Debt solutions

How to stop the bank taking your home

If you fall behind on your mortgage payments, your home is at threat of repossession. Thankfully, there are steps you can take to prevent this from happening.  If you are having difficulties repaying your mortgage, you should talk to your mortgage provider as soon as possible. It can be tempting to bury your head in the sand during stressful times such as this but early engagement is key to saving your family home.

When your lender has been made aware of the financial difficulties you are facing they must take certain steps to deal with any problems you have in paying your mortgage. Repossessing your home should be the lender's last resort.

If you are facing repossession or are already in the repossession process, there are several organisations offering advice and support, including the Money Advice and Budgeting Service (MABS). MABS is centrally involved in the Abhaile scheme, which was set up in 2016 for people who are in serious mortgage arrears and at risk of losing their home.  This scheme provides a range of services to help you to deal with your situation, including financial, legal and insolvency advice.

You can also seek advice directly from a qualified Personal Insolvency Practitioner (PIP). A PIP will negotiate an affordable payment plan with your mortgage lender to put you back on track with your mortgage repayments and stop any repossession action.

Grant Thornton Debt Solutions is one of the largest long standing personal insolvency providers in Ireland we have a wealth of experience in all areas of personal debt. Please contact us today for free and confidential advice.