Insolvency bill gives too much power to banks

The Personal Insolvency Bill is shortly to become law to deal with the mortgage arrears situation. This will give tremendous powers of repossessions to the banks.

If you should find yourself in this situation the bank will require you to go through what they call a MARPS procedure. This basically is a glorified budget statement on which you will be required to furnish the bank with details of all your incomes and expenditures. It is very invasive and runs to 12 or 14 pages.

As one who has been through this, I would like to give some advice. Do not face the bankers alone, go to MABS, who are very helpful and compete the MARPS form with their help.

On no account go into the bank with a blank form that will allow them to dictate to you what your living requirements are.

Remember you will be dealing with specially trained people (thugs). They will give you the story that they are there to help you over come your financial difficulties. This is not so, their job is to squeeze as much moolah (to use a banker’s term), off you are they can.

Finally if you are not happy with the arrangements you can then complain to the Financial Services Ombudsman who have the expertise to deal with these financial parasites.

Mike Mahon

Templeogue

Dublin 6W