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Jan O’Sullivan TD

Constituency Office:

Mechanic’s Institute, Hartstonge Street, Limerick

Phone: 312316 Fax: 313707

jan.osullivan@oir.ie Web: www.labour.ie/janosullivan

facebook.com/JanOSullivanTD

2013Email:

@JanOSullivanTD

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OCTOBER 2013

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Working with Jan O’Sullivan TD

Cllr. Tomas Hannon

Phone: 087 2218213

Email: thannon@limerickcoco.ie


DELIVERING ON MORTGAGE

& PERSONAL DEBT REFORM

Labour Determined To Tackle The Mortgage

Debt Crisis

Labour regards the issue of mortgage arrears as one of the most

pressing economic, social and human problems facing our people.

Behind the statistics are thousands of human stories. For families

who are afraid of losing their home to those who are put to the

pin of their collar every month to pay the mortgage, it is vital that

the Government takes action.

Labour in Government is determined to do everything we can to

assist families in distress, and give them the space to get on with

their lives.

Progress made to date:







New mortgage-to-rent scheme for those whose mortgage

is completely unsustainable.

Enhanced mortgage interest relief for those who bought at

the height of the boom and for new buyers.

New personal solvency law to help those in considerable

debt and at risk of bankruptcy.

The new law forces banks to deal realistically with those in

debt, including mortgage debt.

New advice and support services –

www.keepingyourhome.ie

Cabinet Committee on Mortgage arrears, led by Taoiseach

and Tánaiste continues to drive reform.

New Personal Insolvency Solution

The Government’s radical reform of bankruptcy law – the Personal

Insolvency Bill – will be passed in the Oireachtas in the coming weeks. This

ground-breaking piece of legislation will fundamentally change the

personal insolvency system. In relation to bankruptcy, the legislation will

introduce automatic discharge from bankruptcy, subject to certain

conditions, after three years as opposed to 12 years at present.

This legislation will put pressure on the banks to negotiate with borrowers

in a realistic way. It provides concrete options for those genuinely unable to

discharge their financial obligations as opposed to those who can but

won’t do so. The new law will force banks to engage seriously with

customers in debt and agree a sustainable way forward.

Mortgage-to-rent scheme

Labour’s Housing Minister Jan O’Sullivan has launched a new mortgageto-rent

scheme. It is designed to give low-income families facing the

prospect of repossession a real way out.

Under the scheme families will remain in their home, but ownership will

transfer to a not-for-profit housing association. The

family will become tenants of the housing

association, paying an affordable rent, not an

unsustainable mortgage. The change from

homeowner to tenant is entirely

confidential. The scheme allows families

avoid the trauma of repossession and

relocation. It allows them resolve an

unsustainable debt situation and

remain in their home. It’s a major

reform for hundreds of families struggle

with mortgage debt.

Your Entitlement To Free, Independent, Professional Advice

People considering a long-term mortgage resolution scheme are now entitled to free, independent advice from a qualified accountant.

The new initiative provides a person or a family with the opportunity to discuss the implications of a proposed deal on their mortgage debt with a

professional financial advisor. The fee for this consultation, €250, will be paid by the banks. People considering a new deal to resolve their mortgage

arrears can pick from a panel of independent accountants. For a list of participating accountants, who will be available on a county-by-county basis,

log onto the Citizen’s Information Board website keepingyourhome.ie or phone 0761 074050.

If you are experiencing difficulties

please contact:

Mortgage Arrears Information Helpline

Operated by the Citizens Information Board to provide

independent, confidential and high-quality information

to borrowers in mortgage arrears or at pre-arrears

stage.

Phone: 0761 074050

Web: www.keepingyourhome.ie

Monday to Friday: 9.30am - 5pm

0612

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