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Irish Credit Card Companies Agree on Consumer Debt Guidelines, Reports Thinking Money
(PRLEAP.COM) Thinking Money announces that Ireland’s 12 leading credit institutions, including MBNA Europe, have subscribed to a new protocol designed to help personal customers address their debt in these trying economic times.
The IBF-MABS Operational Protocol: Working Together to Manage Debt was launched on 3rd June 2009 by the Minister for Social and Family Affairs, Mary Hanafin, and will become fully operational on 28th September 2009.
Why Has the Protocol Been Developed?
Thinking Money can state that the Protocol has been designed to improve operational effectiveness of Irish Banking Federation (IBF) creditors and Money Advice and Banking Service (MABS) advisers, as they work together to help indebted customers formulate mutually acceptable, affordable and sustainable repayment plans.
What Is In The Protocol?
The Protocol is split into two parts. The first summarises general principles of the IBF/MABS partnership and their combined approach to solving customers’ debt problems. The second outlines procedures and steps involved in the creation and monitoring of a successful repayment plan.
How Does The Protocol Benefit The Customer?
Thinking Money believes that the Protocol prioritises finding workable, sustainable solutions to indebtedness, over the issuing of legal proceedings. It emphasises the importance of debt settlement stating that creditors should be willing, in some cases, to accept payment that may be less than the full amount owing.
The Protocol recognises that different people have different financial situations and that unexpected changes in circumstances can disrupt repayment plans. It also acknowledges the difference between debtors who are simply unwilling to pay and those that are truly unable.
Thinking Money highlights that the IBF and MABS have maintained their commitment to providing repayment plans that are tailored to suit individual needs and are monitored on an ongoing basis.
What has been said about the Protocol?
According to IBF Chief Executive Pat Farrell, creditors have an important role to play in ensuring that "borrowers have the tools and advice they need during these very challenging times". This Protocol shows that creditors’ doors "are always open to customers who may find themselves in financial difficulty".
Mary Hanafin points out that the Protocol gives "significant reassurance [to] people who are, probably for the first time in their lives, experiencing financial difficulties".
The following IBF creditors have signed up to the Protocol: ACC Bank, AIB Bank, Anglo Irish Bank, Bank of Ireland, Bank of Scotland (Ireland), EBS Building Society, KBC Bank Ireland, MBNA Europe, National Irish Bank, permanent tsb, Postbank Ireland, , Ulster Bank. MBNA Ireland, Thinking Money believes, is a prime example of where a credit card company can look to help manage the finances of their customers responsibly. It’s this sustainable planning and support that will, in the end, bring about some of the biggest differences to consumer credit card markets
Notes to the editor
Thinking Money is a website offering free financial advice, news and commentary for everyone.
For more information regarding MBNA Europe, go to http://www.mbna.co.uk/.
References
Irish Banking Federation - http://www.ibf.ie/Money Advice and Banking - http://www.mabs.ie/
Free Money Tips – http://www.thinkingmoney.org
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