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899 New Applications for Debt Write Off Deals for 3rd Quarter of 2016

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899 New Applications for Debt Write Off Deals for 3rd Quarter of 2016

The Insolvency Service of Ireland (ISI) released the debt help and advice statistics for the 3rd quarter of 2016 today.

 

The Insolvency Service of Ireland (ISI) is an independent government body which was set up in March 2013 to help indebted Irish people become debt free. With the help of Personal Insolvency Practitioners and approved Intermediaries like MABS so far the ISI has helped 4000 Irish people become debt free.

 

The report released today by the Insolvency Service of Ireland shows a continued growth in new applications for debt write off solutions, protective certificates and approved arrangements at similar levels to last quarter. When compared to the same period last year, there is significant growth in all these categories.

 

Key statistics from the 3rd Quarter include:

 

 

899 New applications for debt write off solutions.

 

703 of the new applications were for Personal Insolvency Arrangements (this debt solution is designed to return a person to solvency while keeping them in their home).

 

417 Protective Certificates were issued (A Protective Certificate prevents creditors from taking any legal action while allowing a Debt Settlement Arrangement or Personal Insolvency Arrangement to be drafted and proposed).

 

337 Debt Write Off arrangements were approved

 

61 Bankruptcy cases approved

 

334 Debt Write Off arrangements were approved in the 2nd quarter of 2016, 4 more Debt Write Off arrangements were approved in the 3rd quarter of 2016.

 

This is breakdown of the different debt solutions approved in the 3rd quarter:

100 Debt Relief Notices

57 Debt Settlement Arrangements

180 Personal Insolvency Arrangements

 

The Personal Insolvency Act 2012 introduced these new debt settlement solutions to help people in Ireland become debt free.

 

Debt Relief Notice 

Formal agreement that gives 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.

 

Debt Settlement Arrangement
Formal agreement where a percentage of the debt is paid and the creditors agree to write off any debt outstanding. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years. If you owe more than €20,000 and 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.

 

Personal Insolvency Arrangement

Formal agreement 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 (mortgage and secured loans) and unsecured debt (credit cards, loans and overdrafts)

 

Bankruptcy 

A high court process to clear all your debts if you have little or no money available to repay your creditors. Before you consider applying for bankruptcy you must have explored the alternative solutions to bankruptcy which includes a Debt Settlement Arrangement, Personal Insolvency Arrangement and Debt Relief Notice. Unsecured and secured debt such as mortgages for family homes or buy to let properties, business loans and credit card loans can be included in bankruptcy.

 

It’s fantastic to see that anyone burdened with unaffordable debt has lots of different solutions now available to them.

 

These debt settlement solutions now available could make your loan, credit card and mortgage payments more affordable if you are unable to pay your debts as they fall due. You may be eligible to have some or all of your written off also.

 

There are now also 136 Personal Insolvency Practitioners in Ireland who can help anyone struggling with unmanageable debt.  A Personal Insolvency Practitioner is a trained debt advice professional who will be able to see if you are eligible for a solution to reduce your payments and have a percentage of your debt written off.

 

The Personal Insolvency Practitioner will be able to sit down with anyone struggling to pay their debts to see if they are eligible for a Debt Settlement Arrangement or a Personal Insolvency Arrangement then their Personal Insolvency Practitioner (PIP) will negotiate the debt settlement deal on behalf of the indebted person if they are eligible for one of these debt settlement solutions

 

If you are struggling to pay to your mortgage, credit cards or loans please don’t worry as there is help available.  We can arrange a Free call for you with a Personal Insolvency Practitioner who will able to see if you are eligible for a debt solution.

 

Click on the arrange a call back button below or phone us on 01 4434125 to receive Free Debt Advice Today. 

 

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R.McGonnell 17th October 2016

 

 

 

 

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