Wednesday 21 February 2018

Struggling homeowners get chance to air views

Dearbhail McDonald Legal Editor

HOMEOWNERS struggling to pay their mortgages are being urged to make submissions to the Financial Regulator.

The Free Legal Advice Centres (FLAC) wants those facing potential possession proceedings to take part in a "rare chance" to contribute their views on how banks and lenders should deal with distressed homeowners.

FLAC advises thousands of homeowners struggling with mortgage and other debts.

The regulator is revising its Code of Conduct on Mortgage Arrears and has invited submissions from interested parties on how to handle mortgage arrears.

The mandatory code, drawn up by the Central Bank and Financial Regulator, has been published in draft form for a consultation period, with all interested parties invited to submit their views and FLAC has offered to submit homeowners' feedback.

"There is no one more interested than the members of Irish society in how mortgage arrears problems are handled," said Noeline Blackwell, FLAC director general.

FLAC will collate all responses received by September 1 and present them to the regulator by the closing date of September 3.

Irish Independent

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