New AIB customer arrears service under way
CUSTOMERS of AIB in mortgage arrears will be able to avail of a new service from today to help find a long-term solution to their financial problems.
The Irish Mortgage Holders' Organisation (IMHO) and AIB Group hopes to help 1,000 customers find solutions to tackling their arrears in a six-month pilot project.
Those in difficulty will be provided by the IMHO with a designated contact person, who will help complete a standard financial statement (SFS), which is key to finding a suitable solution.
The help will be provided over the phone, online or in person. All advice will be supplied on a fully independent basis by the IMHO, and the information will be submitted to AIB for consideration and agreement of the next steps to be taken.
"This is an independent, professional, confidential and free service, an innovative approach to helping those in mortgage distress," IMHO director David Hall (left) said. "While it is being grant aided by AIB Group, the service is independently provided, staffed and managed by IMHO.
"We are confident that we can successfully negotiate with AIB Group to find sustainable solutions for those who have so far been reluctant to engage with the banks up to now.
"We have been successful in concluding many agreements with AIB Group in the past year and we see no reason why this will not continue for the benefit of all concerned."
The new code of conduct in mortgage arrears, which took effect in July, obliges banks to take action against borrowers who refuse to engage. It is hoped this scheme will encourage more people to address their problems.
Some 300 mortgage holders have already contacted the group seeking help.