A new negotiation facility has been launched for KBC mortgage holders struggling to make repayments.
The bank has 10,500 customers who are in arrears of over 90 days.
KBC is working with the Irish Mortgage Holders Organisation on the initiative, with the advocacy group set to provide independent financial advice to troubled mortgage holders.
Under the new facility, the group will send a proposal to KBC on their behalf, as part of a plan to develop long-term sustainable solutions for dealing with arrears.
The new scheme is similiar to one being run by AIB and the IMHO. KBC will fund the programme for six months at least. Customers are guaranteed a free, confidential and independent service as a result.
This chart shows the restructure details. Some very dodgy descriptions & lack of description here! pic.twitter.com/db6wR7D1sq
— David Hall (@davidhall75) March 4, 2014
David Hall is the Director of Irish Mortgage Holders Organisation - he outlined the process for struggling mortgage holders on Newstalk's Pat Kenny show earlier:
AIB, EBS, Haven and KBC have now all designed programmes for mortgage customers in arrears.
Mr. Hall says Permanent TSB, Ulster Bank, and Bank of Ireland have remained outside, though initial discussions have been held with PTSB and Ulster Bank:The IMHO has described it as a 'significant move for the numbers involved'.
