“We provide free financial advice under the Abhaile Scheme”
What is Abhaile?
Abhaile is the State-funded scheme for people whose home is in mortgage arrears. It provides a range of services to help you deal with your situation, including financial advice, legal advice and insolvency advice. It is funded and supported by the Department of Employment Affairs and Social Protection and the Department of Justice and Equality with the support of the Insolvency Service of Ireland, the Legal Aid Board and the Citizens Information Board.
Abhaile is a service to help homeowners find a resolution to their home mortgage arrears. It provides vouchers for free financial and legal advice and help from experts, which are available through MABS or can be applied for directly from your Personal Insolvency Practitioner.
The aim of Abhaile is to help mortgage holders in arrears to find the best debt solutions and keep them wherever possible, in their own homes.
How does an applicant qualify for the Scheme?
- In mortgage arrears on their home;
- Insolvent (as defined under the Personal Insolvency Act 2012). This means that someone is unable to pay their debts in full as they fall due.
- At risk of losing their home due to arrears. ( In receipt of arrears letters from their lender )
- ‘Reasonably accommodated’ – The costs of continuing to live in the same home are not disproportionately expensive, bearing in mind a person’s reasonable accommodation needs and those of their dependents, and the costs of alternative accommodation.
If your mortgage arrears relate only to a buy-to-let property, you are not covered by the Abhaile Scheme. However, if you are in mortgage arrears on your home, and you also own a buy-to-let, you will still be eligible if you satisfy the above conditions.
Colm will determine at the initial consultation if a client is eligible under the scheme.
What is the cost of receiving advice under the scheme to the person in mortgage arrears?
None. The Scheme is 100% State funded. If you qualify for the Scheme, there is no charge for the borrower to use these services. All of the professional advisers working with the Scheme have agreed to provide a fixed amount of advice and help free of charge to people who meet the conditions.
FOR A MORE DETAILED BREAKDOWN ON THE ABHAILE
SCHEME, VISIT THE MABS WEBSITE