Mr. Dermot Sreenan:

The statistics can be overwhelming and people can be frightened and alarmed. It is much easier to talk in specific instances. The Deputy is quite correct about the way the nonbanking entities work. Last week or this week, there was a call to our helpline where someone’s loan was sold by one of the banks that is exiting the market to a nonbanking entity. The client, who was a MABS client, received a letter and was told to apply for mortgage-to-rent. I think they had 21 days to respond to the letter.

Two things in this instance are appalling to me. First, that was a MABS client and they were going directly to the client and putting pressure on them to make that decision. Also, the way that the letter was worded had no options. We talk about having meaningful engagement with all creditors and nonbanking entities. We have enjoyed that in the past with the banks but we have also managed to have the same kind of relationship with some of the nonbanking entities. It is somewhat nuanced. We cannot put all these in the one category.

We have managed to put some arrangements in place with nonbanking entities too. What we are looking for is meaningful engagement. That is something that is lacking with certain nonbanking entities and is causing a great deal of frustration among money advisors on the ground. That is what I am here to talk about today. We are also concerned about the rising interest rates because we feel that will pull more people into default and then they will be pushed into the process of the mortgage arrears protocol which is concerning to us.

We are at pains to meaningfully engage with these nonbanking entities to negotiate and to advocate on behalf of the client. That is the job of MABS. We are doing it for a long time; with 30 years experience. For everyone who gets one of those letters, the message is: “You need to be in contact with MABS.” Nobody should be walking into a courtroom for the repossession of their home without MABS being present. We would ask everyone to support the advocacy.