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Archive: Mar 2017

  1. A Debt Settlement Arrangement Helped This Couple Reduce Their Debt

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    A Debt Settlement Arrangement Helped This Couple Reduce Their Debt

    Michelle and Paul are struggling to pay their two loans and three credit cards every month because their income has been dramatically reduced.

    They have 2 young children and are finding it very difficult to pay all their bills because Paul’s hours were cut at work last year.

    He now only works 3 days a week and is struggling to find work for the other days. Paul works in construction and a lot of his work has now dried up.

    Michelle works part time but their combined income is not enough to cover their rent, bills, credit card and loan repayments.

    Their creditors are adding interest and charges to their debts. They keep phoning them and are sending debt collection letters every week asking them to make payments they cannot afford.

    Michelle and Paul know they need financial help so they speak with a Personal Insolvency Practitioner about their debt problems and the Personal Insolvency Practitioner offers them free debt advice.

    The Personal Insolvency Practitioner sits down with Michelle and Paul and and goes through all their income and expenditure details, afterwards he recommends a Debt Settlement Arrangement as the best debt settlement solution to help them become debt free.

    Their Personal Insolvency Practitioner applies for a Protective certificate first of all which gives Paul and Michelle protection from creditor legal proceedings while they are applying for a Debt Settlement Arrangement. This gives the Personal Insolvency Practitioner time to get all their paperwork together so he can make a proposal to their creditors.

    A few weeks later the Personal Insolvency Practitioner calls a creditor meeting and Paul and Michelle’s creditors agree to the proposal put forward by their Personal Insolvency Practitioner.

    Their Debt Settlement Arrangement has been approved and they will now only have to pay their debt back for 5 years. Under this arrangement 53% of their debt will be written off and their debt repayments reduced down also.

    They won’t receive any more letters and calls from their creditors and will not have to worry about unmanageable debt any longer. Their Personal Insolvency Practitioner will administer their Debt Settlement Arrangement for them until their debts are paid off.

    An Example of Michelle and Paul’s Debt Settlement Arrangement

    (This is an example of how a Debt Settlement Arrangement can help someone who is insolvent, the monthly payment and the amount of debt written off in each debt settlement arrangement varies for every insolvent person/family as everyone’s circumstances are different, this case study is just an example and will give you an idea of how a debt settlement arrangement can help someone struggling with unmanageable debt)

    A Debt Settlement Arrangement is a formal agreement between you and your creditors where you repay a percentage of your debt and your creditors agree to write off any outstanding debt.

    If you are struggling to pay your unsecured debts such as credit cards, loans and overdrafts then a Debt Settlement Arrangement could be the right solution to help your clear your debts with affordable payments.

    A Debt Settlement Arrangement is an agreed settlement of your unsecured debts (credit cards, loans and overdrafts) with affordable payments over a period of 5 years. When a Debt Settlement Arrangement is successfully completed you will be fully discharged of the debt included in the arrangement and will be solvent again. You must contact a Personal Insolvency Practitioner to apply for a Debt Settlement Arrangement

    If you would like Free Confidential Debt Advice then let us arrange a FREE phone call with an Independent Debt Advisor or Personal Insolvency Practitioner.

    If you are struggling to pay to your mortgage, credit cards or loans please don’t worry as there is now financial help available. We can arrange a Free appointment for you with an Independent Debt Advisor or 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.

    Rory McGonnell

    Founder of Bright Day Finance

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

    Liz G. from Wexford

    “Since I found Bright Day Finance my life has become less stressful, no longer am I dreading the end of the month and worrying about where I am going to find the money to pay back my debts.

    Rory gave me some very sound advice and has taken over handling them for me. I cannot praise Rory or his team enough, they came up with a suitable and affordable payment plan for me, now my creditors are happy and so am I. Thank you Bright Day Finance”

    Mary L. from Tipperary

    “My name is Mary I joined bright day finance in march 2012, I was after getting myself in to huge debt and I could not see how I was going to get myself out of this. I contacted bright day finance and it was the best move I ever made.

    Bright day set up a debt reduction plan for me and I can now sleep at night not having to worry about the banks or debt collectors calling to my door. Bright day finance provide an excellent service and I will be recommending them to my friends and family who are also struggling in these hard times.”

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  2. Two Thirds of Irish People Not Aware of Solutions to Help Them with Debt

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    Two Thirds of Irish People Not Aware of Solutions to Help Them with Debt

    Debt is a scary word in itself, so it’s only understandable that those suffering with the burden of debt will feel anxious and confused as to what can be done to rectify their issue. Evidently, it would be simple to say to seek help, but not everyone is as forthcoming with their financial problems, or even know that there is help available. In fact, it has been reported that two thirds of Irish people are suffering in silence when it comes to their financial affairs.


    Why Are So Many Struggling?

    While it can be easy to assume that those who are in financial distress are wreckless with money, it can simply be because there isn’t enough of it to go around. It isn’t unusual for many to keep their financial concerns to themselves, often assuming that it’s their problem, so only they should deal with it. Similarly, there are those with good intentions of rectifying their current situation, but just don’t know where to turn when it comes to locating the help.

    Embarrassment can also be an underlying factor, as there can sometimes be a stigma attached to those in debt. However, if we’re not able to take advantage of the help available, and we’re not able to deal with the problem ourselves, then the problem is only going to get worse. While not dealing with debt may only mean a series of overdue letters to some, others may have their home and car secured with finance, so could end up losing their lifestyle and livelihood.


    Why Consider Debt Management?

    When you take into account that two thirds of Ireland are struggling with debt, it’s likely that many of those people may not be aware of the benefit that debt management can offer. People can also suffer from a series of ailments that prevents them from dealing with their financial problems. As such, a professional solution is needed to ensure that everyone understands their financial commitments, while making sure that are dealt with fairly.

    A debt management company will also be aware of what can be done to reduce your level of debt. Facing this alone can sometimes result in a series of dead ends.

    Another reason that so many in Ireland can suffer from debt is due to the fact that different bills fall on different dates. This can be confusing to many people, so it’s not always because money isn’t available, it just wasn’t available at the right time. As well as ensuring your commitments are met each month, you will only have to make one monthly payment in most instances, giving you more control of your finances as a whole.

    Allowing a debt management company to look at your finances can also help freeze interest on some loans and credit cards, meaning that you’re paying less each month as a result.

    Being in debt can be a worrying prospect, but with so many others in the same boat, we can be more confident in asking for help and shrugging off the shackles of stigma. Anyone can fall into financial hardship, so there’s no reason as to why anyone shouldn’t be able to seek help should they need it.


    Rory McGonnell

    Founder of Bright Day Finance

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



    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Robert M. from Cork City

    “I highly recommend Rory & the staff of Bright Day Finance to anyone having issues with their creditors. He helped me through a stressful time with me going deeper into debt.

    Rory negotiated excellent terms from all my creditors into a weekly payment I could afford. Was a phone call I’m glad I made and a great weight has been taken from my shoulders ever since”

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