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Are you eligible for a new Irish Debt Settlement Solution?

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Are you eligible for a new Debt Settlement Solution?

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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.


Rory McGonnell

Founder of Bright Day Finance

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



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