Financial Difficulties
Financial difficulties
Financial difficulties can happen at any time. We are here to help.
If you have missed a payment or are worried that you may fall behind with your mortgage payments, contact us as soon as you can.
We will listen to your situation, explain the options that may be available and work with you to find an appropriate and sustainable solution based on your individual circumstances.
When you contact us, we may ask for information about your mortgage(s) or loan, your income and expenses, and any other debts or assets. The more we understand, the better we can help.
Contact us about your financial difficulties
Our Arrears Support Unit is available Monday to Friday, 9am to 5.30pm, excluding public holidays.
| Phone | 1800 816 121 |
| From outside Ireland | +353 1 526 8580 |
| info@marscapital.ie | |
| Post | Mars Capital, PO Box 12546, Dublin 2 |
Why it is important to deal with arrears
Do not ignore missed payments or arrears. Contacting us early gives us more time to understand your circumstances and consider possible solutions.
If you do not deal with arrears:
the amount you owe may increase because interest may continue to accrue;
your credit record and ability to obtain credit may be affected;
legal proceedings may be taken; and
where your debt is secured on property, there is a risk that the property may be repossessed.
If we classify you as not co-operating, the Mortgage Arrears Resolution Process (“MARP”) will no longer apply to you and we may begin legal proceedings to repossess your property immediately after classification.
If your property is repossessed and sold, you will remain responsible for any amount still owing after the sale, including accrued interest and any charges, legal, selling or other related costs that apply.
Charges and costs
We do not impose fees or charges on borrowers’ arrears for engaging with us in relation to financial difficulties through the relevant resolutions processes.
Where permitted under the terms and conditions of the mortgage agreement, legal costs and other third-party costs may arise in connection with enforcement action or legal proceedings.
Legal proceedings for repossession are currently estimated to result in legal costs of approximately €10,000. These costs may be payable by you, in addition to your own legal costs. The court may also order you to pay the costs of another party involved in the proceedings.
Mortgage arrears and MARP
If your mortgage is secured on your primary residence and you have fallen behind with repayments, or are worried that you may do so, our MARP may help.
MARP is the framework we use to support borrowers in mortgage arrears or at risk of going into arrears. It allows us to understand your circumstances, assess your case and consider whether an appropriate and sustainable solution may be available.
MARP booklet
Our MARP booklet explains how the process works, the four steps we follow, the information we may need from you, and the repayment arrangements and other options that may be available. It also explains what it means to be classified as not co-operating and how to appeal or complain. Our MARP booklet is available via the link below:
Standard Financial Statement (“SFS”)
The SFS helps us understand your current financial situation. We use the information you provide to assess your circumstances and consider whether an Alternative Repayment Arrangement may be appropriate and sustainable for you. Our SFS is available via the link below:
Help to complete the SFS
If you would like help with completing the SFS, we are happy to assist. We can arrange a time that works for you to guide you through the form. If you prefer, we can also complete the SFS with you over the phone using the contact details above. The Central Bank also has a guide to completing an SFS which you can find via the link below:
Central Bank of Ireland's Consumer Guide to Completing the Standard Financial Statement
Independent support and advice
You may wish to seek independent legal, financial or tax advice.
The Money Advice and Budgeting Service (“MABS”) offers free, confidential and independent support to people experiencing debt difficulties. MABS can also explain the mortgage arrears support available through Abhaile.
Call the MABS National Helpline on 0818 07 2000, Monday to Friday, 9am to 8pm.
The MABS website is available via the link below:
Insolvency and debt solutions
The Insolvency Service of Ireland (“ISI”) provides information about formal debt solutions, including Personal Insolvency Arrangements, Debt Settlement Arrangements and Debt Relief Notices, and the processes involved.
The ISI website is available via the link below:
Request a copy
We can provide a copy of the information on this page by email or post on request. Contact us using the details above.