Central Bank streamlines form for struggling borrowers

Official figures show some 24,000 homeowners are in serious mortgage arrears

Financial watchdogs have streamlined a key form for struggling borrowers bidding to do a deal with their banks, but consumer activists say the move will make no difference.

About 24,000 homeowners are in serious arrears with mortgage repayments in the Republic, according to official figures.

The Central Bank has published a new, simplified version of the standard financial statement that troubled borrowers must fill out when seeking to agree deals on debt repayments with lenders.

Lenders and borrowers must use the new form from January 1st, 2022, according to the regulator.

The bank has cut the form’s length almost in half, to 13 pages, while it has simplified the language used and has published a consumer guide to aid those filling it out.

Regulators decided to streamline the document following a review last year which highlighted the difficulty that borrowers had with completing the statement.

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