Mortgage Arrears & MARP

Having difficulty with your mortgage repayments?

If you're worried about your mortgage repayments, you're not alone. We're here to listen, understand your circumstances and work with you to find an appropriate way forward.

Get in touch with our Arrears Support team

You don't need to wait until you've missed a repayment before contacting us. If you think you may have difficulty meeting your repayments, get in touch with us as soon as possible.

📧 Email us

Send us an email and our team will get back to you.

loandifficulties@peoplefirstcu.ie

📞 Call us

Speak to a member of our team about your situation.

057 86 22594

🧑‍💼 Call into us

Visit your local branch and speak to us in person.

Find your nearest branch

What is MARP?

Our Mortgage Arrears Resolution Process (MARP) is designed to assist members who are experiencing difficulties in meeting their mortgage repayments. Under our MARP, we will handle all mortgage arrears compassionately and positively, with the main objective at all times of helping you to meet and prioritise your mortgage obligations.

This process aims to engage with support and find resolution for you if you are in arrears, or are at risk of going into arrears:

01 Communication We will engage early and openly with you.
02 Information We will collect accurate financial details to understand your situation.
03 Assessment We will review and analyse your capacity to meet repayments.
04 Resolution We will agree on a sustainable repayment plan or alternative solution.

Further Information

We have listed below some documents which will help you in your application:

  • MARP (Mortgage Arrears Resolution Process) Booklet: This outlines the process for members who may find themselves in repayment difficulty.
  • Standard Financial Statement (SFS) Template: This form will give us a full picture of your current household income and expenditure.
  • The Central Bank of Ireland’s guide to completing the SFS: This guide has been published by the Central Bank of Ireland and should be used when completing your Standard Financial Statement.

Download MARP Booklet

Download Standard Financial Statement Template

Download CBI Guide to Completing SFS

Helpful resources for mortgage arrears assistance

MABS, the State's Money Advice and Budgeting Service

The Money Advice and Budgeting Service (MABS) is a free, confidential and independent service that provides advice and support to people who are experiencing, or are concerned about, financial difficulties. MABS can help you understand your financial situation, look at your options and support you in dealing with your debts.

MABS is independent of People First Credit Union, so you can contact them for impartial advice about your circumstances.

MABS also operates and coordinates access to the Abhaile scheme. Abhaile is a state-funded scheme designed to help homeowners who are in mortgage arrears, or at risk of losing their homes, get free, expert financial and legal advice. The primary goal of Abhaile is to help you put a workable solution in place so you can remain in your primary residence.

Insolvency Service of Ireland

If you are experiencing serious financial difficulties and are unable to repay your debts, the Insolvency Service of Ireland (ISI) provides information about the formal debt solutions available in Ireland. You can find information about the different solutions and how they work on the ISI's website.

What happens if you don't engage with us?

The Central Bank’s Code of Conduct on Mortgage Arrears (CCMA) states an individual will be classified as not co-operating if:

  1. You don’t communicate with us or with a third party acting on our behalf.
  2. You communicate, but not fully or honestly. This includes holding back important information that affects our ability to assess your financial situation.
  3. You don’t return your Standard Financial Statement (SFS) or supporting documents within the deadline we specify to you.
  4. For a period of 3 months you:
    • Don’t make full mortgage repayments and
    • Don’t engage with us in a way that allows us to fully assess your situation

If you are classified as not co-operating, there are serious consequences, including:

  1. You lose the protections of the Mortgage Arrears Resolution Process (MARP). You will no longer be eligible for the supports and solutions afforded under MARP.
  2. We may commence legal proceedings for repossession of the mortgaged property immediately.
  3. Your home may be repossessed and sold.
    • We will make every effort to sell it for the highest price possible, under the circumstances.
    • However, if the sale doesn’t cover what you owe, you are still fully responsible for the remaining balance, including interest, legal fees, selling fees, and other related costs.
  4. Being classified as non-co-operating may affect your eligibility for a Personal Insolvency Arrangement in accordance with the Personal Insolvency Act 2012.
We're here to help. If you're experiencing financial difficulties, please get in touch. We'll listen, understand your circumstances and work with you to find a way forward.
WARNING: If you do not keep up repayments, you may lose your home.

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL-agreement in the future.