Mortgage holders and home owners in the Republic of Ireland who are in arrears with their mortgage repayments have been invited to share their thoughts with the Financial Regulator.
A new high-profile initiative by Dublin’s Free Legal Advice Centres (offering citizens’ advice) has given mortgage owners an online voice to help shape future policy in Dublin.
In particular, those facing home repossession have been urged to give their views on how banks should deal with distressed homeowners overwhelmed by their mortgage repayments. The comments will be taken on board as the Regulator sets out to review Ireland’s Code of Conduct on Mortgage Arrears, in the latter half of September.
This is an initiative that could well be formalised and replicated in the UK, as the Cameron/Clegg coalition continues to cobble together its policies on financial services.
The Financial Services Authority in London does, of course, have a strong online presence, and is just a few mouse-clicks away for the concerned consumer. However, a formal, publicised forum for those most pressured by mortgage repayment debt could be a useful additional perspective to the well-known views of lenders and legislators, on issues in and around mortgages repayments, arrears, and foreclosure.
The worries and words of those struggling with mortgage repayments may provide a useful perspective to well-paid policymakers, for whom home repossession is unlikely to be a personal concern.
In the immortal words of songstress and homeowner Joni Mitchell: ‘Maybe it’s been too long a time … since you were scramblin’ down on the street …..’
