Latest news with #MABS
Irish Independent
15-07-2025
- Business
- Irish Independent
Rise in Kerry people seeking advice on ‘crippling financial' pressure
MABS say its pre-Budget submission highlights a deepening crisis among low-income and vulnerable households that is driven by unsustainable mortgage repayments, soaring rental costs, and crippling utility arrears. Among the main Kerry concerns flagged by MABS is mortgage distress, utility bills, and unaffordable rents. There is an average of 190 new clients every month in the region reflecting the hundreds of households facing choices between heating, rent, food or mortgage payments. MABS say that temporary arrangements for struggling mortgage holders are proving unsustainable as interest rate increases were passed on rapidly, while rate decreases have not been. Many mortgages, now held by non-bank entities, carry higher interest and fewer protections. MABS revealed it has seen a sharp rise in utility arrears, with some bills reaching up to €9,000. 'We cannot build sustainable repayment plans when providers are asking for lump sums that our clients simply don't have,' said Ursula Collins, Regional Manager of South Munster MABS. She added that the winding down of hardship funds and the uncertainty around energy credits has left many vulnerable households at serious risk of disconnection. In terms of rent, MABS say clients are being asked to pay rents that exceed their income—even when receiving support such as HAP. In one recent case, a household earning €1,200 per month was being asked to pay €1,300 in rent. Ahead of the autumn budget, MABS Kerry's Service Delivery Manager, Eamonn Foley, urged policymakers to implement practical, evidence-based recommendations. 'These are outlined in our pre-budget submission to prevent deeper hardship and long-term social costs. We want to ensure Budget 2026 is people-centred and will help vulnerable households desperately in need of support,' Mr Foley said. Among the listed budget recommendations will be a social energy tariff, overhaul of HAP and Rent Supplement systems, reform of the Mortgage to Rent scheme. MABS will also request stronger protections against utility disconnection, wider access to hardship funds and emergency supports, and the introduction of a cross-government financial inclusion strategy.
Irish Examiner
14-07-2025
- Business
- Irish Examiner
MABS sees 10% surge in families in debt due to soaring cost of living
A branch of Ireland's money advice service has urged the Government to introduce targeted budget supports to address spiralling debt and housing pressures following a surge in its caseload. The South Munster Money Advice and Budgeting Service (MABS) issued the call after reporting a 10% rise in caseloads across Cork since the start of this year. In its pre-budget submission, it said the rising caseload highlights a deepening crisis among low-income and vulnerable households — driven by unsustainable mortgage repayments, soaring rental costs, and crippling utility arrears. South Munster MABS regional manager Ursula Collins: 'Too many people are falling through the cracks because supports are too slow, too limited, or simply don't reflect the cost of living on the ground.' File picture: Diane Cusack South Munster MABS regional manager Ursula Collins said it is now supporting an average of 190 new clients every month in the region. 'That's not just a number — it reflects hundreds of households facing choices between heating, rent, food or mortgage payments,' she said. 'Too many people are falling through the cracks because supports are too slow, too limited, or simply don't reflect the cost of living on the ground.' Among key issues flagged by its clients were escalating mortgage distress, a utility bill crisis, and soaring rent. On the mortgages issue, Ms Collins said temporary arrangements for struggling mortgage holders are proving unsustainable as interest rate increases are passed on rapidly, while rate decreases have not been, with many mortgages now held by non-bank entities carrying higher interest and fewer protections. She said MABS has also seen a sharp rise in utility arrears, with some bills reaching up to €9,000. 'We cannot build sustainable repayment plans when providers are asking for lump sums that our clients simply don't have,' Ms Collins said. The winding down of 'hardship funds' and uncertainty around energy credits have left many vulnerable households at serious risk of disconnection, she warned. On the rent issue, she pointed out that the average rent in Cork is now around €1,900 per month, and that it is placing immense pressure even on those receiving rental supports such as the housing assistance programme (HAP). Its pre-budget submission, MABS calls for the introduction of: A social energy tariff to protect financially vulnerable households and for stronger protections against utility disconnection; An overhaul of HAP and the rent supplement systems to reflect real housing costs; Expanded support for people in long-term mortgage arrears, including reform of the mortgage to rent scheme; More permanent viable solutions being offered to mortgage holders; Broader access to hardship funds and emergency supports for those in arrears. MABS also called for a cross-government financial inclusion strategy to end the 'poverty premium' paid by low-income families — many of whom are forced to rely on expensive credit or are locked out of basic financial services. 'We are urging policymakers to implement the practical, evidence-based recommendations outlined in our pre-budget submission to prevent deeper hardship and long-term social costs,' Ms Collins said. 'We want to ensure Budget 2026 is people-centred and will help vulnerable households desperately in need of support.' Last Friday, Taoiseach Micheál Martin warned of a challenging budget and again ruled out a repeat of previous one-off cost-of-living supports despite concerns about soaring prices.
Irish Times
03-06-2025
- Business
- Irish Times
Breaking free from debt: ‘I used to see my credit card limit as a target'
During the recession following the 2008 financial crash, Ann-Marie Gaynor was going through a marital breakdown; suddenly finding herself single parenting three children under the age of seven, jobless and €17,000 in debt. A self-described Celtic Tiger baby, Ann-Marie says she never saw the top limit on her credit card as anything other than a target. When one was maxed out she would successfully apply for another one. 'It was debt that would have been paid off quite easily if I was still in a marriage, but I wasn't... The first time I became an adult on my own was at the age of 30.' READ MORE Ann-Marie is also known as Irish Budgeting Mammy on Instagram where she shares what she's learned from turning her finances around. The key steps included engaging with the Money Advice and Budgeting Service (MABS) and going back to college as a mature student. The Longford woman is now a clinical nurse manager. Gaynor also joined the #DebtFree community; a movement originating in the US where people engage in hardcore economising to clear debt and save money. In this episode of Better With Money, she outlines what she's learned along the way and encourages others to regain control of their finances. Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan. Resources mentioned in this episode: Money Advice and Budgeting Service Other links you may find helpful: The Insolvency Service of Ireland's Back On Track web site Competition and Consumer Protection Commission If debt is causing serious mental distress, reach out and speak to an organisation like Samaritans
Irish Examiner
29-05-2025
- Business
- Irish Examiner
Patrick Coughlan named Cork Person of the Month for helping people in financial difficulty
A man whose work has helped thousands of people in financial difficulty for over 40 years has been named Cork Person of the Month for May. In the early 1990s, Patrick Coughlan helped set up a free service in the Cork city credit union where he worked – a service that proved hugely successful and ultimately evolved into the nationwide Money and Budgeting Advice Service (MABS). Cork Person of the Year awards organiser Manus O'Callaghan said Mr Coughlan has dedicated his career to helping those most in need. 'His work has provided a vital safety net for thousands of individuals and families facing financial hardship,' he said. 'His passion, vision and tireless advocacy has made a lasting difference, and his contributions to financial well-being in Cork and beyond will not be forgotten.' Mr Coughlan's journey with MABS began in the early 1990s, when he was working in the Lough Credit Union on the southside of Cork City. He and his colleague, Brendan Roche, decided to develop a structured approach to help members who were overwhelmed by financial difficulties. Recognising the need for a sustainable solution, they established an income and expenditure system that prioritised essential living expenses while ensuring regular repayments to creditors. Their approach to helping people in financial distress was strengthened by partnerships they helped forge with Cork City Council, Cork County Council, utility companies and financial institutions, who all agreed to facilitate the introduction of manageable repayment plans for those in financial crisis. As the impact of their MABS initiative grew, support was secured from the Combat Poverty Agency and the then-Department of Social Welfare, which allowed the fledgling service to expand its reach. What began as a local project soon evolved into a nationwide initiative and network. Mr Coughlan, who retired as manager and financial controller of The Lough Credit Union in 2015, is still the acting chair of South Munster MABS and he continues to play a key role in guiding the organisation. In 2024, the MABS national helpline handled 23,525 calls while South Munster MABS assisted 1,908 new clients, demonstrating the continued need for the service. Mr Coughlan said: MABS was born out of a real need to support individuals and families trapped in financial distress. 'Seeing the service grow from a small initiative at The Lough Credit Union to a nationwide support system has been incredibly rewarding. 'At the heart of MABS is the belief that everyone deserves financial stability, and I am proud to play a part in that journey.' Mr Coughlan's name now goes forward alongside the other monthly winners for possible selection as Cork Person of the Year, who will be announced at the annual gala awards lunch next January. Read More West Cork town to celebrate 200 years of the first lifeboat in Courtmacsherry
Irish Times
13-05-2025
- Business
- Irish Times
‘It's not about a life of misery. It's managing the money you have'
Track your spending, pay yourself first and set your financial goals. That is the advice from Irish Times consumer affairs correspondent and Pricewatch editor, Conor Pope . Yeah, but literally how though? It's hard to budget in Ireland where costs are so high and wages haven't kept up for so many of us. READ MORE For those who are comfortable with spreadsheets, budgeting is a simple case of column A and column B; charting their incomings and outgoings. But if you struggle to budget and wonder where you are going wrong, episode one of our new podcast series Better with Money is a refreshingly spreadsheet-free zone. This no-nonsense guide is devoid of jargon and heavy on solidarity and we won't be trying to dissuade you from your matcha lattes or bottomless brunches. 'It's not about living a life of misery. It's about managing the money you have without draining the colour from your life,' says Pope. Listen on the player above or search for Better with Money wherever you get your podcasts. Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan. Resources mentioned in this episode: Spendee budgeting app MABS bugeting tool CCPC budgeting tool Charles Duhigg Revolut vaults explainer An Post Money jars Bonkers Switcher
