Confidential debt advice & personal finance services Call us today on: 01 4434125

Archive: Sep 2016

  1. You don’t have to struggle with debt on your own, there is help available

    Comments Off on You don’t have to struggle with debt on your own, there is help available

    You don’t have to struggle with debt on your own, there is help available

    Debt problems can cause an awful amount of stress, sleepless nights, arguments with partners, depression and even suicidal thoughts.

     

    A survey conducted this year that explored the impact debt has on a person’s mental health stated that lots of people who were struggling with mortgage arrears contemplated suicide or turning to alcohol.

     

    According to the news The Irish Mortgage Holders Organisation and clinical psychologist Dr Eddie Murphy conducted the survey and questioned 488 people aged 29-70 years who are in debt.

     

    The survey found that:

    44% of respondents said they felt depressed either all of the time or most of the time

    31% have had suicidal thoughts in the last four weeks

    22% had active plans to kill themselves

    45% of people indicated harmful levels of alcohol use

     

    The results of this survey are very sad to see, its terrible that people are still suffering to this extent due to debt problems, we now have lots of solutions available to help any indebted person clear some or all of their debt.

     

    There is always a solution to a debt problem and anyone struggling with debt needs to ask for help straight away. Free debt advice is available from lots of organisations and we can also arrange a Free appointment with a Debt Advisor or Personal Insolvency Practitioner who will be able to give Free Debt Advice to anyone worried about debt in Ireland.

     

    If you know anyone struggling with debt please make sure they speak to a Debt Advisor or Personal Insolvency Practitioner as they can get the help they need with one phone call.

     

    No one should be ashamed of being in debt as there are so many people who have struggled with debt at some stage of their life, the most important thing to do is to get help, don’t ignore the problem as it will just get worse.

     

    One lady who contacted us this year now has a debt settlement solution in place which gives her affordable monthly payments. She was struggling with lots of debts and a high mortgage payment due to a relationship breakdown.

     

    We arranged a Free appointment for her with a Personal Insolvency Practitioner and now she has had some of her credit card debt written off and part of her mortgage which was affordable has been write down also.

     

    Her Personal Insolvency Practitioner held her hand through the whole process and deals with all her creditors for her at the moment and she is not worried about debt anymore and a huge weight has been lifted from her shoulders. This is one example of how a quick chat with a Debt Advisor or Personal Insolvency Practitioner can solve a debt problem.

     

    It was reported in the news this year also that Irish households are the fourth most indebted in European Union and the average amount of household debt per person in Ireland is now €31,216. These households need to make sure they ask for help if they start to struggle paying this debt back.

     

    We have lots of debt solutions available to help clear different type of debts and lots of insolvent people are getting their debt written off now which is brilliant to see.

     

    If you are struggling with debt and are receiving lots of calls and threatening letters from your credit card or loans companies then please don’t ignore the situation, give us a quick call on 01 4434125 or request a free call back through our website and you will receive Free Debt Advice today!

     

    arrange call back

     

    R.McGonnell 26th September 2016

     

     

     

     

     

  2. Are you eligible for a new Irish Debt Settlement Solution?

    Comments Off on Are you eligible for a new Irish Debt Settlement Solution?

    Are you eligible for a new Debt Settlement Solution?

    free financial advice ireland

     

    If you are unable to pay your debts as they fall due and do not see yourself being able to do so in the next few years there are now 3 debt settlement solutions which can help you clear your debts.

     

    The right debt settlement solution for you will depend on how much you owe, the type of debt you are struggling with and also your income and your assets.

     

    There is now a lot of help available for anyone struggling to pay their loans, credit cards or mortgage in Ireland. The Personal Insolvency Act 2012 which was passed into law in Ireland at the end of 2012 introduced new debt settlement solutions to help anyone struggling with unmanageable debt.

     

    The following debt settlement solutions are now available and you may be able to write off some or all your debt if you are insolvent (Insolvent means you are unable to pay your debts in full and when they fall due)

     

    Debt Settlement Arrangement
    A formal debt settlement agreement where a percentage of the debt is paid and creditors agree to write off any outstanding debt. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years. The limit of 5 years can increase to 6 years in some situations and covers more than €20,000 of unsecured debt. If you have unsecured debt such as credit cards, loans and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts.

     

    Debt Relief Notice 
    This solution offers debt relief to people who have little or no disposable income or assets which they could use to repay what they owe. This is a debt settlement solution to clear less than €35,000 of debt. It enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay their debt and it is unlikely their financial situation will improve in the next 3 years.

     

    Personal Insolvency Arrangement
    Formal debt settlement agreement that includes secured debt (mortgage and secured loans) and unsecured debts (credit card, loans and overdrafts) where a percentage of the debt is paid and creditors agree to write off any outstanding debt. If you are struggling to pay your secured and unsecured debt, a Personal Insolvency Arrangement may be the right solution for you.

     

    The best way to find out if you are eligible for one of these new debt settlement solutions is to speak with a Personal Insolvency Practitioner.

     

    A Personal Insolvency Practitioner can check to see if you are eligible to have your debt written off under one of the new insolvency solutions.

     

    The Personal Insolvency Practitioners we work with understand the stress involved when someone is in debt and they are there to help you find a solution to your debt problems.

     

    You may be struggling to pay your debts due to a change in your circumstances. Lots of people have been affected by pay cuts and redundancies and no longer have the same income as before. It can be very difficult to keep paying the normal payments to your debts and mortgage when you don’t the same income coming in every month.

     

    We can arrange a FREE appointment for you with a Personal Insolvency Practitioner, just call us on 01 4434125 or request your FREE call through our website today.

     

    arrange call back

     

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

     

     

  3. Debtor has €223,000 written off his mortgage with help of Personal Insolvency Practitioner

    Comments Off on Debtor has €223,000 written off his mortgage with help of Personal Insolvency Practitioner

    Debtor has €223,000 written off his mortgage with help of Personal Insolvency Practitioner

    It was reported on the 6th of August 2014 that a married Clare man had €223,000 written off his mortgage with the help of his Personal Insolvency Practitioner (PIP).

     

    According to the news the 59 year old stonemason secured a €223,000 write down on his family home mortgage as part of a Personal Insolvency Arrangement. The man’s mortgage payment has been reduced down to a manageable amount and will be paid for 10 years and three months, this coincides with the debtor’s 70th birthday and he will keep the family home.

     

    The write down by KBC Bank was approved by a Judge at Ennis Circuit Court who said the debt burden was the largest he had come across.  The man’s business collapsed last year. Due to his low income he was unable to engage in a long term payment plan. Instead, he would pay a dividend to unsecured creditors by selling unencumbered property.

     

    His Personal Insolvency Practitioner (PIP) negotiated the deal with the creditors on his behalf who all voted in favour of the Personal Insolvency Arrangement at a creditor meeting.  With the help of his Personal Insolvency Practitioner the man’s mortgage is now affordable and the bank who is owed the mortgage debt to will more than likely receive more than if they forced a repossession of the property.

     

    The Personal Insolvency Arrangement had the backing of 100% of the secured and unsecured creditors. The man’s main lenders will understand that this is the best they can hope to achieve under the circumstances.

     

    A Personal Insolvency Arrangement is one of the debt settlement solutions introduced with the Personal Insolvency Act 2012. It’s a formal arrangement that includes secured and unsecured debts where a percentage of the debt is paid and creditors agree to write off any outstanding debt. This debt solution was brought in by the Government to help people deal with unaffordable secured debt (mortgages and secured loans) and unsecured debt (credit cards, loans and overdrafts).

     

    This shows another great example of how the Personal Insolvency Act is working really well for debtors struggling with unmanageable debt. In the past the only options for this man would have been bankruptcy or to surrender his home and he still would be stuck with a high level of unsecured debt to pay when the property would probably be sold at auction at a low price.

     

    If you are struggling to pay to your mortgage please don’t worry as there is now help available.  We can arrange a Free appointment for you with a Personal Insolvency Practitioner who will able to see if you are eligible for a debt solution, just give us a call on 01 4434125 today.

     

     

    R.McGonnell 26th September 2016

     

     

     

     

     

     

  4. Personal Insolvency Practitioner helps Teacher beat her mortgage lender

    Comments Off on Personal Insolvency Practitioner helps Teacher beat her mortgage lender

    Personal Insolvency Practitioner helps Teacher beat her mortgage lender

    According to the news on the 27th of July 2016 a single mother with 2 children won her case against her mortgage lender at the Personal Insolvency Court in Ennis.

     

    It was report that her mortgage lender had opposed a deal put forward by her Personal Insolvency Practitioner a few months prior and that the lender may evict her from her home as she was struggling to pay her mortgage payments.

     

    Judge Patrick Meaghan approved a Personal Insolvency Arrangement that allows the Limerick school teacher to stay in her family home with her sons, aged eight and five, and she will also receive a €113,000 write down on her €309,000 mortgage.

     

    This debtor achieved a victory at the Personal Insolvency Court with the help of her Personal Insolvency Practitioner and his legal team. This court case is a result of measures introduced by the Government last year that let debtors seek an independent court review of lenders vetoing Personal Insolvency deals. This important change made to the Personal Insolvency Act last year allows a debtor an independent court review if their Personal Insolvency Arrangement has been declined by their lender.

     

    The mortgage lender in this case objected to the Personal Insolvency Arrangement (PIA) put forward by the teacher’s Personal Insolvency Practitioner, Maurice Lenihan at a creditor meeting.

     

    A Personal Insolvency Arrangement (PIA) is a debt settlement deal that covers secured and unsecured debt, this is the insolvency arrangement for mortgage holders who are seeking a debt solution to help them restructure their mortgages, overdrafts, credit cards or loans.

     

    With the help of her Personal Insolvency Practitioner she decided to appeal the decision made by her mortgage lender, after taking her case to court her mortgage lender decided to withdrawn its opposition to the appeal and this allowed the Judge to approve the write-down of debt.

     

    It’s great to see that debtors are now beating the banks, this debtor has had a deal approved that will allow her to stay in the family home with her two kids and her mortgage payment and other debts if any, will be affordable as they will be reduced down to a manageable amount.

     

    The Personal Insolvency Practitioners we work with have already helped hundreds of people secured debt write off deals like this over the last few years and will continue to help thousands more due to this independent court review for declined deals.

     

    When an insolvency deal is agreed, unmanageable debt is written off and the monthly debt repayments are also reduced down for the debtor, sometimes up to 70% of the debt can be written off.

     

    There is also a light at the end of the tunnel as a Personal Insolvency Arrangement lasts for normally 6 – 7 years and a Debt Settlement Arrangement lasts for 5 – 6 years.

     

    A Debt Settlement Arrangement is a formal agreement where a percentage of the debt is paid and creditors agree to write off any outstanding debt. It’s an agreed settlement of your unsecured debts with affordable payments over a period of 5 – 6 years, this solution does not include the write down of mortgage debt. If you have unsecured debt such loans, credit cards and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts.

     

    People who contact us have experienced a change in their circumstances and this is reason why they are struggling to pay their debts every month. We can arrange a free appointment with a Debt Advisor or Personal Insolvency Practitioner for anyone struggling with debt.  The Debt Advisors and Personal Insolvency Practitioners we work offer Free Debt Advice and have helped thousands of people over the years. They give practical honest advice and will be able to see if you are eligible for a debt solution to write off some or all of your debt.

     

    If you would like to receive Free Debt Advice please call us on 01 4434125 or complete our call back form to receive a call today!

     

    arrange call back

     

    R.McGonnell 19th September 2016