A courts based debt management system was put in place in 2008, in the wake of the recession.
The Free Legal Advice Centres says the role of the courts in mortgage arrears cases must be re-examined.
Flac examined mortgage arrears and restructuring data published by the Central Bank.
It found that the resolution processes and legal framework put in place following the crash gave lenders “too much control over outcomes and have not delivered sustainable solutions for many borrowers”.
A courts mortgage debt management system was introduced in 2008, in the wake of the recession.
Flac has found that a “substantial percentage”, some 66%, of borrowers in arrears who are deemed to be co-operating by their lender, but have not been offered a restructured loan by their lender.
This is paper 2 in a series of 4 papers examining the impact of #COVID19 on levels of household debt. You can read the full paper here https://t.co/Qo3PgCiKBs
— FLAC (@flacireland) August 18, 2021
Paul Joyce is a Senior Policy Analyst at FLAC.
He joined Clem Ryan on Thursday's edition of Kildare Today.
Flac’s paper on Family Home Mortgage Arrears published today features in the @IrishTimes #FlacPillartoPost @eilis_barry @conor_pope @https://www.irishtimes.com/news/ireland/irish-news/flac-calls-for-re-examination-of-court-system-s-role-in-mortgage-arrears-cases-1.4650378 https://t.co/N0YdGvVpQP
— FLAC (@flacireland) August 18, 2021
FLAC has four centres in Kildare:
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