120 families in mortgage arrears get deals with AIB
Published 03/02/2014 | 02:30
A link-up between AIB and a support organisation for distressed mortgage holders has been hailed as a success by the bank.
The Irish Mortgage Holders Organisation (IMHO) got funding from the bank last November to encourage homeowners in arrears to engage with AIB.
The aim is to get people who will not engage with AIB, EBS and Haven to speak to the IMHO instead. The first assessment shows that 123 families have agreed long-term deals with the bank.
David Hall of the IMHO said the initiative had been in operation for just three months, but 1,011 mortgage holders who are in arrears had made contact.
The IMHO got €150,000 funding from the bank to operate the pilot scheme.
AIB's Brendan O'Connor said: "The pilot programme with IMHO is meeting the expectations we had for this initiative when launched."
Mr Hall said: "Given that the pilot scheme has been in operation for just 55 working days since the launch, this is a very significant result and confirms our contention that this free and independent service would be successful."