What to do if you’re under pressure

Remember: you are protected by the CCMA

If you’re struggling to make ends meet, the good news is that your rights are now protected by the Code of Conduct for Mortgage Arrears (known as “the Code” or “the CCMA”).

The Code guarantees you time and space to work things out and encourages lenders and borrowers to work together to protect the family home at a repayment level that is affordable.

If you need help at any stage, please do not hesitate to call us on 1890 25 33 41, email us:[email protected], or contact your existing financial adviser.

If you’re uncomfortable dealing directly with your bank, you are entitled to have a third party contact them on your behalf (e.g. an independent financial advisor such as getSorted or an accountant)

How to make the CCMA Mortgage Arrears process work for you

  1. Act Early. Arrange to get the advice you need and write to your lender as soon as you become aware that you may have difficulty meeting a payment. We have provided letter templates that you can use on our website – CLICK HERE
  2. Work out your personal budget and debt repayment plan (download our planning tool and our guide to dealing with debt). This helps you work out what options are open to you and will help when working through the forms required by your bank
  3. Complete the forms. Your bank will seek information on your monthly income and expenditure in a standard format (SFS). The SFS  is an important part of the assessment process. It is definitely worth getting advice from getSorted, MABs, an accountant or your existing independent advisor before filling these forms in
  4. Consider your options. You bank will assess your case based on the information you supply and will recommend a course of action. You should take independent advice on the options that they offer
  5. Agree next steps with your bank. Once you have made your decision, you will need to advise the bank. The decision will be formally documented and reviewed on a regular basis

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