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Category Archive: Write Off Your Debt

  1. Taking Steps When Dealing with Debt Problems

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    Taking Steps When Dealing with Debt Problems

    When it comes to debt, it’s normal for us to want to bury our head in the sand and hope the problem will go away. However, the likelihood is that the problem will continue to snowball, often leaving us in a position worse than before. While debt can be seen as something of a stigma, it is actually something a number of us suffer from. In fact, back in 2013, a study showed that over 57% of families were struggling with debt in Ireland.

     

    Why We Fall into Financial Hardship

    When we fall into financial hardship, it’s easy to blame ourselves. Of course, there can be instances where we can change a few things to make budgeting a little easier, but debt is something that can creep up on any of us unexpectedly. One of the main causes can be a change in income. Some of us may have been made redundant, or lost a source of income. As such, out financial commitments can suffer.

    The Kind of Debt We Can Incur

    For some people, they could be behind in rent or mortgage payments, whereas others may be struggling with loans and credit cards. When trying to meet several different commitments, you will often find yourself in a vicious circle with no resolution in sight. Many assume that they have to suffer in silence, unaware that there is help available to those struggling due to debt.

     

    Dealing with Debt 

    One of the most difficult steps to take when dealing with debt is the first one. When we first start tackling our debt issues, it’s normal for us to feel a little overwhelmed with the number of things we have to do. If we’re not experienced in dealing with debt, we can find that we hit a series of brick walls when trying to deal with the debt. As such, many can be deterred from ever dealing with the problem.

    However, many may be surprised at what free debt advice is available, which in turn can offer those in debt several solutions. For example, personal insolvency is something that comes up a lot when dealing with debt, but not everyone is sure of what it entails and what ramifications there are.

    Bright Day Finance was set up to help those in debt and can arrange a free appointment with a trained Independent Debt Advisor who will advise just what options are available to those in debt. Although debt can be crippling for many, seeking out debt advice in Ireland from Independent debt advice professionals will ensure that you’re fully aware of your next steps, regardless of whether you’re considering insolvency, or just looking for some advice in relation to credit card debt.

     

    Moving Forward

    It’s completely normal to feel anxious when we start to deal with our debt problems, but having access to the right kind of advice will ensure that you’re on the right path when it comes to dealing with financial commitments, while ensuring a solid plan is in place moving forward.

    If you’re currently looking for some free debt advice to ensure that you’re moving in the right direction financially, then why not contact Bright Day Finance today to see what options are available.

    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”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

    See If You Qualify For 70% Debt Write Off



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  2. Mortgage and debt write-off requests increase by 180%

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    Mortgage and debt write-off requests increase by 180%

    The Insolvency Service of Ireland released their quarterly report last Thursday which showed that there was a 180% rise in the number of people applying to have their mortgage and debts written off under a solution called a Personal Insolvency Arrangement.

    A Personal Insolvency Arrangement is a debt solution brought in by the Government to help anyone who is struggling to pay their mortgages, credit cards, loans or overdrafts.

    This debt settlement solution normally lasts 5 or 6 years and allows an insolvent person to have part of their mortgage debt and other debts up to €3 million written off or restructured.

    A change in circumstances is usually the reason someone would struggle to pay their mortgage and debts every month.

    I know many who have lost their jobs or had their pay/overtime cut and this can make it very difficult to find the money every month to pay a mortgage and credit cards or loans.

    The report released by the Insolvency Service of Ireland shows that applications for debt write off solutions have more than doubled compared to equivalent period in 2016 and repossessions were prevented by Personal Insolvency Practitioners putting Personal Insolvency Arrangements in place for debtors.

    1,114 homeowners made an application to put a Personal Insolvency Arrangement in place in the first three months of this year. 407 homeowners made an application this time last year so this shows a really big increase already.

    In the first three months of this year, 179 Personal Insolvency Arrangements were approved by creditors, this is an increase of 19% on the same quarter last year.

    The report shows that in 90% of cases where a family home is involved, the debtor remains in their home and the average debt written off is €93,338.

    We are now starting to see a lot more people get the help they need and the solutions to regain financial freedom.

    If you are struggling to pay your mortgage, credit cards or loans then you may be eligible to have up to 70% of your debt written off.

    If you are eligible for a debt settlement solution then you could have part of your debts written off and would just have one affordable payment.

    Also interest and charges/threatening creditor calls and letters would stop too.

    Complete our form to see if you qualify for 70% debt write off or phone us on 01 4434125 to receive Free Confidential Debt Advice today. 

    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”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

    See If You Qualify For 70% Debt Write Off



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  3. 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.”

    See If You Qualify For 70% Debt Write Off



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  4. 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”

    See If You Qualify For 70% Debt Write Off



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  5. How Can You Get Your Debt Written Off?

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    How Can You Get Your Debt Written Off?

    Lots of people struggling with unmanageable debt in Ireland are now getting their debt written off.

    If you are struggling to pay your mortgage, loans or credit cards then you maybe eligible for a debt write off solution.

    You need to be insolvent to be eligible for one of these solutions, insolvency means that you are unable to pay your debts as they fall due.

    If your income has been reduced and you are now finding it difficult to pay your monthly credit card, loan payments or mortgage payment then you might be eligible for a debt solution.

    The Personal Insolvency Act 2012 introduced new debt settlement solutions to help Irish people deal with unmanageable debt so they have a fresh start by becoming debt free.

     

    Here is some more information on these debt write solutions and their benefits:

     

    Debt Relief Notice: A debt settlement solution to clear less than €35,000 of qualifying debt

     

    The Debt Relief Notice process enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.

     

    The purpose of this solution is to give relief to people who are in debt and have little or no disposable income or assets which they could use to repay what they owe.

     

    A Debt Relief Notice is a formal arrangement that will enable certain people to write off their unsecured debts altogether. If you cannot keep up with your debt repayments because your income is too low this option could be worth considering.

     

    Debt Relief Notices are set up with the assistance of an approved intermediary such as the Money Advice and Budgeting Service. To be eligible for this debt settlement solution the qualifying debts you owe must not exceed €35,000.

     

    What are the benefits of this debt solution?

    – Your debts will be written off after 3 years

    – No longer be under pressure to make payments that you cannot afford

    – Creditors named in your DRN cannot take any legal or debt collection action against you

    – becoming debt free

     

     

    Debt Settlement Arrangement: A debt settlement solution for more than €20,000 of unsecured debt.

     

    A Debt Settlement Arrangement is a formal agreement between you and your creditors where you repay a percentage of your debt in affordable monthly repayments, and your creditors agree to write off any outstanding debt once your final payment is made.

     

    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. 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).

     

    When the Debt Settlement Arrangement is completed successfully, the debts that it covers will be fully discharged and you will be solvent again. There are certain unsecured debts that cannot be included in a Debt Settlement Arrangement, also secured debts such as Mortgages cannot be included in a DSA. There is no limit on the total amount of debt that can be covered.

     

    You must contact a Personal Insolvency Practitioner to apply for a Debt Settlement Arrangement.

     

    What are the benefits of this debt solution?

    –  Up to 70% of your debt could legally be written off by your creditors

    –  Affordable debt repayments that are based on your living costs

    –  No more calls or letters from your creditors

    –  Debt free after 5 – 6 Years

    –  Interest and Charges Frozen

     

     

    Personal Insolvency Arrangement: A debt settlement solution for up to €3 million of secured and unsecured debt.

     

    A Personal Insolvency Arrangement allows you to settle and/or restructure your debts over a period 6 years.

     

    A Personal Insolvency Arrangement is a debt solution brought in by the Government to deal with secured debt (mortgages and secured loans) and unsecured debt (credit cards, loans and overdrafts)

     

    If you are struggling to pay your secured and unsecured debt, a Personal Insolvency Arrangement could be the right solution for you.

     

    A Personal Insolvency Arrangement must be put forward by a Personal Insolvency Practitioner and if approved at a creditor’s meeting by a qualified majority of creditors your unsecured debts will be settled over a period of up to 6 years and you will be released from those unsecured debts at the end of that period.

     

    With the help of a Personal Insolvency Practitioner, you can apply for a Protective Certificate while the Personal Insolvency Arrangement is being prepared. This prevents creditors from taking any action while the Personal Insolvency Arrangement is being drafted.

     

    What are the benefits of this debt solution?

    –  Up to 70% of your debt could legally be written off by your creditors

    – Protection for your family home

    – Mortgage Debt could be written down to a more affordable amount

    – Debt free after 6 – 7 years

    – Your creditors cannot take any legal or debt collection action against you

    – Mortgage and debt repayments are reduced to an affordable amount

     

     

    Bankruptcy: A debt settlement solution to clear debts over €20,000

     

    Bankruptcy is a solution to clear all your debts if you have little or no money available to repay your creditors.

     

    Bankruptcy is a high court process for people who owe over €20,000. Before you consider applying for bankruptcy you must have explored the alternative solutions to bankruptcy which include 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 your bankruptcy.

     

    Once bankruptcy has been declared, any surplus assets you have are evenly shared amongst your creditors. Once you have received your discharge from your official receiver then your unsecured debts are usually written off (subject to some limitations).

     

    You may be able to agree a schedule of mortgage payments with the bank and the Official Assignee to enable you to stay in your home and pay off your mortgage.

     

    There have been some major changes to the bankruptcy bill recently, under the new rules the bankruptcy term has been reduced from 3 years to 1 year and bankrupt applicants can regain financial ownership of their home after 3 years, if the home is transferred to a spouse or a relative in the meantime.

     

    The recent changes to the bankruptcy bill finally brings Ireland in line with bankruptcy terms in Northern Ireland and the UK.  The Insolvency Service of Ireland have also reduced the cost of going bankrupt to make it an affordable option.

     

    A Personal Insolvency Practitioner can help you identify the best solution for you. Personal Insolvency Practitioners are part of a network of qualified professional advisors regulated by the Insolvency Service of Ireland.

     

    We can arrange a Free appointment for you with a Personal Insolvency Practitioner, just request a call back from us today!

     

    What are the benefits of this debt solution?

    –  Debt that you cannot afford to pay is written off

    –  Bankruptcy can be a fresh start

    –  Debt free after 1 Year

    –  This will clear any overwhelming debts

    –  Stops creditor action

     

    There are lots of debt solutions now available, so if you are struggling with your debt repayments, try not to worry, but do not ignore your problem it’s vital to take action now and take control of your finances.

     

    If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal Insolvency Practitioner who will be happy to see if you are eligible to have your debts written off.

     

    Rory McGonnell

    Founder of Bright Day Finance

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

     

    Laura F. from Athlone

    “Bright Day Finance helped me so much, with Rory and his teams help I am now able to manage my debt, and it’s like a weight has been lifted. They even found out I was overpaying on a loan, to which I’m delighted to say Rory sorted for me and I ended up only owing the bank half the amount  so even with just that debt I have saved over a thousand euro.

    I can’t praise them enough, it was the best phone call I have ever made, I was in a situation where I was getting deeper and deeper into debt, but was too embarrassed to ask for help. but with Rory and his team they are like the friend you can talk to, they don’t judge! they are here to help you. So if you are in the same situation as I was make that call, it will be the best decision you will ever make”

    Chris L. from Galway

    “A special thanks to you all and especially to you Rory for being there for me in what was a very stressful time in my life. My debts were spiralling out of control as I struggled to meet the minimum repayments. Since contacting you Rory I have never looked back. You listened and in no time at all I began to feel so much better in myself.

    You contacted my creditors and to my amazement they all decided to freeze the interest and charges on my loans. You carefully arranged a debt management plan that works for me and I have one direct debit a month to Bright Day Finance who then pays my seven creditors. It’s been over a year now and everyone is happy. Rory and the team have given me financial freedom and I have a life again”

    See If You Qualify For 70% Debt Write Off



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  6. Court Review Introduced For Rejected Personal Insolvency Arrangements

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    Court Review Introduced For Rejected Personal Insolvency Arrangements

    For many borrowers struggling with mortgage debt, the introduction of a Personal Insolvency Arrangement was welcomed as a solution to help them deal with the burden of unsustainable debt.

     

    A Personal Insolvency Arrangement is a 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 for an insolvent person.

     

    However in reality, many of the Personal Insolvency Practitioners we work with are having Personal Insolvency Arrangement proposals rejected by mortgage lenders.

     

    The report released by the Insolvency Service of Ireland for the 1st quarter of 2015 shows below the banks who are rejecting these debt solutions.

     

    Percentage of cases rejected:

    Start Mortgages 80%

    PTSB / Springboard 48%

    Tanager 33%

    Bank of Ireland 21%

    Ulster Bank 19%

    AIB / EBS 14%

    KBC 10%

     

    Personal Insolvency Practitioners spent a lot of time with a borrower putting together their proposal for a solution to their debt problems, mortgage lenders would turn them down flat, even after other lenders had accepted their proposals.

     

    What many people still don’t know is that at the end of last year, the minister for Justice, Frances Fitzgerald announced that if a Personal Insolvency Arrangement proposal is declined, the borrower can ask for it to be reviewed by the courts. If the reason for turning it down is found to be unfair, the courts could force the proposal onto lenders. This has been warmly welcomed by the public as the government appears to be standing up for borrowers who have been at the mercy of Banks and other lenders to accept their Personal Insolvency Arrangement proposals.

     

    This new ruling isn’t a green light for all declined Personal Insolvency Arrangements being approved as the courts will look at the likelihood that the borrower can make the proposed repayments and the interests of all parties. As the courts are independent, we should see more balanced and informed decisions being made.  This should hopefully lead to more declined Personal Insolvency Arrangement proposals being overturned and being accepted in the future.

     

    Minister Fitzgerald went as far as to describe the order as “a very significant milestone in the development of Ireland’s insolvency regime”.

     

    The Personal Insolvency Practitioners we work with have appealed the decision of any mortgage lender who rejected a debtors Personal Insolvency Arrangement and have used this new court review process to gain the right decision for their client.

     

    As well as Personal Insolvency Arrangements now becoming more attractive, they complement a growing list of debt solutions available to borrowers experiencing financial difficulties. These include Debt Relief Notices, Debt Settlement Arrangements, and of course, Bankruptcy.

     

    Here is more information on the debt write off solutions now available, you maybe be eligible for one of these solutions below if you are unable to pay your debts as they fall due:

     

    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 card, loans and overdrafts)

     

    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.

     

    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.

     

    We now have debt solutions available that will reduce your monthly payments on your credit cards, loans or mortgage and will write off debt you can’t afford to pay.

     

    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.

     

    R.McGonnell 14th January 2017

     

     

     

  7. Debt Help Case Study: A Debt Settlement Arrangement

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    A Debt Settlement Arrangement

    debt settlement arrangement

    Michael and Noreen are struggling to pay their unsecured debt of €35,400.

     

    Michael and Noreen owe €35,400 to their credit card companies and are struggling to pay €750.00 a month to their credit card debt because their income has been reduced.

     

    They have 3 children and are finding it very difficult to pay all their bills as Noreen is unable to work now due to a long term illness.

     

    Noreen used to work full time but now she only receives benefits so the couple cannot afford to make the normal monthly payments to their credit cards as their household income is a lot less.

     

    They tried to negotiate with their creditors but the credit cards companies would not reduce their payments for them and are adding interest to their debts.

     

    Their creditors keep phoning them and are sending them debt collection letters every week asking them to make payments they cannot afford.

     

    Michael and Noreen know they need help so they speak with a Personal Insolvency Practitioner about their debt problems.

     

    They sit down with a Personal Insolvency Practitioner and he offers them Free Debt Advice, he goes through all their income and expenditure details and recommends a Debt Settlement Arrangement (DSA) as the best solution to help them become debt free after 5 years.

     

    The Personal Insolvency Practitioner applies for a Protective certificate first which gives Michael and Noreen protection from legal proceedings by creditors while they are applying for a Debt Settlement Arrangement.

     

    This gives their Personal Insolvency Practitioner time to get all their paperwork together so he can make a proposal to their creditors. A couple of months later the Personal Insolvency Practitioner calls a creditor meeting and their creditors agree to the proposal put forward by their Personal Insolvency Practitioner.

     

    Their Debt Settlement Arrangement has been approved and they will only have to pay their debt back for 5 years. Their new monthly payment towards their credit cards is €300.00 and €17,400 of their debt will be written off.

     

    They won’t receive any more letters and calls from their creditors and will be able to sleep now as they are not going to be worried about their debts. Their Personal Insolvency Practitioner will manage their Debt Settlement Arrangement for them until their debts are paid off.

     

    An Example Of Michael and Noreen’s Debt Settlement Arrangement

     

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    (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 Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal Insolvency Practitioner. There is no charge to speak with a Debt Advisor or Personal Insolvency Practitioner and anything you discuss is kept strictly confidential.

     

    If you are struggling to pay your debts then contact us today on 01 4434125 and find out for free if you qualify for a Debt Settlement Arrangement.

     

    Rory McGonnell

    Founder of Bright Day Finance

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

     

     

  8. 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.

     

    Rory McGonnell

    Founder of Bright Day Finance

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