Latest news with #MABS
Irish Times
03-06-2025
- Business
- Irish Times
Breaking free from debt: ‘I used to see my credit card limit as a target'
During the recession following the 2008 financial crash, Ann-Marie Gaynor was going through a marital breakdown; suddenly finding herself single parenting three children under the age of seven, jobless and €17,000 in debt. A self-described Celtic Tiger baby, Ann-Marie says she never saw the top limit on her credit card as anything other than a target. When one was maxed out she would successfully apply for another one. 'It was debt that would have been paid off quite easily if I was still in a marriage, but I wasn't... The first time I became an adult on my own was at the age of 30.' READ MORE Ann-Marie is also known as Irish Budgeting Mammy on Instagram where she shares what she's learned from turning her finances around. The key steps included engaging with the Money Advice and Budgeting Service (MABS) and going back to college as a mature student. The Longford woman is now a clinical nurse manager. Gaynor also joined the #DebtFree community; a movement originating in the US where people engage in hardcore economising to clear debt and save money. In this episode of Better With Money, she outlines what she's learned along the way and encourages others to regain control of their finances. Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan. Resources mentioned in this episode: Money Advice and Budgeting Service Other links you may find helpful: The Insolvency Service of Ireland's Back On Track web site Competition and Consumer Protection Commission If debt is causing serious mental distress, reach out and speak to an organisation like Samaritans
Irish Examiner
29-05-2025
- Business
- Irish Examiner
Patrick Coughlan named Cork Person of the Month for helping people in financial difficulty
A man whose work has helped thousands of people in financial difficulty for over 40 years has been named Cork Person of the Month for May. In the early 1990s, Patrick Coughlan helped set up a free service in the Cork city credit union where he worked – a service that proved hugely successful and ultimately evolved into the nationwide Money and Budgeting Advice Service (MABS). Cork Person of the Year awards organiser Manus O'Callaghan said Mr Coughlan has dedicated his career to helping those most in need. 'His work has provided a vital safety net for thousands of individuals and families facing financial hardship,' he said. 'His passion, vision and tireless advocacy has made a lasting difference, and his contributions to financial well-being in Cork and beyond will not be forgotten.' Mr Coughlan's journey with MABS began in the early 1990s, when he was working in the Lough Credit Union on the southside of Cork City. He and his colleague, Brendan Roche, decided to develop a structured approach to help members who were overwhelmed by financial difficulties. Recognising the need for a sustainable solution, they established an income and expenditure system that prioritised essential living expenses while ensuring regular repayments to creditors. Their approach to helping people in financial distress was strengthened by partnerships they helped forge with Cork City Council, Cork County Council, utility companies and financial institutions, who all agreed to facilitate the introduction of manageable repayment plans for those in financial crisis. As the impact of their MABS initiative grew, support was secured from the Combat Poverty Agency and the then-Department of Social Welfare, which allowed the fledgling service to expand its reach. What began as a local project soon evolved into a nationwide initiative and network. Mr Coughlan, who retired as manager and financial controller of The Lough Credit Union in 2015, is still the acting chair of South Munster MABS and he continues to play a key role in guiding the organisation. In 2024, the MABS national helpline handled 23,525 calls while South Munster MABS assisted 1,908 new clients, demonstrating the continued need for the service. Mr Coughlan said: MABS was born out of a real need to support individuals and families trapped in financial distress. 'Seeing the service grow from a small initiative at The Lough Credit Union to a nationwide support system has been incredibly rewarding. 'At the heart of MABS is the belief that everyone deserves financial stability, and I am proud to play a part in that journey.' Mr Coughlan's name now goes forward alongside the other monthly winners for possible selection as Cork Person of the Year, who will be announced at the annual gala awards lunch next January. Read More West Cork town to celebrate 200 years of the first lifeboat in Courtmacsherry
Irish Times
13-05-2025
- Business
- Irish Times
‘It's not about a life of misery. It's managing the money you have'
Track your spending, pay yourself first and set your financial goals. That is the advice from Irish Times consumer affairs correspondent and Pricewatch editor, Conor Pope . Yeah, but literally how though? It's hard to budget in Ireland where costs are so high and wages haven't kept up for so many of us. READ MORE For those who are comfortable with spreadsheets, budgeting is a simple case of column A and column B; charting their incomings and outgoings. But if you struggle to budget and wonder where you are going wrong, episode one of our new podcast series Better with Money is a refreshingly spreadsheet-free zone. This no-nonsense guide is devoid of jargon and heavy on solidarity and we won't be trying to dissuade you from your matcha lattes or bottomless brunches. 'It's not about living a life of misery. It's about managing the money you have without draining the colour from your life,' says Pope. Listen on the player above or search for Better with Money wherever you get your podcasts. Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan. Resources mentioned in this episode: Spendee budgeting app MABS bugeting tool CCPC budgeting tool Charles Duhigg Revolut vaults explainer An Post Money jars Bonkers Switcher
RTÉ News
06-05-2025
- Business
- RTÉ News
A financial expert's guide to Ireland's Abhaile Scheme
It has been 17 years since the financial crash of 2008, when the landscape of home ownership in Ireland was irreparably transformed. While recent rising house prices have pulled many out of that zone, there are still many mortgage holders locked into loans that have been in arrears for over five years – and many more for two years or more. With negative equity - where you owe more than the property is worth - still very much present, and a continuing inability to meet repayments for many mortgage holders, the need for support services is still crucial in surviving these challenging times. But there is help and support available, no matter how bleak your situation, particularly in relation to your mortgage. John Lowe of reports. The Abhaile Scheme The Abhaile Scheme, created in 2016 and co-ordinated by the Department of Justice and Equality (DJE) and the Department of Employment Affairs and Social Protection (DEASP) is operated by the Money Advice and Budgeting Service (MABS) in conjunction with the Insolvency Service of Ireland (ISI), the Legal Aid Board (LAB), and the Citizens Information Board (CIB). The Insolvency Service of Ireland, itself set up by the Personal Insolvency Act 2012 and 2015, and the Abhaile Scheme are still there to help debtors cope with their financial situations. How does it work? Abhaile - for those not fluent in the Irish language, it means "home" - exists to help people in serious mortgage arrears who are still unable to settle their debts, or those who are facing legal action or home repossession. The goal of the scheme is simple: to keep people in their own homes. It is 100 per cent funded by the state: eligible applicants are provided with vouchers entitling them to free, expert legal and financial advice, which can be accessed through MABS, the Money Advice and Budgeting Service. There are five advice and assistance services provided by the Abhaile scheme: Personal Insolvency Practitioner (PIP) service Accountancy service Consultation solicitor service Duty solicitor service Personal insolvency court review service Don't worry if you're not sure which applies to you, each person who avails of the scheme is assigned an adviser to refer them to the right expert for their case, and to help them to communicate with their lender to work towards a solution. This is vital: while the desire can, understandably, be to hide away from the reality of being unable to meet your mortgage repayments, burying your head in the sand is the worst thing you can do. From 2010, the implementation of the Mortgage Arrears Resolution Process (MARP) outlined five steps for lenders to operate when dealing with those in arrears or close to arrears: Communication Financial information Assessment Resolution Appeals This framework has become compulsory under the Central Bank's Code of Conduct on Mortgage Arrears (CCMA), with a view to helping the borrower as much as possible. However a huge number of cases are outside the MARP guidelines. Can I avail myself of it? To be eligible for the Abhaile scheme, you must meet four criteria: Be in mortgage arrears on your home Be at serious risk of losing your home due to arrears Be insolvent (unable to pay your debts in full) Be reasonably accommodated: that is, that your accommodation is suited to the needs of you and your dependents and is not disproportionately expensive. Remember, the scheme exists to help keep people in their homes, so if your arrears are on an investment or buy-to-let property, you will not qualify (although those in arrears on their home while also owning a buy-to-let property may be eligible). Who should I contact? You can find your local MABS office on contact the MABS helpline from Monday-Friday, 9am-8pm, on 0761 07 2000; or arrange a call back by emailing helpline@ Alternatively, you could also go directly to a Personal Insolvency Practitioner – yours truly is one of 114 PIPs around Ireland. Access the full list from the Insolvency Service of Ireland or click on this link: Remember: you are not alone, and support is available.
