Confidential debt advice & personal finance services Call us today on: 01 4434125

Call Me Back

Personal Insolvency News

See If You Qualify For 70% Debt Write Off




Privacy Policy

Man Secures €223,000 Debt Write Down With Help of PIP

Insolvency Practitioners Ireland

It was reported on the 6th of August 2014 that a married Clare man had €223,000 written off his mortgage with the help of his Personal Insolvency Practitioner (PIP).

According to the news the 59 year old stonemason secured a €223,000 write down on his family home mortgage as part of a Personal Insolvency Arrangement. The write down by KBC Bank was approved by a Judge at Ennis Circuit Court who said the debt burden was the largest he had come across. The man’s new revised monthly mortgage payment is now €1,200 on the home and will be paid for 10 years and three months, this coincides with the debtor’s 70th birthday and he will keep the family home.

His Personal Insolvency Practitioner (PIP) negotiated the deal with the creditors on his behalf who all voted in favour of the Personal Insolvency Arrangement (PIA) at a creditor meeting.

With the help of his Personal Insolvency Practitioner the man’s mortgage is now affordable. The Personal Insolvency Arrangement (PIA) had the backing of 100% of the secured and unsecured creditors. The man’s main lenders will understand that this is the best they can hope to achieve under the circumstances.

A Personal Insolvency Arrangement (PIA) is one of the debt settlement solutions introduced with the Personal Insolvency Act 2012. It’s a formal arrangement 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 (mortgages and secured loans) and unsecured debt (credit cards, loans and overdrafts).

This shows another great example of how the Personal Insolvency Act is working really well for debtors struggling with unmanageable debt. In the past the only options for this man would have been bankruptcy or to surrender his home and he still would be stuck with a high level of unsecured debt to pay when the property would probably be sold at auction at a low price.

If you are struggling to pay to your mortgage please don’t worry as there is now help available.  We can arrange a Free appointment for you with a 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. 

R.McGonnell 17th October 2016

 

First Personal Insolvency Arrangement Approved

Write Off Your Debt

The first Personal Insolvency Arrangement was agreed in Ireland on the 25th of January 2014.

A Personal Insolvency Arrangement is a formal debt settlement solution that helps a debtor deal with unaffordable secured debt (mortgages and secured loans) and unsecured debt (credit cards and loans).

This is the very first Personal Insolvency Arrangement to be formally agreed by creditors and is expected to be followed by thousands more going forward.

A Personal Insolvency Arrangement will usually involve the write down of mortgage debt which then makes a debtor’s mortgage payment more affordable and usually includes the write down of unaffordable unsecured debt (credit cards and credit union/bank loans). 

It was reported that a large chunk of the couple’s debt will be written off at the end of the six year arrangement and that the couple started to struggle when their income collapsed due to the downturn and they were seeking a deal on debts up to €600,000. The majority of the seven creditors agreed to the proposal put forward by their Personal Insolvency Practitioner.The couple will make affordable payments towards the arrangement every month for 6 years as agreed until it’s completed.

Ireland is the only country at the moment that has a debt settlement solution like this that includes the write down of mortgage debts and unsecured debts together.

A Personal Insolvency Practitioner negotiated this debt write off deal for the couple and their Personal Insolvency Practitioner will be managing their Personal Insolvency Arrangement for them until it has finishes in 6 years. A Personal Insolvency Arrangement can only be proposed by a Personal Insolvency Practitioner.

It’s brilliant to see that the Personal Insolvency Act is working well and that families/couples burdened with unmanageable mortgage debt and unsecured debt have a solution to their debt problems.

This formal arrangement will give them peace of mind and will also write off unmanageable debt and reduce their mortgage and credit card/loan payments to affordable amounts.

At long last we now have legislation in place where creditors are formally agreeing to write off unaffordable debt and debtors are getting formal arrangements in place with the help of a Personal Insolvency Practitioner.

These personal insolvency arrangements give the indebted person affordable monthly payments and protects them from legal action.

There is lots of help available for anyone struggling with debt in Ireland. The Personal Insolvency Act 2012 which was passed into law in Ireland at the end of 2012 introduced new debt write off solutions to help anyone struggling with unmanageable debt. 

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 16th October 2016

 

Almost 1700 Debt Solutions Agreed in 2015

Debt Relief Ireland

According to the Insolvency Service of Ireland statistics for 2015 there was a 70% increase in debt solutions agreed for that year.  The report also shows that 1687 people had debt settlement solutions agreed in 2015.

These solutions usually involve the write down of credit cards, loans and mortgages where a person is unable to pay their debts as they fall due.

There are four debt solutions now available to help anyone struggling with debt:

A Debt Settlement Arrangement is a solution for unsecured debts, such as credit cards, bank/credit union loans and overdrafts. This solution features write-down and write-off of debts that cannot be repaid. It can be applied for through a Personal Insolvency Practitioner, professionals based around the country that are regulated by the Insolvency Service of Ireland. 

A Personal Insolvency Arrangement is a similar solution to the Debt Settlement Arrangement but it also includes mortgage debt and secured loans and, where possible, allows a debtor to keep their home. It can be applied for through a Personal Insolvency Practitioner, professionals based around the country that are regulated by the Insolvency Service of Ireland.

 A Debt Relief Notice is a solution for people with low income, no mortgage and very few assets. This solution allows for complete write off of debts up to €35,000 and can be applied for through an approved Intermediary, your local MABS office maybe an approved Intermediary. 

Bankruptcy is a solution for people for which the alternatives above are not suitable. The bankruptcy term has been reduced from 3 years to 1 year.

 

Key statistics for 2015 include the following:

Personal Insolvency Arrangements (PIAs) continue to be the most popular solution and the applications for debt solutions increased by 18% in the 3rd quarter.

There was almost 1700 permanent debt settlement solutions agreed for debtors and here is the breakdown:

641 Personal Insolvency Arrangements

221 Debt Settlement Arrangements

346 Debt Relief Notices

479 Bankruptcies

The Insolvency Service of Ireland was set up to help tackle debt problems in Ireland and since the introduction of the new debt solutions and the reform of bankruptcy more formal arrangements are being reached by borrowers and their lenders with the help of a Personal Insolvency Practitioner.

All of these debt solutions are overseen by the Insolvency Service of Ireland and they became available when the Personal Insolvency legislation changed at the end of 2012. These solutions are designed to help any insolvent people struggling with unmanageable debt and these solutions will help them get back on track financially.

The report by the Insolvency Service of Ireland also reveal that 3 out of 4 insolvency proposals put to creditors by Personal Insolvency Practitioner’s are being accepted and recent amendments to legislation mean that where creditors have rejected a proposed Personal Insolvency Arrangement, the borrower can seek a review of this decision by the Court.

The Insolvency Service of Ireland also put a new initiative put in place last year to encourage greater engagement between creditors and Personal Insolvency Practitioners (PIP).  A PIP can now apply for a €750 payment from the Insolvency Service of Ireland for any insolvency arrangement that has been rejected by creditors, on condition that the arrangement must have proposed a return to all creditors that was greater than or equal to that which they would receive in bankruptcy. This should help PIP’s with the cost of taking a debtors case to court if a creditor rejects an insolvency arrangement put forward.

Thousands of people in Ireland are insolvent and in deep mortgage arrears. It is very important for people who may be in fear of losing their homes to be aware that even if they have a court appearance date or are received threatening letters they should contact a Debt advisor or Personal Insolvency Practitioner to ask for professional help.

As we can see from the figures released by the Insolvency Service of Ireland things are starting to move in the right direction and lots of people in debt are now getting the long awaited help they need.

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

If you are struggling to pay to your credit cards, loans or mortgage,  please don’t worry as there is now help available.  We can arrange a Free appointment for you with a 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.

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.  

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

arrange call back

R.McGonnell 10th October 2016

 

Personal Insolvency Practitioners agreeing 75% of debt write off deals

Investment

According to a report released by the Insolvency Service of Ireland creditors are accepting 75% of the debt write off proposals put forward by a Personal Insolvency Practitioner.

The Insolvency Service of Ireland’s statistics for the first quarter of 2015 shows an increase in the amount of people contacting Personal Insolvency Practitioners to find a solution to their debt problems.

The report released on the 14th of April 2015 by the Insolvency Service of Ireland shows that 75% of cases are being accepted by creditors where a Personal Insolvency Practitioner has put forward a debt settlement arrangement.

Here is the breakdown:

83.9% of Debt Settlement Arrangements and 70.9% Personal Insolvency Arrangements put forward by a Personal Insolvency Practitioner have been accepted in the first quarter of 2015.

435 debt write off solutions were agreed the first quarter of 2015

101 Debt Relief Notices

43 Debt Settlement Arrangements

129 Personal Insolvency Arrangements

162 Bankruptcies

821 debt settlement arrangements have been agreed by Personal Insolvency Practitioners since the Insolvency Service of Ireland opened their doors.

At last the long awaited Personal Insolvency Act 2012 is now working. It has taken some time to iron out the creases but now we are starting to see unmanageable debt written off for lots of people who were struggling with debt.

There is now a lot of help available for anyone struggling with debt in Ireland. The Personal Insolvency Act 2012 which was passed into law in Ireland at the end of 2012 introduced new debt write off solutions to help anyone struggling with unmanageable debt.

The following solutions are now available and you may be able to write off some or all your debt if you are eligible for one of these solutions:

Personal Insolvency Arrangement
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 and unsecured debt, a Personal Insolvency Arrangement may be the right solution for you. This debt solution was brought in by the Government to deal with secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts)


Debt Relief Notice 

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
A formal 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. (Insolvent means you are unable to pay your debts in full and when they fall due).

  
Personal Insolvency Arrangement
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 and unsecured debt, a Personal Insolvency Arrangement may be the right solution for you. This debt solution was brought in by the Government to deal with secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts)
 
 
Bankruptcy
A high court process for someone struggling with more than €20,000 of debt. Bankruptcy is a solution 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. 
 
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. 

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 up to 70% debt write off.

R.McGonnell 11th June 2015