Calls to MABS office rise 30% in past year

JANUARY 2009

THE economic downturn means a huge increase in people calling to the Dundalk offices of the Money Advice and Budgeting Service (MABS), who say calls to the office rise 30% since this time last year.

And for the first time, the service has a waiting list for an appointment in town.

The shock of redundancy is hitting people hard as they find their income drastically reduced and have to rely on social welfare for the first time in their lives.

Says Geraldine McGuirk, MABS, ‘We have seen appointments and calls to us go up by around a third since this time last year.

‘Many people coming to us have lost their jobs and it’s very hard for them when they discover they will have to live on social welfare payments from now on.

‘ Their incomes are greatly reduced and they are struggling to pay their mortgages. In addition, there is no work for many people out there.’

Geraldine adds young men, who have a trade, are coming to MABS in increased numbers.

‘ They had good jobs and now they’ve been made redundant and there’s no prospect of them getting work in the near future.’

‘We’ve also had people coming here talking about getting their debts paid off before they emigrate.

Others are struggling with negative equity and mortgage payments continue to be the one thing that keeps people awake at night.

‘Mortgage providers are much more willing to listen to clients’ difficulties than they were,’ Geraldine continues.

‘ They can allow interest-only payments for a few months and though it’s not indefinite, it can make a big difference to people.’

On the other side of the coin, getting credit is proving even more difficult.