Labour Plan on home repossessions will give peace of mind
Issued : Tuesday 15 February, 2011
The Labour Party’s plan for dealing with home repossessions and personal debt will give peace of mind to people making an honest effort to make repay their mortgages.
We will also give practical help to people struggling with personal debt as part of an overall strategy that can be summed up in four words: the banks can wait. Many people struggling with mortgages are being put under huge pressure by banks and it is causing enormous emotional strain. This can have a terrible effect on families pushing people to drink, drugs and worse. Labour will not allow banks to carry on their path of destruction through people’s lives. They have been bailed out by the Irish people so there must be some payback. And that starts by creating new legal powers to halt home repossessions for at least two years and to support people under serious debt pressure. This will give people peace of mind and time to get back on their feet. Labour will transform MABS (the Money Advice and Budgeting Service) into a Personal Debt Management Agency with strong legal powers to protect people from banks and other creditors. I encourage anyone struggling to meet their payments or debts to go to MABS or straight to their banks and arrange a new affordable repayment deal. When the economy picks up, and people get back on their feet financially then they can give a bit more. In the meantime, they can be assured that under Labour, they will get powerful support to help them keep their home and manage personal debt.
