Here's what you can do if you missed a mortgage payment
What to expect
In these uncertain times, we are here to back you. Especially when it comes to your home. If you’re concerned about paying your mortgage, we can help.
It may sound obvious, but when you have missed payments, the best thing you can do is get your mortgage back on track as soon as you can. If you can afford to pay your mortgage you should call us immediately with a debit card to make a payment on 0818 251 008. We have a range of options for helping you make your payments.
The important first step is to call us, on 0818 251 008. We will listen to your situation and then suggest the next best course of action. We can work with you to get your mortgage back on track.
You can also find some helpful information on our FAQ page.
Our four step Mortgage Arrears Resolution Process
If you have been instructed to complete an SFS, we have a four step process known as the Mortgage Arrears Resolution Process (MARP) to work with our homeowners to resolve arrears. If you’d like more detail about the MARP process then see here.
Filling out your SFS
Next, you need to fill out your Standard Financial Statement (SFS). There’s a lot in it, but it is the only way to get a clear picture of your finances. If you prefer one of our people will help you fill out the SFS over the phone. You’ll also have to give us other documents such as bank statements and wage slips. The sooner you fill out the form and submit the supporting documents, the quicker we can get to a solution. See more about SFS here.
Getting to the solution
Once we have your SFS and the documents we need, we will see what solution may be available to deal with your mortgage arrears. In most cases there will be a solution for you. For this to happen we need the form fully completed and any other documents we ask you for. That’s the only way we can come with a solution.
We agree a solution
In most cases there will be a solution for you. While every case is different some examples of solution are:
- Temporarily reduced payments - where the monthly payment amounts go down for a while
- Arrears added to total amount you owe -where the arrears amount is paid off over time
- Term extension - where the mortgage is paid off over a longer period
But by far the best and cheapest solution is to pay all your arrears. Whether you do that or we agree a solution, it means you have a plan and that’s always better than ignoring the situation.
That’s the overview. If you’d like more detail about the MARP then see here
You can download the SFS form below. Many of our customers call our people on the phone to get some help doing the form.
Implication of not co - operating
It is vital that you co-operate with AIB in relation to your current financial situation. Where you fail to co-operate with AIB, you will be classified as not co-operating which may have the following implications:
- you will lose the protection afforded by the Mortgage Arrears Resolution Process (MARP)
- legal action may be undertaken immediately. Where legal proceedings are initiated you will incur legal costs. Should it be necessary to take legal action it is important to be aware that irrespective of how the property is repossessed and disposed of, you will remain liable for any outstanding debt, including any accrued interest, charges, legal, selling and other related costs
- In the event that we commence legal proceedings to repossess your property, you will be responsible for the legal costs of such proceedings, estimated at €4,500 and costs associated with the disposal of the property. However this amount could be higher or lower depending on the legal action taken
- this may impact on your eligibility for a Personal Insolvency Arrangement in accordance with the Personal Insolvency Act 2012
- charges and/or surcharge interest may be imposed on any arrears that arise on your mortgage account
Before proceeding please read our Site Use Terms and Conditions, Privacy & Cookie statements which apply to your use of this website. AIB and AIB Group are registered business names of Allied Irish Banks, p.l.c. Registered Office: 10 Molesworth Street, Dublin 2.
