Financial advice service strikes deal with banks

A GOVERNMENT funded money advice service has beefed up negotiating powers with the banks so it can better help struggling borrowers reach new repayment terms with their lenders.

The Money Advice and Budgeting Service (MABS) has struck a deal with the Irish Banking Federation, which represents the country’s leading 12 credit institutions. The IBF has pledged to try and avoid taking legal action against people who cannot repay loans.

According to Anne-Maire O’Connor, business manager with MABS, while the new protocol has been in the pipeline for the past two years, in the current climate it is more relevant than ever.