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Personal Insolvency Practitioner helps Teacher beat her mortgage lender

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Personal Insolvency Practitioner helps Teacher beat her mortgage lender

According to the news on the 27th of July 2016 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.

 

Judge Patrick Meaghan approved a Personal Insolvency Arrangement that allows the Limerick school teacher to stay in her family home with her sons, aged eight and five, and she 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.

 

The mortgage lender in this case objected to the Personal Insolvency Arrangement (PIA) put forward by the teacher’s Personal Insolvency Practitioner, Maurice Lenihan at a creditor meeting.

 

A Personal Insolvency Arrangement (PIA) 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to appeal the decision made by her mortgage lender, after taking her case to court her mortgage lender decided to withdrawn its opposition to the appeal and this allowed the Judge to approve the write-down of debt.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!

 

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R.McGonnell 19th September 2016

 

 

 

 

 

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