GLASGOW, SCOTLAND, November 03, 2012 (Press-News.org) Ireland's mortgage crisis has become significantly worse over the last few months. With 19bn of the bank's business being mortgage debt and the average mortgage being around GBP200,000, it is estimated around 12,500 customers are probably now in mortgage arrears. Ulster Bank, which is owned by Royal Bank of Scotland and also has a subsidiary, First Active, intends to take on 200 new staff to deal with it, of which 150 will be Scotland-based.
However, the move has caused controversy. Ulster Bank has an ongoing restructuring programme in place, and intends to continue with its plans to lay off staff in Ireland, claiming it needs to recruit in Scotland because the short timescales involved would make finding staff in Northern Ireland difficult.
A spokeswoman for Ulster Bank said: "The Arrears Support Unit will be expanding to the UK because of ongoing difficulties in finding the number of experienced and specialist people in the Republic of Ireland within a short timeframe we want to work to."
It's a move that has outraged the country's banking unions.
"It flies in the face of the Government's jobs policy for the financial sector," said Larry Broderick of the Irish Bank Officials' Associations (IBOA), one of the organisations that has written to the Government and the Financial Regulator to try and block the move. "Some of the 950 Ulster Bank people being targeted for redundancy could do this. The skill set is here."
The reasons behind the sudden drive to recruit new staff for arrears chasing may also be down to the Ulster Bank coming under strong pressure from the Central Bank to increase its mortgage arrears team and deal more effectively with its mortgage arrears and to prevent any increase in bankruptcies. Having 13% of its debt as mortgage arrears would be considered to large for comfort in the banking industry.
A spokesperson for Trust Deed Provider, Scottishtrustdeed.co.uk, said: "This move by Ulster Bank is welcome from the point of view of proving jobs to Scottish people, but is unwelcome from another as debtors with mortgage arrears will be facing increased stress when the new loans chasing team start applying pressure for them to clear their arrears."
The Scottish Debt Advice spokesperson added; "While it is never good to be in arrears on your mortgage, it has very different ramifications from being in arrears on say a loan or credit card. It is very likely that Scotland will see a rise in property repossessions that will be directly attributable to the actions of the new loans chasing team, not to mention increased poverty and hardship as home-owners are forced to find money to clear the arrears or lose their property.
Scottish Trust Deed provide help and advice on the ScottishTrust Deed debt solution. With a Trust Deed you can write off up to 90% of your debt and be completely debt free in 36 months. Our experienced advisors are only a phone call away to help you with your debt problems.
Website: www.scottishtrustdeed.co.uk
150 Arrears Chasers to Be Hired in Scotland, Says Debt Advice Company Scottishtrustdeed.co.uk
Ireland's third biggest lender, Ulster Bank, has revealed new plans to hire 150 new loans chasers in Scotland after mortgage arrears accounts for 13% of its mortgage business, says debt management company Scottish Trust Deeds.
2012-11-03
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[Press-News.org] 150 Arrears Chasers to Be Hired in Scotland, Says Debt Advice Company Scottishtrustdeed.co.ukIreland's third biggest lender, Ulster Bank, has revealed new plans to hire 150 new loans chasers in Scotland after mortgage arrears accounts for 13% of its mortgage business, says debt management company Scottish Trust Deeds.