A Second Chance – How Abhaile’s New 2nd Voucher Can Save Homes

A New Development for 2024

The Abhaile Scheme provides a voucher to borrowers in mortgage arrears to receive a free consultation from a Personal Insolvency Practitioner. For years, one of the biggest criticisms of the Abhaile was that borrowers could only use the scheme once. But life doesn’t stand still – advice in 2018 might not work in 2024 if your circumstances have changed. Perhaps you were not in a position to take action previously, or you came to an alternative arrangement with your lender which is now unsustainable.

In May 2024, the Government introduced the second voucher initiative. Borrowers who previously used Abhaile three or more years ago can now access support again. In certain circumstances, a second voucher may even be issued sooner.

What the Second Voucher Provides

The second voucher works exactly like the first, giving borrowers free access to:

• A Personal Insolvency Practitioner (PIP) for expert debt restructuring advice.

• A Consultation Solicitor for legal issues, including repossession.

• An Accountant, in more complex financial situations.

By the end of 2024, 176 second vouchers had already been issued:

• 167 for PIPs,

• 8 for solicitors,

• 1 under exceptional circumstances.

Case Study: Saving a Home in 10 Days

A couple with arrears of €324,000 were facing repossession within days. They had already used Abhaile years before. Thanks to the new second voucher, they accessed a PIP and solicitor who quickly secured a Protective Certificate. Repossession was stopped, and a Personal Insolvency Arrangement (PIA) was put in place. They kept their home.

Why This Matters

The statistics show why this change is so important:

• Since 2016, over 22,000 PIP vouchers have been issued, and 72% were redeemed.

• 37% of Abhaile voucher clients proceeded to formal insolvency solutions, and 98% of PIAs let people stay in their homes.

• Many families who engaged early with Abhaile years ago are now facing renewed arrears pressures due to interest rate hikes or income changes.

The second voucher ensures these households are not abandoned.

What Borrowers Should Do

If you’re in arrears again, here’s what you need to know:

• Check eligibility: Have you used Abhaile before? Was it more than 3 years ago?

• Exceptional cases: If not, but your situation has drastically worsened, you may still qualify.

• Take action: Contact MABS or a PIP to discuss your options.

Conclusion

The introduction of the second voucher is a game-changer. It acknowledges that mortgage arrears are rarely a one-time event, and that families need ongoing support.

At McNamara & Associates, we’ve already helped clients access second vouchers to save their homes. If you’ve been through Abhaile before but are once again struggling, now is the time to reach out.