Many mortgage holders have availed of payment break options from their bank or lender in the past months, which has given them vital breathing space during the Covid-19 crisis. The payment breaks are coming to an end. For some customers, they are now able to resume full payments, but for others, this may not be possible, as some areas of the economy continue to be heavily impacted by Covid-19.
For those who can now resume full repayments, they may be unsure of how to do this and what options are available to them. For those who cannot resume full repayments, they may be worrying about what happens next and how to deal with this.
The Banking and Payments Federation Ireland, along with Retail Banks, Non-bank Lenders and Credit Servicing Firms, has launched an information campaign to support customers in advance of the end of the payment breaks.
www.paymentbreak.ie contains important information, including a detailed Guide to coming off the Covid-19 Mortgage Payment Break to support customers in this position.
- Use the guide and other supporting material – it will answer your initial questions and explain next steps
- Talk to your lender. Their contact details are listed in the guide. Their staff will explain your options and work with you on your options and will explain the impact (including the cost) of these options to you.
- If you feel you need additional support, the Money Advice & Budgeting Service (MABS) is available to help with advice and assistance to deal with mortgage arrears or other debt. MABS also provides debt and budgeting tools. The service is free, confidential and independent and can be contacted on www.mabs.ie or on the MABS Helpline at 0761 07 2000.
