Irish Mortgage Holders Organisation and KBC Bank Ireland launch free advisory service to mortgage holders in financial difficulty
The Irish Mortgage Holders Organisation (IMHO) and KBC Bank Ireland (KBC) today announced that they have agreed a major initiative to provide advice and negotiation services to mortgage holders who are in arrears or pre-arrears.
Under this agreement KBC mortgage holders will receive a free advisory service and independent financial advice on their mortgage situation and be provided with a facility for negotiation with KBC.
The service will be provided from a dedicated IMHO office and will be funded by KBC for an initial six month period.
Once IMHO has been contacted, KBC mortgage holders will be provided with a designated point of contact where they will be assisted and advised on the completion of a Standard Financial Statement (SFS), a vital component in finding a long-term sustainable solution for their mortgage difficulties.
Having consulted with the mortgage holder, a proposal will be sent by IMHO to KBC on their behalf. All negotiations and contact with KBC will then take place through the office of the IMHO. KBC has established a dedicated arrears team to engage with IMHO representatives to ensure an efficient process.
“We are delighted, on behalf of mortgage holders, that KBC is entering into this agreement which we expect will be a successful initiative in finding sustainable solutions for people who have found themselves in arrears difficulty,” said David Hall, Director of IMHO.
“KBC will fund the service which will be completely independent with the staff provided by the IMHO. We are confident that the initiative will be a success and look forward to working with KBC and warmly welcome their agreement to enter this new arrangement.”
“Given the gravity of the current mortgages crisis and the significant on-going reforms in the regulatory and supervisory environments in Ireland, it is imperative that distressed mortgage holders have access to a trusted, independent and professional assistance in dealing with their lenders”.
“Our track record in developing and negotiating long-term sustainable solutions for dealing with arrears, while focusing on the needs of the borrowers, distinguishes IMHO as the leading provider of such independent services,” said Dr Constantin Gurdgiev, Director of IMHO.
Darragh Lennon, Head of Mortgage Arrears Resolution at KBC Bank Ireland said: “The initiative with the IMHO is a further key proposition for KBC mortgage customers who find themselves in financial difficulty. This service is being offered as an alternative way for KBC customers to engage with the Bank and will operate alongside all of our existing mortgage arrears engagement channels.“
“We have introduced a broad range of resolution options to cater for the diversity of financial difficulties facing our customers, but taking the first step of engagement is critical to reaching a solution. This initiative provides an additional channel for KBC mortgage holders to address their affairs through an independent body with mortgage expertise and we welcome the opportunity to work with the IMHO to reach sustainable solutions for our customers.”
The free service to mortgage holders will operate from Tuesday March 4. KBC mortgage holders can contact the service on low call 1890 625 626 or through www.mortgageholders.ie.
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