New Beginning slams Ulster Bank Mortgage write-off offer

New Beginning notes the Ulster Bank proposal today involving the possible debt write down for people who surrender their homes.

 

Ross Maguire, Founding Member of New Beginning, said:

 

This is a proposal designed to make Ulster Bank money and their customers homeless. People should be very careful here and get independent advice before agreeing to such a bank-centric offer.
New Beginning believes that there is nothing in this for borrowers other than homelessness and strongly cautions against the support of such a proposal. This is a proposal that might have had merit in 2009 but now lacks any understanding of where we are.

 

The solution to the mortgage crisis is about keeping people in their homes as opposed to throwing them out on the streets. The Ulster Bank proposal involves 2000 families being cast out of their homes and cannot be supported.