Excerpt taken from the Code of Conduct on Mortgage Arrears from 2013:
A borrower can only be considered as not co-operating with the lender when:
1. any of the following apply to his/her particular case:
a) the borrower fails to make a full and honest disclosure of information to the lender, that would have a significant impact on his/her financial situation;
b) the borrower fails to provide information, relevant to the borrower’s financial situation, within the timeline specified by the lender in accordance with Provision 34; or
c) a three month period elapses:
(A) where the borrower has not entered into an alternative repayment arrangement, and during which the borrower:
(i) has failed to meet his/her mortgage repayments in full in accordance with the mortgage contract ;
or (ii) meets his/her mortgage repayments in full in accordance with the mortgage contract but has an arrears balance remaining on the mortgage;
(B) where the borrower has entered into an alternative repayment arrangement, and during which the borrower has failed to meet in full repayments as specified in the terms of an alternative repayment arrangement;
during which the borrower:
(A) has failed to make contact with, or respond to any communications from, the lender or a third party acting on the lender’s behalf;
(B) has made contact with, or responded to communications from, the lender or a third party acting on the lender’s behalf but has not engaged in such a way that enables the lender to complete an assessment of the borrower’s circumstances;
and 2. the warning letter, required in accordance with Provision 28, has been issued to the borrower and the borrower has not carried out the action(s) specified in that letter.
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