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The GRA have held detailed discussions with senior Management of the Educational Building Society (E.B.S.) to seek to address the pressure on GRA members who have Mortgages with E.B.S. and are experiencing financial difficulties. As a result of these discussions E.B.S. have set up special Help lines for GRA members where a range of measures of assistance are available.
The Association is conscious of the pressure on members at the moment in meeting their financial commitments and is appreciative to the Management of E.B.S. in putting the following arrangements in place to try to alleviate these pressures for GRA members.
Members already in Arrears with Mortgage Re-Payments
Where a member is already in arrears with EBS mortgage repayments, they should phone the EBS Arrears Support Help
line number at 01-6658010.
This Help line is manned by a dedicated team Monday to Friday between the hours of 9am and 5.30pm.
Direct Face-to-Face Meetings
It is possible to arrange face-to-face meetings around the country through country through the EBS Arrears Support Unit, however a few points should be borne in mind:
- The Society will facility these meeting where a full financial profile has been sent to the Society to review prior to any meeting (The Financial profile includes the EBS
Financial Statement, last 3 months Bank Current Account statements, Most Recent Payslip and up to date statement from any Secondary Debt Provider).
- There will be
a time delay before EBS can set up a meeting, typically 2 to 3 weeks
- EBS only have limited capacity, so the first port of call must be to try to reach an arrangement over the phone to the Help
line.
For more details of the EBS Arrears Management Process please log onto the EBS website www.ebs.ie and follow the link under the Mortgage Section.
EBS recommend that all members who are experiencing financial difficulties contact the
Money Advisory Budgeting Service (MABS) on low call 1890 283 438 or www.mabs.ie
Members Getting into Difficulty but not yet in Arrears - Update March 2011
Where a member is getting into difficulty in meeting EBS Mortgage Re-payments but is not yet in arrears they should print and complete the FINANCIAL STATEMENT (below) . This form is also available by
contacting the retention team at tel. 1850 667 842.
The completed Financial Statement form (including loan account numbers and mobile phone number) along with Bank, Income and Loan Statements should be
returned to:
EBS Building Society, 2 Burlington Road, Dublin 4.
The Society will then contact the member to discuss the situation and review possible solutions that may include:
- Interest only
periods
- Top-ups to cover the breakage cost from fixed to variable rates (subject to LTV of 85%)
- Extension of mortgage term to 35 years / or to 40 years, provided the mortgage will complete before the
holder reaches age 70
EBS FINANCIAL STATEMENT
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EBS, as required, under the Code of Conduct on Mortgage Arrears, have put in place a Mortgage Arrears Resolution Process
(MARP) for their mortgage holders.
The purpose of the MARP is to set out clear guidelines for both mortgage holders and EBS in relation to dealing with mortgage holders who are
currently having difficulty, or feel that may have difficulty in the future in making their mortgage repayments. The MARP applies to mortgages on the mortgage holders primary residence only.
Click to view the attached brochure, which outlines the MARP process in more detail:
EBS MARP BROCHURE
GRA members are advised that EBS are not in a position to allow Members out of their fixed rates without recovering the cost to EBS of the breakage.
PLEASE NOTE: THE ABOVE SPECIAL FACILITIES ARE ONLY AVAILABLE TO GRA MEMBERS
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