Rule 2 of 5: On Debt Relief, Insolvency, and Bankruptcy.
Engage with your lender. Not engaging can have consequences.
The fact that there is an emphasis within all the debt relief processes on keeping people with mortgage arrears in the home does not mean that the Code of Conduct on Mortgage Arrears or for that fact the Personal Insolvency Act is totally on your side. Don’t take these debt relief processes for granted.
The mortgage arrears code places an onus on the borrowers to provide certain information to their lender and engage fully with the process in order to continue to have the protection the code offers.
If a borrower is not cooperating, a lender can move much quicker to repossess the property
The consequences of being categorised as not cooperating can include: More...
Rule 1 of 5: On Debt Relief, Insolvency, and Bankruptcy. Be informed and Active in your solution.
Personal insolvency is here but not without detractors. It is a curious situation that whilst lenders remain silent on the new insolvency process the negative commentary on some aspects of the legislation may in fact drive people away from insolvency and into the hands of their banks without due consideration of all the options now in place to provide debt relief. The mention of Bankruptcy is enough to push many people into hopelessness. more