Advice service ‘should be closed’

The Government’s financial advice service for people in mortgage arrears is an “embarrassment” and should be closed down immediately, according to a leading mortgage rights campaigner.

David Hall of the Irish Mortgage Holders Organisation made the call after it emerged that just 200 people, or less than 1% of those in arrears, had used the Government’s Independent Financial Advice Service over the last 12 months.

His comments also came in the aftermath of a prediction by ratings agency Fitch that 20% of mortgages in arrears will end in repossession.