Mortgage arrears meeting 'a positive first step'

Thursday, 10th January, 2019 3:36pm

Mortgage arrears meeting 'a positive first step'

Deputy Carol Nolan.

An Offaly TD who met with senior officials from KBC bank this week to discuss their treatment of customers in mortgage arrears, described it as a “positive first step”.

Deputy Carol Nolan (Ind) and her fellow independent TDs Mattie McGrath and Michael Collins, met with KBC officials in Dublin on Wednesday. Activist Jerry Beades from the New Land League also attended the meeting.

Speaking to the Offaly Independent on Thursday, Deputy Nolan said that she and her colleagues gave the bank officials “the unvarnished reality of what the ordinary person experiences when they find themselves having to engage with the debt resolution process”.

“There was a clear recognition of the significant gaps between the theory of good practice and how that is actually delivered in individual cases.

“We also stressed how absolutely vital it is that customers are properly informed of cost reduction measures that may be available, with respect to valuations. We strongly urged the bank to ensure that people in mortgage distress are engaged with and communicated with and given information which may be crucial in preventing them from falling further into debt.

“We will be meeting again within the month and we expect further progress on all the issues we raised today and for the good faith on both sides to continue,” concluded Deputy Nolan.

The meeting was arranged after Deputy Nolan and Deputies McGrath and Collins along with activists from the Land League occupied a branch of KBC in Dublin just before Christmas to protest at the bank's treatement of some customers who are in mortgage arrears.

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