Waterford MABS with the support of the Citizens Information Board and MABSndl commissioned research on mortgage debt and arrears among MABS clients. The report, Lifting the Load - Help for People with Mortgage Arrears, was prepared by Simon Brooke and Michelle Norris. The research focused on the experiences of MABS clients who were having difficulties repaying their mortgages.
The research documents the difficulties that MABS clients are experiencing in relation to mortgage arrears, explores the impact of current supports available to people and the application of options for the resolution of mortgage debt difficulties and makes recommendations based on the findings Current arrangements including forbearance and mortgage interest supplement address the issues of those in short term difficulty. The research found a more serious problem was that existing arrangements do not meet the needs of people who need medium-term support or have non-viable mortgages. In the case of the latter forbearance can worsen their situation by increasing the debts they owe on dwellings which are likely to be repossessed ultimately. The research identifies a number of potential solutions to the problems of these households including extending Mortgage Interest Supplement and Mortgage to Rent Schemes. "The research is an important contribution to the debate on how to resolve the personal debt crisis," Minister Burton concluded at the launch on the 29th September.
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