Money Advice and Budgeting Service

The Money Advice and Budgeting Service (MABS) provides a free and confidential service if you are having problems managing your money or problems with debt.

MABS money advisers can give advice and practical help to review your debts, deal with your creditors and work out solutions.

MABS has a dedicated service to help with mortgage arrears. MABS is also involved in the Abhaile scheme for people in serious mortgage arrears.

MABS provides money management education and produces a range of publications. It also has money tools you can use to help manage your money and tackle any debts.

MABS provides Money Tools that can help you:

• Manage your money
• Find out if you are in difficulty and where to get help
• Make a plan to deal with debts

You can use the My Budget tool to help you work out a budget plan.  It shows how much money you have coming in and going out over a year, and how much is left over or by how much you are short. MABS has advice on managing your money to make it go further.

If you are not sure whether you are in financial difficulty yet, you can use My Financial Healthcheck to find the information, advice and support you need.

If you want to work out a plan to deal with debts you can use the MABS tool My Full Financial Picture. It shows how much money you have coming in and going out and also includes space to record bills, credit, assets and debts so that you have a total debt figure.

The information you gather will help you to follow the steps you can take to deal with your debt.

MABS provides a confidential service and will not discuss your situation with anyone without your signed agreement. MABS will give you information and support you in making decisions, but will not tell you what to do about your debts and payments. You are the person who decides.

If you contact the MABS Helpline an adviser will talk to you about your money concerns and give you some advice. They can send you information and materials to help you with your money problems. You may be able to deal with the issues yourself at this stage, or you can make an appointment to see a money adviser in a MABS office.

When you contact MABS, it is important to tell them about anything very urgent, for example, if you are being taken to court or your electricity is to be disconnected. In cases like these, you may be able to get an emergency appointment.

To be able to help you, the MABS adviser will need as much information as possible about your financial situation. You will need to collect any bills, statements, account books, payslips, or social welfare receipts that you have, as well as any letters that your creditors have sent, even if you have not opened them.

The adviser will:

• Look at all your income and ensure that you are getting any payments or benefits you are entitled to
• Check through all your debts
• Help you to work out how much you need to cover your everyday needs
• Give you advice on budgeting
• Draw up a financial statement to use when dealing with your creditors
• Help you to decide which of your debts to pay first
• Help you to work out a payment plan – how much you can afford to pay each week off each debt
• Negotiate with your creditors on your behalf, if you want
• Provide support while you deal with your debts
• Refer you to other services and contact them on your behalf, if you want
• Help to arrange to pay regular amount off your debts, as agreed with your creditors
• Refer you to someone who can help with a personal insolvency option if appropriate

MABS agreement with lenders

MABS has an agreement with the Banking and Payments Federation of Ireland (BPFI) to help people to manage their debt repayments. The lenders involved have agreed to work with MABS to help customers find a solution and agree a manageable repayment plan.

The agreement is called the BPFI-MABS Operational Protocol (pdf). It sets out the process followed by lenders and MABS when you seek help from MABS.

The protocol allows for the write-off of some debt, at the lender’s discretion. It does not apply to mortgage debt.

MABS can also help you to agree a sustainable repayment plan with other creditors (who are not part of the protocol.

If you cannot pay your debts

MABS can advise you on the options available if you cannot pay your debts. There are 3 personal insolvency options.

Most MABS services are registered as Approved Intermediaries with the Insolvency Service of Ireland (ISI). This means they can assess whether you should apply for a Debt Relief Notice and can bring you through the application process.

If you are having difficulty paying your mortgage, MABS can advise you on your options.

MABS provides information on dealing with mortgage debt.

MABS has Dedicated Mortgage Arrears (DMA) advisers to give independent expert advice. DMA advisers can help you find out what type of financial, insolvency or legal services you need and help you to access them.

MABS is also involved in providing free mortgage arrears support as part of the Abhaile scheme. Abhaile offers financial and legal support and advice.

Code of conduct on mortgage arrears

The Central Bank has a Code of Conduct on Mortgage Arrears which sets out what your lender must do. Mortgage lenders must follow a process called the Mortgage Arrears Resolution Process (MARP). The lender must refer you to sources of information and advice, such as MABS.

As part of the MARP, you must fill out a standard financial statement (pdf) for your lender, so that they can assess your financial position and work out the best solution. MABS can help you to complete this statement. The Central Bank has published A Consumer Guide to Completing a Standard Financial Statement (pdf).

Use the MABS tool My Financial Healthcheck as a starting point for information, advice and support.

Ring the MABS Helpline on 0818 07 2000 (9am–8pm, Monday–Friday) or email helpline@mabs.ie.

You can also request a call back.

Contact your local MABS office for an appointment to meet a money adviser.