Working group for mortgage arrears policy urged

Thousands of mortgage holders are sleepwalking towards bank repossessions because they have not filled out their standard financial statements, according to the Irish Mortgage Holders Organisation (IMHO).

The warning came as the group said an initiative in association with AIB, designed to help distressed mortgage holders, resulted in 123 long-term sustainable solutions being fully agreed.

The fast-track arrears process, introduced last Nove-mber, is free and bypasses the Government’s personal insolvency practitioners’ service which can incur charges of €6,000 with no guarantee of success.