Clare borrowers who find themselves in late-stage mortgage arrears have been thrown a lifeline, after an agreement on how to resolve such cases was struck.
The deal between the Money Advice and Budgeting Service, or MABS, and the Banking and Payments Federation will help consumers who are struggling to meet their debt.
It is also supported by credit servicing funds – or vulture funds as they are commonly known – and the deal is based on how to treat people who are close to having their home repossessed.
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Elaine Clifford from the Clare MABS Office has been telling Clare FM’s James Mulhall that it puts a stronger legal footing in place to assist those in late-stage mortgage arrears.
