Managing Your Finances

 
Managing your Borrowings
Investec are fully aware that some of our customers may experience financial difficulties, which can be very stressful. If you feel that this is applicable to you it is crucial that you do not ignore the signs of financial difficulties and you should contact us as soon as possible. In our experience financial difficulties tend to only get worse if they are ignored and this may affect your credit rating, which could limit your ability to borrow money in the future.
Warning signs that may indicate financial difficulties
The below are examples of warning signs that can appear when you begin to experience financial difficulties.
    •    Cheques, standing orders or direct debits are being returned by your bank due to insufficient funds in your account.
    •    You are receiving correspondence from creditors regarding overdue accounts.
    •    You are using credit cards as a source of finance rather than for convenience purposes.
    •    You are having difficulty paying your monthly bills regularly and on time.
    •    Your income has dropped due to loss of or reduction in employment.

Mortgage Arrears Resolution Process (MARP)
We recognise that a customer’s financial circumstances can on occasion take a change for the worse. If you have fallen into arrears on your mortgage payments, or if you are concerned about falling into arrears in the future, we encourage you to contact us and maintain communications with our Arrears Support Unit on 01-4210000.
How can we help?
We are fully committed to working with you to try to find the most appropriate solution to any financial difficulties you may be experiencing with repaying your mortgage or other loan facility now or in the future.
As required under the Central Bank’s Code of Conduct on Mortgage Arrears (CCMA), we have put in place a Mortgage Arrears Resolution Process (MARP) to help our borrowers who are in arrears or are at risk of going into arrears.
This booklet will guide you through the steps we will follow in trying to assist you during this difficult time and a copy can be found here .
The earlier that you make the Bank aware of any difficulties the sooner we can assess and review your position and commence working with you in order to try to find a mutually acceptable solution such as restructuring your loan or setting up a repayment plan that will help you through your challenging financial period.
To assist us to assess your financial situation, you will be required to complete a Standard Financial Statement (SFS), which is a form developed by the Central Bank of Ireland.
The Central Bank of Ireland has a Consumer Guide to Completing a Standard Financial Statement.
You may wish to seek additional independent advice to assist with completing your SFS, e.g. from the Money Advice and Budgeting Service (MABS) or an appropriate alternative.
MABS is a nationwide Government agency that offers a free and confidential service covering all areas of personal finance. Their team of professional Money Advisers can help draw up a budget, renegotiate repayments with other lenders and advise you on any benefits that you may be entitled to.  Further information can be found here .
What about Charges?
At Investec we do not apply penalty interest fees or surcharges in relation to mortgage arrears once a customer continues to cooperate with us, however in the case of a non-cooperative customer, additional interest and surcharges may be levied.
Where can I get further information?
The important thing is to take action right away and address the situation before the debt becomes overwhelming. In addition to contacting us here at Investec it may be advisable to contact your accountant or financial advisor who may be able to offer debt management advice.
To discuss any difficulties that you may be having in relation to your account with Investec please contact your relationship manager here at Investec. The contact details are as below.
Investec Bank plc (Irish Branch)
The Harcourt Building
Harcourt Street
Dublin 2
Phone: 01 421-000
Other resources that you may find helpful:
The joint website for the Citizens Information Board and MABS provides comprehensive information on the services and entitlements available to you, if you are having difficulty paying your mortgage. Please click here to view.
The Insolvency Service of Ireland (ISI) is an independent statutory body, whose aim is to help restore people who are insolvent to solvency in a fair, transparent and equitable way. The ISI will provide information on the processes under the Personal Insolvency Act 2012. View their Back on Track website here.
If you require any further information on mortgage arrears you can contact our Arrears Support Unit at the details below:
Arrears Support Unit
Investec Bank plc (Irish Branch)
The Harcourt Building
Harcourt Street
Dublin 2
01-4210000