Money Advice and Budgeting Service – MABS
The Money Advice and Budgeting Service (MABS) can help people to budget so as to try to minimise the chances of getting into financial difficulty. Budgeting is when you list all of your expenses or outgoings, and when they occur, and total your income and try to ensure that your outgoings are not greater than the amount of money coming in. MABS can help people with this. They also have tools on their website which allow people to do it themselves.
They can also help people to get out of debt to Banks, by negotiating plans – often by setting up regular repayment agreements through the Credit Union. There is information on their website.
Sometimes budgeting to plan for unforeseen expenses – having a “rainy day fund”, may be possible. Budgeting can also help spread certain expenses over the year instead of having several come at the same time – such as back to school expenses or preparing for further education.
If you are in financial difficulty due to mortgage arrears, MABS may be able to help. They have a special unit called Abhaile (the Irish word for Home) and the aim of this service is to help people to keep their homes wherever possible. Skilled advisors will work with the mortgage holder (the person who is in arrears) and the lender (the bank or building society) to find the best solution to the problem. They will mediate between the people involved. They may also assist people to access expert legal and financial advice where this is necessary, and have a system to set this up free of charge with agreed partners.