Once again we see mortgage arrears crises getting bigger and to us at NEO and other advisors dealing with the problem on a daily basis this is no surprise.
It is plain for all to see that the banks are now embarking on a solo run with regard to not dealing with the problem. They have been given limp instructions from shareholders (taxpayers in the main), central bank and government that they need to address the situation and specifically with the only solution that will fix the problem and that is write downs. All ignored!
Yet today we see they have turned their back on their struggling customers again. They are offering no meaningful solutions, refusing to engage and now with the relaxing in the code of conduct on mortgage arrears ramping up calls and threats to repossess homes.
The insolvency service of Ireland (ISI) is meant to provide a solution for borrowers to become solvent again and yet the service has missed opening deadlines time and again. A very limited number of PIPs have been appointed but a fraction of the number needed and even now the ISI is still not open for business. This delay is just another case of the establishment not really caring about fixing the mortgage problem while people in desperate need of a solution are left once again wondering about what lies ahead. They cannot sleep, suffering from stress and now they being told ‘it is all their fault’ as they are ‘strategic defaulters’.
So we have Central Bank, Government and now ISI all letting the banks away with murder while the borrowers are lying in bed every night looking up at the ceiling wondering does anyone really care.
Paul C Carroll Accountant
NEO Financial Solutions