New Government due to announce greater protections for people in mortgage arrears

A centralised insolvency court is believed to be a key component of the proposed reforms

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David Hall of Irish Mortgage Holders Association. Image:

Greater protections for those in mortgage arrears are due to be announced by the new Government.

An estimated 120,000 people are currently having problems meeting their repayments.

The Programme for Government, which will be released in the next few days, is expected to contain additional protections against vulture funds.

It is also due to commit to a one-stop service to help those in debt.

David Hall, CEO of the Irish Mortgage Holders Association, says a centralised insolvency court is a key component.

Speaking to Newstalk Breakfast, Mr Hall explained that the court would be "very similar to the Peter Kelly Commercial Court, where centralisation of all proceedings involving debt - including repossessions and insolvency - [would] be done more sympathetically, rather than having a completely diverse system".

He added that "there's a big, big issue in relation to ensuring people have proper assistance and proper representation, and having a specialised system [...] That is a huge benefit to people."