A NEW EU directive, which would help benefit in the region of 5,000 Limerick people struggling with debt, should be enacted into Irish Law quickly, according to Rural Ireland Independent TD Richard O’Donoghue.
The directive, he explained, would benefit borrowers as it obliges creditors to establish beneficial policies and procedures, including partial debt forgiveness, before initiating enforcement proceedings.
“The new EU directive mandates non-bank entities to offer forbearance to mortgage holders, a measure that is both much needed and long overdue in Ireland. Over half of all mortgages in arrears are held by vulture funds,” Deputy O’Donoghue commented.
“The delay in transposing this directive into Irish law sends a disconcerting message to the banking and legal sectors, as well as the courts.”
