating' and the MARP will no longer apply to you. This is explained in more detail in the MARP booklet.
There are four simple steps to the MARP:
1. Communication:
The MARP booklet has a summary of our communications policy. It is important that you talk to us. The Arrears Support Unit is there to help you. Contact us.
2. Financial Information:
We provide you with a form to fill in, known as the Standard Financial Statement (SFS), to ensure we have a detailed understanding of your finances. You will find further details in understanding your finances. You can complete the SFS online in My Pepper if you have a Pepper mortgage.
3. Assessment:
We assess the information in your completed SFS and examine your situation on its merits. We use this information to decide which alternative repayment arrangement (ARA) is best for you.
4. Resolution:
There are different ARA options we explore to try to prevent you falling behind on your mortgage payments or going further into arrears. We determine which option(s) may work to provide a sustainable solution that is workable for you. There may be other solutions if the mortgage is not viable.