Loan repayment breaks extend to six months amid Covid-19 crisis



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Irish borrowers affected by the economic crisis caused by Covid-19 will be able to extend the interruptions in the repayment of the loans from three to six months after the banks and other lenders and mortgage administrators signed an extension of a relief plan announced the month past.

More than 65,000 mortgage payment interruptions and more than 22,000 small and medium-sized business (SME) payment breaks have been granted since the industry agreed to provide relief on March 18, the Irish Federation of Banks and Payments said on Thursday ( BPFI). .

“Existing public health measures implemented by the government, aimed at mitigating the impact of COVID-19, have been extended since BPFI’s original announcement of payments was suspended for up to three months,” said BPFI chief executive Brian There is.

“These measures may need to remain in place for some time or may only be phased out with an unknown impact on the economy going forward.” BPFI members greatly appreciate the severity of the impact on families, individuals and businesses, and it is for this reason that we believe that many customers may require an extension of the existing payment disruption beyond three months. “

Lenders who have signed up to offer payment balances include the top five Irish retail banks, non-bank lenders such as Dilosk and Finance Ireland, as well as a group of loan service companies that manage loans on behalf of investment firms, or the called vulture funds, which absorbed tens of thousands of distressed Irish loans in the wake of the financial crisis.

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