Insolvency Bill gives banks too much power

The Personal Insolvency Bill has given tremendous powers of repossession 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 income and expenditure. 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 complete the MARPS form with their help. On no account are you to 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. They will give you the story that they are there to help you overcome your financial difficulties but their job is to squeeze as much ‘mullah’, (to use a bankers’ term), out of you as they can.

Finally, if you are not happy with the arrangements, you can complain to the Financial Services Ombudsman.

Mike Mahon

Templeogue

Dublin 6W