New plan gives ‘fresh start’ to distressed mortgage holders

The statutory body tasked with returning people in debt to solvency has welcomed the introduction of a new scheme aimed at assisting distressed mortgage holders.

The establishment of the new Scheme of Aid & Advice for Borrowers in Home Mortgage Arrears coincides with the announcement that 793 people have been discharged from bankruptcy following the new one-year bankruptcy term.

Lorcan O’Connor, director of the Insolvency Service of Ireland, said help is there for those who need it: “The new Scheme of Aid and Advice for Borrowers in Home Mortgage Arrears, which provides free access to a Personal Insolvency Practitioner and other professional advice, should ensure that anyone in difficulty can now get the help they need. This should result in even more people finding permanent and sustainable solutions over the coming months.”