MARP process and missed payments

[confused21]

I have arrears on my mortgage at the moment and I have initiated the MARP process more than once, however, I am finding it difficult to keep to the agreed payments. Is my only option to inititiate the same process again and reach yet another agreement or is there something else I can do?? Any suggestions welcome.

 

[mathepac]

Sorry to hear you're finding the going tough.

I assume you have engaged with a MABS advisor to stress test the budget you must submit at the start of the process. Was the budget stress tested or have things changed on the income or expenditure sides of the plan?

AFAIK you will need to start again, if the bank agrees. What has your arrears co-ordinator in the bank said?

 

[confused21]

I haven't had my budget stress tested, but its more that my circumstances have changed a couple of times over the past year due to change of job etc.

My arrears co ordinator has just sent me another MARP form to begin again. Its looking like I will just have to enter into the same discussion with them again :-/

 

[mathepac]

I haven't had my budget stress tested, but its more that my circumstances have changed a couple of times over the past year due to change of job etc....

That's exactly what stress testing your budget is all about, asking the difficult questions about changes in circumstances and trying to get answers. Something like "If I don't get overtime anymore, can we afford a holiday?" It's a very simple example and of course I don't mean to trivialise your circumstance which I appreciate must be difficult, but I hope that illustrates the idea.

... My arrears co ordinator has just sent me another MARP form to begin again. Its looking like I will just have to enter into the same discussion with them again :-/

I would strongly encourage you to engage with your local MABS money-advisor when formulating your next submission to the bank to try and ensure as best you can that it is sustainable. I'm surprised if the bank hasn't insisted on this.

Hope it goes well this time.

Any other questions, please post.