‘One-stop shop’ for mortgage customers

The Irish Mortgage Holders Organisation and the consultancy firm, Grant Thornton, have teamed up to offer a ‘one-stop shop’ for mortgage customers in arrears who require insolvency services.

Under the agreement, a mortgage holder who is a client of the organisation, and needs to use the services of a personal insolvency practitioner, will be provided with access to an authorised officer of Grant Thornton Debt Solutions Ltd.

Dr Constantin Gurdgiev, director of Irish Mortgage Holders Organisation, added; “Since November 2013 the IMHO has received over 1,000 completed standard financial statements’ for those in mortgage difficulty.

“Many of these clients are already being provided with assistance in relation to their mortgage by the IMHO, a large proportion, however, have on average four other creditors and thus may require a formal arrangement to bring finality to their debt problems. This initiative will ensure that all clients have all their debt dealt with in a holistic manner that leaves no issue unresolved.”

The IMHO has arrangements with AIB and KBC. Over the past few months it has negotiated a number of mortgage restructurings that included debt writedowns that exceeded €100k and enabled the mortgage holder to stay in the family home.

Stephen Tennant, personal insolvency practitioner and partner at Grant Thornton Debt Solutions, said: “We are delighted to be announcing this alliance with IMHO, who have been to the forefront in providing informal solutions and advice for those in financial distress over recent times.”