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Family With €600,000 Debt First To Get Write Off Deal

On the 25th of January 2014 a Leicester based family were the very first couple to have a personal insolvency arrangement (PIA) agreed in Ireland.

A personal insolvency arrangement is a formal debt settlement solution that helps a debtor deal with unaffordable secured debt (mortgage and secured loans) and unsecured debt (credit cards, loans)

This is the first personal insolvency arrangement to be formally passed by creditors and is expected to be followed by thousands more going forward.

The couple who were self employed started to struggle when their income collapsed due to the downturn and they were seeking a deal on debts of €600,000.

According to the Irish Independent the majority of the seven lenders they owed money to agreed to a personal insolvency arrangement (PIA) which will see a large chunk of the debt written off at the end of their six year deal.

A personal insolvency arrangement usually involves the write down of mortgage debt which then makes the mortgage payment more affordable and also usually includes the write down of unaffordable unsecured debt (credit cards and loans)

A large number of debt settlement arrangements (DSAs) have already been agreed since the Personal Insolvency Act was put in place. A debt settlement arrangement does not include mortgage debt but includes any unsecured debts like credit cards, credit union loans, bank loans and catalogues.

A Personal Insolvency Practitioner (PIP) negotiated this debt write off deal for the couple and the Personal Insolvency Practitioner will be responsible for administering the personal insolvency arrangement until it finishes.

It is great to finally see that people burdened with unaffordable debt are starting to see a light at the end of the tunnel. Irish insolvent people can now have unmanageable debt written off which will then give them a fresh start.

I remember when creditors would only agree to freeze or reduce the interest on a debtors credit card or loan. We now have legislation in place where creditors are agreeing to write off debt and debtors are getting formal arrangements in place with the help of a Personal Insolvency Practitioners.

These arrangements also give the indebted person affordable monthly payments/protects them from legal action and they know when their debt will be paid off.

If you are struggling to pay your credit card debt, loans or mortgage then contact us today on 01 4434125 and find out for free if you qualify for up to 70% debt write off.

R.McGonnell 25th June 2016

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.”

25% Increase in Debt Write Off Solutions

The report released by the Insolvency Service of Ireland for the first quarter of 2016 shows an increase of 26% in the application for Personal Insolvency Arrangements and a continued growth in approved arrangements.

The total debt involved in the new cases created in the first quarter is approximately €303 million and 411 debt write off arrangements were put in place in the first quarter of 2016 and here is the breakdown:

169 Personal Insolvency Arrangements, 60 Debt Settlement Arrangements, 71 Debt Relief Notices, 111 Bankruptcies.

Compared to the first quarter of 2015 the figures above show a 25% increase approximately in Personal Insolvency Arrangements, Debt Settlement Arrangements and Debt Relief Notices.

In the first quarter of 2016, 67% of Personal Insolvency Arrangements and 78% of Debt Settlement Arrangements were approved by creditors.

The number of people going Bankrupt is lower than the last quarter, it maybe the case that more people are opting for the other insolvency solutions instead.

Also the introduction of a Court Review option for Personal Insolvency Arrangement proposals that are rejected by creditors should hopefully show an increase Personal Insolvency Arrangements going forward. A Personal Insolvency Practitioner can now make an application to Court on the debtor’s behalf if a creditor rejects their Personal Insolvency Arrangement. A Court may impose a rejected Personal Insolvency Arrangement proposal on creditors.

Key statistics since the Insolvency Service of Ireland opened:

They have helped deal with debt of almost €5 billion and helped over 3000 people working alongside Personal Insolvency Practitioners, MABS companies and the Irish Mortgage Holders Association.

The following debt write off solutions have been put in place since the Insolvency Service of Ireland opened their doors:

1,009 Personal Insolvency Arrangements

379 Debt Settlement Arrangements

669 Debt Relief Notices

1,096 Bankruptcies

Here is more information on the debt write off solutions mentioned above, you maybe be eligible for one of these solutions below if you are struggling with unmanageable debt.

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 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.

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.

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 the Personal Insolvency Act is now working and that lots of people who were burdened with debt are now finally getting the help that they need and can now see a light at the end of the tunnel.

If you are finding it difficult to make the repayments to your loans, credit card debt or mortgage then you should speak to a trained Debt Advisor or Personal Insolvency Practitioner today.

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.  

R.McGonnell 16th October 2016

Paul O. from Cork

“I couldn’t recommend Rory and all the staff at Brightday Finance highly enough. They sorted out all our credit card woes into one affordable monthly payment and lifted a massive burden from our shoulders.

We no longer have the stress of trying to find the cash to pay these cards as Rory negotiated excellent terms from all our card providers and now there is a light at the end of the tunnel,
Thanks you to all at Brightday”

Frank W. from Westmeath

“I cannot thank Rory and his staff enough for all the help they gave me with my debt problems. I was burying my head in the sand letting my debts escalate until I rang Bright Day Finance and spoke to Rory.

After my first chat with him I could see a light at the end of the tunnel, now I’m paying my debts at a rate I can afford and Rory handles my creditors which I can honestly say is a weight off my mind, that’s why I would have no hesitation in recommending Bright Day Finance to anyone”