Following a series of meetings, IFA has received a commitment from Ulster Bank to further engage with farmer customers in loan arrears prior to any sale of their loans, IFA National Chairman has said.
The meetings IFA held with Ulster Bank were in response to the bank’s announcement last month of its plans to dispose of loans in its specialist loans arrears unit to undisclosed parties. The customers affected were those outside current banking arrangements, or in arrears and under special management.
IFA Farm Business Chairman, Tom Doyle said, “There was significant anger at the manner in which Ulster Bank customers were informed of this move, the limited options they were given to refinance or pay in full, and the unacceptably short timeframe they were given to respond to the proposed move”.
He continued, “In response to IFA representations, Ulster Bank has committed to writing directly to affected farmer customers who have not yet entered the debt recovery process. These farmers are being offered a final opportunity to try to find a workable solution to their debt problems and remain Ulster Bank customers, rather than forming part of the loan sale.”
Mr Doyle concluded, “I am encouraging customers to constructively re-engage with their relationship manager on the basis that Ulster Bank will work with them to find a solution for both parties that will allow the customer to remain within the banking structure”.