Under the Code of Conduct on Mortgage Arrears (CCMA), all financial institutions, including Bank of Ireland, must use the Mortgage Arrears Resolution Process (MARP) to help mortgage customers who are in arrears (or at risk of going into arrears). The MARP
offers important protections to customers facing difficulties with their mortgage repayments on your primary residence (the home you live in as your main/only home in the Republic of Ireland or the only residential property you own in the Republic of Ireland, even if you do not live in it).
Here are the key safeguards offered by the MARP:
- Empathetic case handling – the lender will be sympathetic and positive when handling your case.
- Protection from legal proceedings – you will be given eight months from the start date of your arrears or three months from the date an alternative repayment arrangement could not be agreed (whichever is later) before any legal proceedings begin as long as you co-operate with us. This gives you time to address your financial difficulties and work with us to find a solution.
Overall, the MARP provides customers with a structured process for addressing missed mortgage repayments, exploring potential solutions, and working with their lender to find, when possible, a solution that is manageable and sustainable for their individual circumstances.
If you fail to co-operate with Bank of Ireland you will be classified as not co-operating and will lose the protections afforded to you by the MARP.