SERVICES
It is Monaghan County Council’s policy that every effort is made to assist borrowers who encounter difficulties in meeting their repayments. Under the Central Banks Code of Conduct on Mortgage Arrears, Monaghan County Council has now in place a Mortgage Arrears Resolution Process (MARP).
If you are experiencing difficulties with repayments you should contact our dedicated Arrears Support Officer in the Council’s Housing Loan Arrears Management Unit to discuss your situation.
Arrears Support Officer: (047) 30590
You may also find it helpful to contact the Money Advice and Budgeting Service (MABS) helpline at: 0761 07 2690 or log on to www.mabs.ie
The Mortgage Arrears Resolution Process (MARP) is a framework for dealing with borrowers whose mortgage has fallen into arrears or borrowers who are in danger of falling into arrears.
Monaghan Council has a dedicated arrears support team assigned to deal with the Mortgage Arrears Resolution Process (MARP). Every effort will be made to assist borrowers who encounter difficulties in meeting their repayments. If your loan is in arrears or you feel there is a possibility that it may fall into arrears you should contact the Arrears Support Officer on 047 30590 immediately.
For us to help you, we will need to get up to date income and expenditure figures. This is basically a record of all income to the household (social welfare, employment, etc) and outgoings (food, mortgage, loans, insurance, etc). We have a financial statement form that we will send you which should be completed and returned with all requested supporting documentation.
In order to complete this financial statement you may wish to seek independent advice from the Money, Advice and Budgeting Services (MABS).
Once we have the completed financial statement, we are in a position then to assess your case.
There are many different options available under the MARP Process they include the following:
- Interest only payment (for a specific time)
- Extending the term of the loan
- Capitalising the arrears
- Mortgage to rent
If you are not happy with the decision of the Arrears Support Team you have the right to appeal.
For more information you can check out the leaflet below
SFS (Standard Financial Statement)