Borrowers Need More Financial Advice

Fine Gael Senator Catherine Noone today proposed that a public fund allowing for financial advice to borrowers in distress be extended. This extension would allow the advice to be given earlier in the process and make the advice potentially more useful.

Senator Noone said: “Currently there is €250 made available for an accountant’s advice on an offer from the banks. While this is a great help to people, this advice can sometimes be too late as the terms have already been negotiated. I believe that the ability to have a financial advisor earlier in the process would be more useful and could serve for better resolutions and also give borrowers peace of mind”.

Senator Noone added: “MABS are doing a great job in assisting people on organising and dealing with their debt but, unfortunately, they are not in a position to deal with borrowers who need this kind of advice, and they do not have the resources to provide it”.

Senator Noone concluded: “The real value of financial advice would be to have it at the negotiation stage and it would be far more useful if this fund could be used during that stage, as opposed to when a deal is already struck and it is simply a matter of the borrower being advised to ‘take it or leave it’”.

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