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123 arrears with AIB in long-term deal

Monday, February 03 10:33:47

A new accommodation between the Irish Mortgage Holders Organisation (IMHO) and AIB, 123 distressed mortgage holders have been granted a long term sustainable solution, including 22 that had some debt write-downs.

IMHO said today that its job is to advise distressed mortgage holders and to further engage with customers - particularly those that have not returned a standard financial statement (SFS).

Follow ups on SFS and related documentation resulted in 263 proposals being sent to the bank to-date. The remainder are being assessed by IMHO.

Since its launch, 1011 mortgage holders received information packs containing an introductory letter explaining the core procedures for dealing with arrears, a plan of action for the borrower, a standard financial statement (SFS), a mortgage resolution guide, a link to an online video on how to complete a financial statement, an authorisation letter for IMHO to act on the borrower's behalf, a pre-paid self-addressed envelope for return communications, and a check list.

More that 441 of these recipients have gotten back in touch with the group and the IMHO is following up with the remainder.

Additionally, 12 customers who had already been offered a mortgage solution by AIB prior to the AIB/IMHO initiative, approached IMHO for advice on the offers. Following a review these long term sustainable offers were accepted by the customer.

"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," said David Hall, Director of IMHO.