Debt mediation is a part of the Irish home loan dispute resolution process, and new reports are emerging that more people than ever before may find themselves needing to resolve their financial woes with the help of a skilled mediation attorney who will try to help the financial institution and the borrower find a way to resolve their differences.  Currently, almost 20% of mortgage borrowers in Ireland are behind on their payments or may soon be.  That represents nearly one loan in five, a staggering figure that explains why as much as 20 billion Euros that has been borrowed may not be paid back.

According to the Irish Central Bank, which publishes mortgage arrears figures in three-month increments, over 12% of Irish mortgage borrowers are currently behind on their payments by at least one month.  Many more mortgages are suspected to be in the danger zone where struggling borrowers are about to become unable to keep up with the payments.  The 12% figure includes mortgages for borrowers already in foreclosure mediation and also for those who are in court in relation to their financial obligations.

Debt Mediation for More than Mortgage Debt

Late payments and non-repayments of non-mortgage debt have also reached a high level, with as much as 18% of all such debt overdue by at least a full month.  These personal debts include credit cards and car loans, among other types of borrowing.