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Personal Insolvency Practitioners Ireland

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What is a Personal Insolvency Practitioner?

Personal Insolvency Practitioners Ireland

A Personal Insolvency Practitioner is a professional debt advice specialist who can help anyone who is insolvent (unable to pay their debts as they fall due).

Personal Insolvency Practitioners are authorised and regulated by the Insolvency Service of Ireland.

A Personal Insolvency Practitioner will hold a Diploma in Personal Insolvency which ensures he or she has been trained correctly to help anyone with debt problems.

Personal Insolvency Practitioners were introduced by the Personal Insolvency Act 2012 which passed into law in Ireland at the end of 2012.

The Personal Insolvency Act also introduced new debt solutions at this time which are called a Debt Relief Notice, a Debt Settlement Arrangement a Personal Insolvency Arrangement.

These new solutions enable people in Ireland who are struggling with unmanageable debt to have some or all of their debt written off and their debt repayments reduced to more affordable amounts.

If you want to apply for a Debt Settlement Arrangement or a Personal Insolvency Arrangement then you will need to speak with a Personal Insolvency Practitioner as they are the only ones that can make the proposal for you. A Debt Relief Notice can be applied for through your local MABS office.

 

What does a Personal Insolvency Practitioner do?

A Personal Insolvency Practitioner can offer you free debt advice and can check to see if you are eligible to have your debt written off under one of the new insolvency solutions.

If you are eligible for a Debt Settlement Arrangement or a Personal Insolvency Arrangement and decide to go ahead with one of these solutions then your PIP will prepare your Prescribed Financial Statement with you, which shows your Income and Expenditure items and how much you can afford to offer to your creditors.

The Personal Insolvency Practitioner can then submit an application for a Protective Certificate to The Insolvency Service of Ireland. When a Protective Certificate is issued by the Court it offers you and your assets protection from legal proceedings by creditors while you are applying for a Personal Insolvency Arrangement or a Debt Settlement Arrangement.

Then the Personal Insolvency Practitioner can contact each creditor listed on the Protective Certificate and enters into discussions with each creditor regarding how they wish to be dealt with.

The PIP can then arrange a creditor meeting and provides each creditor with your final proposal and all relevant documentation, making sure to give the creditors adequate notice in accordance with law.

The creditors would vote on the proposal and if no creditor submits an objection within fourteen days, the court can formally approve the Personal Insolvency Arrangement or the Debt Settlement Arrangement.

After this the PIP’s duties are very extensive with a high level of oversight and administration. The operation of the arrangement is reviewed regularly and reports are issued to creditors annually.

If the arrangement needs to be significantly varied due to changes in your financial circumstances then your Personal Insolvency Practitioner will arrange another creditor meeting and will report the outcome of the meeting to the debtor, the creditors, the Insolvency Service of Ireland and the court.

On successful completion of the Personal Insolvency Arrangement or the Debt Settlement Arrangement, the Personal Insolvency Practitioner reports to the the Insolvency Service of Ireland, the creditors and the debtor that all the terms have been complied with and all the payments to creditors have been distributed.

The debtor can move on with their life as they are now DEBT FREE!! 

R.McGonnell 7th March 2016

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

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When Should You Speak To A Debt Advisor or Personal Insolvency Practitioner

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If you are worried about paying your debts or 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.

A Debt Advisor or Personal Insolvency Practitioner can offer you Free Debt Advice and can help you understand your options and will advise you of the best solution to clear or reduce your debt as quickly as possible.

No debt problems are unsolvable and the earlier you deal with them, the easier it will be.

What are the signs that you need debt help?

  1. Finding it a struggle to pay your debts every month as they fall due.
  2. If you are behind on your mortgage or rent.
  3. Missing payments on your credit cards and loans.
  4. Ignoring creditor calls and letters.
  5. Afraid to open your post or answer the phone
  6. Using your credit cards to pay your household bills and food every month.
  7. Robbing Peter to pay Paul.
  8. Using credit to pay other creditors.
  9. Receiving solicitor letters from creditors.
  10. Hiding debts from family.

 

If you are spending more than you earn and using borrowing as a means to fill the gap and if you continue to do that, you’ll get in a debt spiral.

 

Why do you need a Debt Advisor or Personal Insolvency Practitioner?

It is a very stressful situation to be burdened with multiple debts and the situation can become worse if you ignore it.

It’s a good idea to speak to a professional who can help you deal with your debt problems and who can talk to through all the debt solutions now available.

Also if you want to apply for a Debt Settlement Arrangement or a Personal Insolvency Arrangement then you will need to speak with a Personal Insolvency Practitioner as they are the only ones that can make the proposal for you.

R.McGonnell 28th August 2014

 

Request a call back from us today through our website to receive Free Debt Advice from a Personal Insolvency Practitioner or Debt Advisor.