Mortgage Repayment Difficulties

Having Difficulty Repaying your Home Loan?

It can be very difficult and stressful when your circumstances change, and you find yourself unable to meet financial commitments.  This can happen if you lose your job, become ill or find your personal circumstances have changed.

As a community lender we try hard to be flexible to help individual members and can often agree an alternative arrangement if your circumstances change.  However, we have a duty and legal right to recover monies borrowed, as these are the savings deposited by other members. Enniscorthy Credit Union Ltd. is required under the Code of Conduct on Mortgage Arrears (CCMA) which is issued by the Central Bank of Ireland to have a MARP (Mortgage Arrears Resolution Process) in place for its members who experience financial difficulty and are in arrears or are at risk of going into arrears (Pre-Arrears) on their mortgage with the Credit Union.

We are committed to assisting members in financial difficulty, whether those difficulties are temporary or more permanent in nature. Our goal is to get members back on a fair and sustainable payment plan as soon as possible, and to this end co-operation is necessary. If members don’t work with us towards this solution, they are at risk of being deemed non-cooperating, which will ultimately result in those members losing the protections afforded under MARP.

Support for members

1. We understand that changing economic circumstances can cause some homeowners to experience difficulty managing their mortgage repayments. We are fully committed to working with any member who runs into such difficulties and the sooner you contact us the easier it will be for us to help you.

2. We have introduced a four step process called our Mortgage Arrears Resolution Process (MARP), please ask a member of our dedicated support team for a copy of our MARP Booklet or please note that you can access same on our website. Our MARP booklet aims to find a resolution for our members in arrears or who may be at risk of going into arrears.

There are 4 Steps to MARP (Mortgage Arrears Resolution Process)

1. Communication

2. Financial Information

3. Assessment

4. Resolution

For more information, please call to the Credit Union for a copy of our MARP (Mortgage Arrears Resolution Process) booklet or download it below.

Enniscorthy Credit Union has a dedicated credit control department to assist members who have mortgages with the Credit Union, who are experiencing financial difficulty. Please contact 053 9233835 or email asu@enniscorthycu.ie.

Downloads:

Link to Mortgage Arrears Resolution Process (MARP)

Link to Standard Financial Statement

Link to Guide to Completing the Standard Financial Statement

Other Helpful contacts:

You may wish to seek assistance from:-

www.keepingyourhome.ie

The government has set up an independent Mortgage Arrears and Information advice service. For more information visit www.keepingyourhome.ie or phone 0761 07 4050.

Insolvency Service of Ireland (ISI)

The ISI have a resource called backontrack.ie for anyone in difficulty. Under the Personal Insolvency Act 2012, you have the right to consult with a Personal Insolvency Practitioner. For more information, please refer to their website at www.isi.gov.ie