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Monday 1 September 2014

AIB to write off debt under new mortgage deal

Charlie Weston Personal Finance Editor

Published 05/02/2014 | 02:30

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Allied Irish Bank is to introduce a radical new scheme which will allow some mortgage debt to be written off for families in mortgage arrears who enter debt restructuring deals.

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Set portions of mortgage debt will be written off by the bank if families keep to the terms of the deal.

The new offer is an advanced form of split mortgage, where part of the debt is 'parked' and payments are made on an amount the customer can afford.

Irish Independent

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