I have been impacted by Covid-19 and I will not be able to pay my mortgage.
We are committed to helping our customers who are impacted by COVID-19 and have solutions in place to help. Depending on your circumstances, we can offer you a moratorium (payment break) or interest-only payment arrangement. Please contact us on 1850 930 235 and we will discuss your options with you.
I might be affected by Covid-19 and may not be able to pay my scheduled mortgage repayment
We would encourage you to continue to maintain your repayments to your mortgage if you are able to do so. But if your circumstances change, we will be able to help you. Please contact us on 1850 930 235 and we will discuss your options with you.
If I take a payment break, how will this affect my repayments?
Your monthly repayments will be reduced during the arrangement. After the arrangement ends, there will be an increase in your monthly repayments due. The reason for this is that, depending on the type of arrangement you avail of, there will be an amount of capital and/or accrued interest that you will have deferred the repayment of during the arrangement. These deferred repayments will need to be repaid over the remaining term of your mortgage, and so your monthly repayments will be adjusted at the end of the arrangement to take this into account. Before your arrangement ends, we will contact you to let you know what the increased monthly repayment will be.
Will this involve any additional cost for me?
Yes. Where you take a payment break, you will be deferring the payment of both interest and capital. Where you avail of an interest only arrangement, you will be deferring the payment of capital only.
Interest that accrues during the payment break will be capitalized and repaid over the remaining term of the loan. As such, it will attract interest in the same way as the loan advance until repaid in full. In addition, the capital repayments that are deferred under a payment break or interest only arrangement will mean you are repaying the loan more slowly than originally scheduled. Interest will still be charged on those deferred capital repayments. Together, these represent an additional cost of credit.
Where you avail of a payment break (deferred interest and capital) or an interest only arrangement (deferred capital only), we will confirm the total additional cost of credit in writing to you.
I’m not sure how much I can commit to paying each month – can I vary the amount?
Yes. You can choose interest only or a full moratorium, but you can then make a manual payment each month on top of this depending on what you decide is affordable to you. You can stop this extra payment at any time.
I’m on an agreed long term reduced repayment arrangement - can I still have these arrangements?
These options can be considered, taking into account your current arrangement with the bank.
Please contact us to discuss the details of your own individual case on 1850 930 235
My Direct Debit has already left my account. Can I get it back?
If you send us evidence of the money which has left your account (by email to firstname.lastname@example.org
) – for example, a screenshot from your internet banking – then we can arrange for a refund to you while this is being processed. If you are unable to provide us with this, then you will have to follow the normal Direct Debit Refund process. The form can be downloaded from https://www.kbc.ie/help/downloads
and posted back into us within 8 weeks of the date of the Direct Debit.
What documentation do I need to provide the Bank with to prove my situation?
At the moment, if you are impacted by Covid-19 no supporting documentation is required.However, if you avail of an arrangement, we will contact you again in three months’ time and will ask you to complete a Standard Financial Statement to help us better understand your circumstances.
What impact will this have on my ICB/CCR/Credit Rating?
For the first three months of this payment break, your account record with the ICB and /or the CCR will not be adversely affected, as announced by the Minister for Finance and the Banking and Payments Federation of Ireland (“BPFI”). If you request to cancel the payment break at the end of the first three months, your credit rating will not be impacted.
If you do not cancel this payment break for the remaining three months, your account at the ICB will be recorded as “Terms Amended/Moratorium” and your account will be recorded on the CCR as having “Interest only/Moratorium” for less than twelve months” in place. This may affect your ability to obtain future credit. It is therefore very important that you engage with us prior to the end of the first 3 month period if you wish to cancel this payment break.
What if my financial concerns are not as a result of Covid-19?
We have a range of different options available – you need to provide us with a Standard Financial Statement along with all your corroborating documentation by post if possible (or by scanning and emailing it to email@example.com
). Your circumstances will be assessed and a member of our Arrears Support Unit will be back in contact with you to confirm the information and discuss the options available to you.
I have not found the answers I need on this page. What should I do?
If you still have unanswered questions about the options available to you, please contact us on 1850 930 235
and a member of our team will be happy to help you.