New Beginning welcomes Government Scheme to assist people facing repossession

New Beginning welcomes the government’s initiative to create ‘centres of excellence’ in 16 courthouses throughout the country. The scheme will mean that there will be mentors present in Court to assist people who are facing repossession. Distressed borrowers can then have access to proper and independent advice which is an excellent thing.

New Beginning has itself provided such a scheme – but limited resources available mean the scheme has been ad hoc. Now with the State involved people can be sure of advisors who are trained and are independent.

Ross Maguire of New Beginning said:

The government is to be commended for this initiative. This scheme, taken together with the new Insolvency laws, mean that people are protected against unjust or unnecessary repossessions and that is a very good thing. The combination of these government measures has huge implications. Already we are able to confidently advice clients that their homes are safe – where, even 3 months ago, that advice could not have confidently been given.

The changes to the Insolvency laws mean that any reasonable offer made by a borrower which allows them retain their family home can, and we believe will be enforced by the Courts.

New Beginning believes that there is still a very large gap in people’s understanding of the systems that are there to help them. This is unfortunate and is further compounded by the awfulness of the approach by Banks and the misinformation peddled by various sources.

New Beginning cites an example of a family with a special needs child. They are currently paying 60% of the mortgage payments – well over interest only payments – and are in a position to clear the mortgage once a lump sum is received in 7 years’ time. Despite this AIB have threatened legal proceedings.

This type of bullying will now stop once and for all.

New Beginning Advisors

Tel: 015240000

Email: info@newbeginning.ie