Sir, – I am writing to express my concern and dissatisfaction in relation to the removal by Allied Irish Banks of repayment breaks, which were heretofore available to mortgage holders. When I moved my mortgage to AIB, payment breaks were available to mortgage holders for periods of up to six months. The reason given by AIB for removing this facility is that all such products have been replaced by the Mortgage Arrears Resolution Process. Thus a key service that can help prevent people from going into arrears, has been removed and replaced with a service only for people in arrears.
Notwithstanding the need for an arrears process, other banks have seen fit to retain their flexible payment break facility, and without requiring customers to go through rigorous assessment and approval procedures. This is a service which has offered security and peace of mind to many mortgage holders, knowing that they can take a break each year if required.
Not only does AIB’s stance make no sense whatsoever, but it has the potential to create a situation where mortgage holders fall into arrears. Is this a kind of madness at a time of unprecedented personal struggle for mortgage holders? I am writing in the hope that facilities such as payment breaks, partial breaks and other arrangements be created or reinstated.
It’s shocking to consider the amount of public money that has gone into supporting the banks in Ireland, and to see the dearth of duty offered in return. It’s either ignorance or arrogance. I apologise if that sounds harsh; however it is only in proportion to my frustration. – Yours, etc,