The non-profit social enterprise that wants to go commercial THE CAMPAIGNERS
NEW Beginning was formed by barristers Ross Maguire, Vincent Martin and mortgage debt campaigner David Hall in 2010.
The aim of the group was to provide legal representation and support to mortgage holders facing the prospect of repossession.
But in 2012 David Hall broke away to form a rival advocacy group, the Irish Mortgage Holders Organisation.
Mr Hall criticised New Beginning saying ‘an external influence was descending on the organisation which was unhealthy’.
Undeterred, New Beginning grew rapidly thanks to a series of meetings and nationwide road shows, where new clients were signed up.
Many cases have been taken on a pro bono basis but New Beginning does charge consultation and legal fees – €3,000 for a bankruptcy, for example.
The group was heavily involved in the creation of the new insolvency regime that came into effect in September 2013. Within weeks, it claimed the first of a string of successes in achieving write-downs for clients.
Until now New Beginning has always been a non-profit entity and described itself as a ‘social enterprise’. Last year it lost more than €60,000 on a turnover of €350,000. But recently, Mr Maguire has spoken of the merits of vulture funds. ‘Vulture funds such as Lone Star, which buy underperforming assets at discounted prices, sometimes have more scope to renegotiate with mortgage-holders, which can work out in consumers’ favour,’ he told reporters in September. This weekend, he told the MoS: ‘New Beginning has stated publicly that it does wish to transform into a commercial organisation.’