Under the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (the Code), Finance Ireland implemented a 4-step process called the Mortgage Arrears Resolution Process (MARP) to help customers whose mortgage is in arrears or is at risk of going into arrears. The Code applies to a mortgage taken out on your primary residence which is the residential property you occupy as your home or your only residential property in the State even if you don’t currently live in it. The steps in the process are:

Communication

The MARP booklet has a summary of our communications policy. It is important that you talk to us. The Arrears Support Unit is there to help you. Contact us.

Financial Information

We provide you with a form to fill in, known as the Standard Financial Statement (SFS), to ensure we have a detailed understanding of your finances. You will find further details in understanding your finances.

Assessment

We assess the information in your completed SFS and examine your situation on its merits. We use this information to decide which alternative repayment arrangement (ARA) is best for you.

Resolution

There are different ARA options we explore to try to prevent you falling behind on your mortgage payments or going further into arrears. We determine which option(s) may work to provide a sustainable solution that is workable for you. There may be other solutions if the mortgage is not viable.

The Code applies to a mortgage taken out on your primary residence which is the residential property you occupy as your home or your only residential property in the State even if you don’t currently live in it.

SFS is the document which a lender must use to obtain financial information from a borrower in order to complete an assessment of that borrower’s case.

It is to make sure we have a detailed understanding of your finances, we will provide you with a form to fill in, known as the Standard Financial Statement (SFS).  The SFS is designed to help you set out your current financial circumstances in detail.

This is a document used to obtain financial information from the borrower in order to assess their case when the borrower is no longer in the Mortgage arrears resolution process (Marp).

The I&E is also used for all borrowers in respect of Buy to Let (BTL) properties to obtain details of their current financial circumstances. A BTL property is typically purchased by a landlord with a view to renting it out and not living there.

The information required to complete the SFS and I&E are the same.  The only difference is the SFS is used by customers in the Mortgage Arrears Resolution Process (MARP) and explains the steps in the process that are applicable to cases in the MARP and the I&E is the same document as the SFS but is for use on accounts which are outside the protections of MARP (for example, properties that are not your main home).

Start by gathering all your relevant information, including bills, receipts and documents. You should include all your basic living expenses. Completing one of these forms is useful as it may help you to think of ways to reduce your expenses and spending. Download a copy of the SFS, or download a copy of the I&E, where applicable. There are options available if you need help:

Consumer Guide to Completing the Standard Financial Statement: The Central Bank of Ireland published this guide to assist borrowers with the completion of the SFS. This guide is useful as the SFS and I&E forms we use for regulated or unregulated cases in arrears – whether for a primary residence or a BTL – require similar information.

Speak to us - Our specialist team responsible for your mortgage can help you complete the SFS or the I&E. We provide help over the phone. Or, if you prefer to meet in person, we can arrange a suitable time and location for a meeting at our offices, whichever you choose, we will ensure to maintain your privacy.

Independent advice: You may prefer to seek independent advice from your financial advisor or from MABS (the Money Advice and Budgeting Service). MABS is a national, free, confidential and independent advice service for people in debt difficulties or in danger of getting into debt difficulties. The MABS Guide to the Code of Conduct on Mortgage Arrears is available at www.mabs.ie. It will help you to complete the SFS or I&E The Useful Contacts section provides details on MABS and other useful contacts.
When we receive your completed SFS, our ASU will review it and we will send a copy back to you in the post.

Supporting documentation: We may also ask you to provide other documents so that we can assess your situation. These could include bank statements and proof of income.

Yes, you can contact us on 0818 995 995 and we will arrange a meeting with you.

The preference is to conduct meetings at our offices as this provides a secure and private environment for all parties. The meeting can be conducted in person or over video call.  You also have the option of having a nominated third party accompany you to the meeting, please contact us in advance of the meeting to confirm for a third party to be present.

There may be other options available including:

Assisted Voluntary Sale (AVS) – where you are provided with the support and assistance you need to sell your property at the best price while keeping the cost to you as low as possible.

Selling your property – where you agree to sell the property yourself and the proceeds from the sale are used to pay off your arrears and to reduce or clear your remaining mortgage balance.

Voluntary Surrender – where you agree to voluntarily hand over ownership of your property to Pepper or the third party that owns your mortgage, as the case may be.

Trade down – It applies where you sell your existing property and buy a cheaper one  Before considering this, you will need to be sure that you will have sufficient funds from the sale to buy another property or be able to get another mortgage, after paying off the mortgage on your current property. It is important to take independent legal or financial advice if you are availing of any of these options.

Failing to fully engage with Finance Ireland to address the arrears may leave us with no option but to consider you as not co-operating. There may still be options available to you. Please complete an Income & Expenditure so we can complete an assessment based on your current circumstances.

For further information, see Forms & Documents.