Labour TD for Galway West Derek Nolan has said that homeowners must benefit “as soon as is practicably possible” from reforms initiated to help those in mortgage arrears.
According to Deputy Nolan, it is “essential” that the various initiatives aimed at easing the burden on distressed homeowners are implemented in a practical and timely fashion.
“There are householders across Galway, and across the country who are struggling on a daily basis because of the debt that they find themselves in,” he said.
“This is a debt that was incurred mainly because of a culture that existed in this country. A culture that was driven by an ever-expanding, loosely regulated property market and homeowners in Galway, many of which are young couples, are victims of that flawed economic policy.”
Deputy Nolan said that the most recent report from the Central Bank indicated that there are over 142,000 residential mortgages in some kind of arrears, adding that the State must put structures in place to deal with this immediately.
Speaking on the recent Personal Insolvency Bill, he stated that, “this bill gives mortgage holders who are in arrears greater options and flexibility regarding when and how they pay back their mortgage”
“The Bill will allow distressed Galway homeowners to re-structure and write-off a significant portion of their debt, while the Code of Conduct on Mortgage Arrears provides greater clarity for homeowners who are struggling to pay back their mortgages,” he said.
“While it is important to acknowledge the recent provisions made to assist homeowners in this regard, we cannot become complacent on this issue. We simply must continue to take on a hands-on approach to dealing with this serious issue, that impacts so seriously on people’s lives.”