Éamon Ó Cuív (Galway West, Fianna Fail)

The Money Advice and Budgeting Service, MABS, assists people who are over-indebted and need help and advice in coping with debt problems.

There are 52 independent MABS companies operating the money advice and budgeting services from 65 locations throughout the country, with national support provided by the MABS NDL. In addition, the MABS national telephone helpline is available from 9 a.m. to 8 p.m., Monday to Friday, and the MABS website can be accessed 24 hours a day at www.mabs.ie. Last year an additional 19 money advisers were recruited by MABS between September and December, bringing the number of MABS staff to over 270. The additional advisers have been appointed to MABS companies throughout the country.

The money adviser works out a budget and negotiates on behalf of the client with all creditors, including financial institutions and sub-prime lenders, to secure better terms for the client in managing the repayment of their debts. Where required by the client, the money adviser can assist with setting up a special account with a local credit union into which the client lodges an agreed amount of money regularly and from which each month the money adviser makes the repayments to the creditors on behalf of the client.

It is important that people coping with debt difficulties take early action and approach MABS for help and guidance. This can be the first positive step for people in addressing debt difficulties. I am satisfied that the Money Advice and Budgeting Service is providing a high quality service to assist people in overcoming their indebtedness and managing their finances.

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