Find out if a PIA or another solution could help you keep your home and your tracker mortgage
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At McNamara & Associates, weβve already helped clients access second vouchers to save their homes.
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#debt#mortgage#arrears
At McNamara & Associates Personal Insolvency Practice, we specialise in helping people in Ireland who are struggling with mortgage arrears and unsustainable debts.
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Your tracker mortgage is effectively ring-fenced and restructured so that it becomes affordable based on your real income and reasonable household expenses.
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If you are on a tracker mortgage in Ireland and are struggling with arrears or other debts, doing nothing usually makes matters worse.
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How a Personal Insolvency Arrangement (PIA) can help you keep your home and your tracker rate
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If you are dealing with arrears, loan transfers to funds, or mounting debt, the impact of the tracker mortgage scandal is very real.
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More than 40,000 mortgage accounts were affected by the tracker scandal, and over 100 families lost their homes directly because they were on the wrong interest rate and overpaying.
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#rte#TrackerMortgageScandal#Arrears
It acknowledges that mortgage arrears are rarely a one-time event, and that families need ongoing support.
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Over 14,892 mortgages remain more than 720 days behind β families who are years in arrears, with debts often stretching into six figures.
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359 borrowers were granted legal aid for a Personal Insolvency Arrangement (PIA) court review.
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#Debt#Mabs#Arrears
Borrowers who previously used Abhaile three or more years ago can now access support again.
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By the end of 2024, that figure had dropped to 42,384 mortgages in arrears, a reduction of over 100,000 accounts.
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Use the free supports available β Abhaile is there to ensure no family faces lenders alone.
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For years, one of the biggest criticisms of the Abhaile was that borrowers could only use the scheme once.
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Of the 16,000+ borrowers who worked with a PIP, around 37% secured a formal solution (such as a PIA).
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#Debt#Mabs#Arrears