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Teacher Beats Lender With Help Of Personal Insolvency Practitioner

According to the news a single mother with 2 children won her case against her mortgage lender at the Personal Insolvency Court in Ennis.

It was report that her mortgage lender had opposed a deal put forward by her Personal Insolvency Practitioner a few months prior and that the lender may evict her from her home as she was struggling to pay her mortgage payments.

The Judge approved a Personal Insolvency Arrangement that allows the school teacher to stay in her family home with her sons and will also receive a €113,000 write down on her €309,000 mortgage.

This debtor achieved a victory at the Personal Insolvency Court with the help of her Personal Insolvency Practitioner and his legal team. This court case is a result of measures introduced by the Government last year that let debtors seek an independent court review of lenders vetoing Personal Insolvency deals. This important change made to the Personal Insolvency Act last year allows a debtor an independent court review if their Personal Insolvency Arrangement has been declined by their lender.

A Personal Insolvency Arrangement is a debt settlement deal that covers secured and unsecured debt, this is the insolvency arrangement for mortgage holders who are seeking a debt solution to help them restructure their mortgages, overdrafts, credit cards or loans.

With the help of her Personal Insolvency Practitioner she decided to appeal the decision made by her mortgage lender, after taking her case to court her mortgage lender decided to withdrawn its opposition to the appeal and this allowed the Judge to approve the write down of debt.

It’s great to see that debtors are now beating the banks, this debtor has had a deal approved that will allow her to stay in the family home with her two kids and her mortgage payment and other debts if any, will be affordable as they will be reduced down to a manageable amount.

The Personal Insolvency Practitioners we work with have already helped hundreds of people secured debt write off deals like this over the last few years and will continue to help thousands more due to this independent court review for declined deals.

When an insolvency deal is agreed, unmanageable debt is written off and the monthly debt repayments are also reduced down for the debtor, sometimes up to 70% of the debt can be written off.

There is also a light at the end of the tunnel as a Personal Insolvency Arrangement lasts for normally 6-7 years and a Debt Settlement Arrangement lasts for 5-6 years.

A Debt Settlement Arrangement is a formal agreement where a percentage of the debt is paid and creditors agree to write off any outstanding debt. It’s an agreed settlement of your unsecured debts with affordable payments over a period of 5 – 6 years, this solution does not include the write down of mortgage debt. If you have unsecured debt such loans, credit cards and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts.

People who contact us have experienced a change in their circumstances and this is reason why they are struggling to pay their debts every month. We can arrange a free appointment with a Debt Advisor or Personal Insolvency Practitioner for anyone struggling with debt.  The Debt Advisors and Personal Insolvency Practitioners we work offer Free Debt Advice and have helped thousands of people over the years. They give practical honest advice and will be able to see if you are eligible for a debt solution to write off some or all of your debt.

If you would like to receive Free Debt Advice please call us on 01 4434125 or complete our call back form to receive a call today!

Rory McGonnell

Founder of Bright Day Finance

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

 

 

Ireland’s First Debt Settlement Arrangement Agreed

Insolvency Practitioners Ireland

The very first debt settlement arrangement was approved by creditors in Dublin on the 23rd November 2013.

A debt settlement arrangement is a formal agreement which helps an insolvent person deal with unaffordable debt. Under this type of arrangement a percentage of the debt is paid for 5 years and the remaining debt is written off.

In some cases up to 70% of the debt can be written off and unsecured debts (credit card, loans or catalogues) are included in a debt settlement arrangement.

It was reported that the first debt settlement arrangement involved a 70% write down of debt and the debtor who was based in Donegal had unsecured debt of six figures and was unable to pay the debt when their business failed. It is understood three of Ireland’s main banks were among six creditors involved and that the collapse of the business left the individual with a residual debt they could not pay. 

A debt settlement arrangement is one of the three new debt solutions introduced under the Personal Insolvency Act 2012. It is designed for individuals who have no prospect of paying off all their unsecured debts in the next five years. This debt settlement arrangement will see 30% of the debt paid off over the next five years and the rest of the debt believed to be 70% will be written off.

A Personal Insolvency Practitioner secured the deal for the debtor. The Personal Insolvency Practitioner worked on behalf of the debtor for a few months to try and agree the right deal for the debtor and negotiated a debt write down deal of 70%. The Personal Insolvency Practitioner applied for a protective certificate while negotiating with the creditors as this gives the debtor 70 days protection from legal action.

Under the new Personal Insolvency Act, when the protective certificate is issued the Personal Insolvency Practitioner has up to 70 days to work out a deal on behalf of the debtor. This debt settlement arrangement was agreed a month after the protective certificate was issued by Monaghan District Court.

The debt settlement arrangement agreed does not involve mortgage debt. If the debtor was struggling with mortgage debt also then they could have applied for a Personal Insolvency Arrangement instead with the help of the Personal Insolvency Practitioner.

A Personal Insolvency Arrangement is a formal arrangement which helps an insolvent person deal with unaffordable secured and unsecured debt.  Under this type of arrangement a percentage of the debt is paid for usually 6-7 years and the remaining debt is written off. In some cases up to 70% of the debt can be written off and secured debt (mortgages, secured loans) and unsecured debts (credit card, loans or catalogues) can be included in a Personal Insolvency Arrangement.

The 23rd of November 2013 marks a very important day in Irish history as this land mark case shows anyone burdened with unaffordable debt that there are now solutions available to help you deal with debt and unaffordable debt can be written off.

These new debt settlement solutions reduce debt repayments to affordable amounts/writes off debt that cannot you afford to pay and creditors are agreeing to these arrangements with the help of a Personal Insolvency Practitioner.

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.

Rory McGonnell

Founder of Bright Day Finance

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

 

Couple Receive 53% Write Down On Mortgage

According to the news a Limerick couple had 53% written off their mortgage on the 12th of August 2015. It was reported that their lender had threatened them with repossession until their Personal Insolvency Practitioner stepped in to help them secured this deal.

The couple can now hold on to their home and have secured a mortgage write-down of 53% under a new debt solution called a Personal Insolvency Arrangement (PIA).

This type of solution will reduce down the debtor’s mortgage payment to a more affordable amount. It will also include the write down of mortgage debt and unsecured debts like credit cards, loans or overdrafts. The arrangement also give a debtor legal protection from their creditors for 6 – 7 years.

It was reported that the Personal Insolvency Arrangement (PIA) was approved at the personal insolvency court in Ennis and that the Judge approved a €98,250 write down their  mortgage. According to the news the couple got into debt when the man suffered a stroke and his wife had to give up work to become his full time carer.

A Personal Insolvency Arrangement is a debt settlement solution that was introduced by the Government through the Personal Insolvency Act 2012. It 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. If you are struggling to pay your secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts) then this could be the right solution for you.

This type of solution will reduce down the debtor’s mortgage payment to a more affordable amount. It will also include the write down of mortgage debt and unsecured debts like credit cards, loans or overdrafts. The arrangement also give a debtor legal protection from their creditor for 6-7 years.

The Personal Insolvency Arrangement approved provides the mortgage lender with the best option because they will get more out of it than if the property was sold. This case demonstrates that the personal insolvency system is working and it’s fantastic to see that anyone struggling with mortgage debt can now get the help they need.  Lots of cases like this have been approved since August 2015 and we will see a lot more mortgages restructured under Personal Insolvency Arrangements in the future. 

If you have experienced a change in your circumstances and are finding it difficult to pay your mortgage and other debts then don’t panic there is help available.

We can arrange a Free appointment for you with a Personal Insolvency Practitioner who will be able to find the best solution to help you deal with debt. 

You maybe eligible to have some of your debt written off and maybe be able to have your payments reduced down to a more manageable amount. 

Complete our call back form below or phone us on 01 4434125 to receive Free Debt Advice Today. 

Rory McGonnell

Founder of Bright Day Finance

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

 

The Insolvency Service of Ireland suspends application fees

Insolvency Practitioners Ireland

If you need help with debt then it’s a great time to speak to a Trained Debt Advisor or authorised Personal Insolvency Practitioner as the Insolvency Service of Ireland has stopped charging application fees for those seeking relief from their debts until the end of 2015.

The Insolvency Service of Ireland said it had taken the decision on foot of research into why more people in financial difficulty weren’t coming forward and seeking help.

It will also refund up to €750 for the services of a finance expert (Personal Insolvency Practitioner) if banks veto an insolvency deal for a consumer. Fees of between €100 and €500 were due in order to apply for protection from creditors and seek debt relief through the Insolvency Service of Ireland.

The Insolvency Service has also published figures showing it has dealt with cases involving €1 billion worth of debt so far this year.

It says the number of applications is still low but is increasing each month.

The number of Personal Insolvency Arrangements, which can involve secured debts of up to €3m, doubled over the past three months compared with the previous quarter.

Three out of every four applications dealt with by the Insolvency Service resulted in a deal successfully being concluded with creditors to write down debt, including mortgage debt.

Debtors now have universal access to Personal Insolvency. The two biggest obstacles have now been removed.

Rory McGonnell

Founder of Bright Day Finance

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

 

If you would like Free Debt Advice then let us arrange a FREE appointment for you with a trained Debt Advisor or Personal Insolvency Practitioner  who will be happy to talk you through a range of debt solutions.

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