Accountant sessions for thousands in debt crisis

People who cannot meet mortgage repayments and who have been offered new repayment deals by their bank could now be eligible for a free session with an independent accountant.

It forms part of a scheme unveiled yesterday by Social Protection Minister Joan Burton. The scheme is part of the Mortgage Arrears Information and Advice Service provided by the Citizens Information Board, and is expected to provide a lifeline for tens of thousands of people who have tried to meet their repayments through interest-only or other short-term measures but still cannot get on top of their arrears.

Where a lender is proposing a longer-term mortgage resolution, the borrower will be advised to obtain financial advice on the proposed arrangement.