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  1. Taking Steps When Dealing with Debt Problems

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    Taking Steps When Dealing with Debt Problems

    When it comes to debt, it’s normal for us to want to bury our head in the sand and hope the problem will go away. However, the likelihood is that the problem will continue to snowball, often leaving us in a position worse than before. While debt can be seen as something of a stigma, it is actually something a number of us suffer from. In fact, back in 2013, a study showed that over 57% of families were struggling with debt in Ireland.

     

    Why We Fall into Financial Hardship

    When we fall into financial hardship, it’s easy to blame ourselves. Of course, there can be instances where we can change a few things to make budgeting a little easier, but debt is something that can creep up on any of us unexpectedly. One of the main causes can be a change in income. Some of us may have been made redundant, or lost a source of income. As such, out financial commitments can suffer.

    The Kind of Debt We Can Incur

    For some people, they could be behind in rent or mortgage payments, whereas others may be struggling with loans and credit cards. When trying to meet several different commitments, you will often find yourself in a vicious circle with no resolution in sight. Many assume that they have to suffer in silence, unaware that there is help available to those struggling due to debt.

     

    Dealing with Debt 

    One of the most difficult steps to take when dealing with debt is the first one. When we first start tackling our debt issues, it’s normal for us to feel a little overwhelmed with the number of things we have to do. If we’re not experienced in dealing with debt, we can find that we hit a series of brick walls when trying to deal with the debt. As such, many can be deterred from ever dealing with the problem.

    However, many may be surprised at what free debt advice is available, which in turn can offer those in debt several solutions. For example, personal insolvency is something that comes up a lot when dealing with debt, but not everyone is sure of what it entails and what ramifications there are.

    Bright Day Finance was set up to help those in debt and can arrange a free appointment with a trained Independent Debt Advisor who will advise just what options are available to those in debt. Although debt can be crippling for many, seeking out debt advice in Ireland from Independent debt advice professionals will ensure that you’re fully aware of your next steps, regardless of whether you’re considering insolvency, or just looking for some advice in relation to credit card debt.

     

    Moving Forward

    It’s completely normal to feel anxious when we start to deal with our debt problems, but having access to the right kind of advice will ensure that you’re on the right path when it comes to dealing with financial commitments, while ensuring a solid plan is in place moving forward.

    If you’re currently looking for some free debt advice to ensure that you’re moving in the right direction financially, then why not contact Bright Day Finance today to see what options are available.

    Rory McGonnell

    Founder of Bright Day Finance

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

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

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  2. Mortgage and debt write-off requests increase by 180%

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    Mortgage and debt write-off requests increase by 180%

    The Insolvency Service of Ireland released their quarterly report last Thursday which showed that there was a 180% rise in the number of people applying to have their mortgage and debts written off under a solution called a Personal Insolvency Arrangement.

    A Personal Insolvency Arrangement is a debt solution brought in by the Government to help anyone who is struggling to pay their mortgages, credit cards, loans or overdrafts.

    This debt settlement solution normally lasts 5 or 6 years and allows an insolvent person to have part of their mortgage debt and other debts up to €3 million written off or restructured.

    A change in circumstances is usually the reason someone would struggle to pay their mortgage and debts every month.

    I know many who have lost their jobs or had their pay/overtime cut and this can make it very difficult to find the money every month to pay a mortgage and credit cards or loans.

    The report released by the Insolvency Service of Ireland shows that applications for debt write off solutions have more than doubled compared to equivalent period in 2016 and repossessions were prevented by Personal Insolvency Practitioners putting Personal Insolvency Arrangements in place for debtors.

    1,114 homeowners made an application to put a Personal Insolvency Arrangement in place in the first three months of this year. 407 homeowners made an application this time last year so this shows a really big increase already.

    In the first three months of this year, 179 Personal Insolvency Arrangements were approved by creditors, this is an increase of 19% on the same quarter last year.

    The report shows that in 90% of cases where a family home is involved, the debtor remains in their home and the average debt written off is €93,338.

    We are now starting to see a lot more people get the help they need and the solutions to regain financial freedom.

    If you are struggling to pay your mortgage, credit cards or loans then you may be eligible to have up to 70% of your debt written off.

    If you are eligible for a debt settlement solution then you could have part of your debts written off and would just have one affordable payment.

    Also interest and charges/threatening creditor calls and letters would stop too.

    Complete our form to see if you qualify for 70% debt write off or phone us on 01 4434125 to receive Free Confidential Debt Advice today. 

    Rory McGonnell

    Founder of Bright Day Finance

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

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

    See If You Qualify For 70% Debt Write Off



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  3. Two Thirds of Irish People Not Aware of Solutions to Help Them with Debt

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    Two Thirds of Irish People Not Aware of Solutions to Help Them with Debt

    Debt is a scary word in itself, so it’s only understandable that those suffering with the burden of debt will feel anxious and confused as to what can be done to rectify their issue. Evidently, it would be simple to say to seek help, but not everyone is as forthcoming with their financial problems, or even know that there is help available. In fact, it has been reported that two thirds of Irish people are suffering in silence when it comes to their financial affairs.

     

    Why Are So Many Struggling?

    While it can be easy to assume that those who are in financial distress are wreckless with money, it can simply be because there isn’t enough of it to go around. It isn’t unusual for many to keep their financial concerns to themselves, often assuming that it’s their problem, so only they should deal with it. Similarly, there are those with good intentions of rectifying their current situation, but just don’t know where to turn when it comes to locating the help.

    Embarrassment can also be an underlying factor, as there can sometimes be a stigma attached to those in debt. However, if we’re not able to take advantage of the help available, and we’re not able to deal with the problem ourselves, then the problem is only going to get worse. While not dealing with debt may only mean a series of overdue letters to some, others may have their home and car secured with finance, so could end up losing their lifestyle and livelihood.

     

    Why Consider Debt Management?

    When you take into account that two thirds of Ireland are struggling with debt, it’s likely that many of those people may not be aware of the benefit that debt management can offer. People can also suffer from a series of ailments that prevents them from dealing with their financial problems. As such, a professional solution is needed to ensure that everyone understands their financial commitments, while making sure that are dealt with fairly.

    A debt management company will also be aware of what can be done to reduce your level of debt. Facing this alone can sometimes result in a series of dead ends.

    Another reason that so many in Ireland can suffer from debt is due to the fact that different bills fall on different dates. This can be confusing to many people, so it’s not always because money isn’t available, it just wasn’t available at the right time. As well as ensuring your commitments are met each month, you will only have to make one monthly payment in most instances, giving you more control of your finances as a whole.

    Allowing a debt management company to look at your finances can also help freeze interest on some loans and credit cards, meaning that you’re paying less each month as a result.

    Being in debt can be a worrying prospect, but with so many others in the same boat, we can be more confident in asking for help and shrugging off the shackles of stigma. Anyone can fall into financial hardship, so there’s no reason as to why anyone shouldn’t be able to seek help should they need it.

     

    Rory McGonnell

    Founder of Bright Day Finance

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

     

     

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Robert M. from Cork City

    “I highly recommend Rory & the staff of Bright Day Finance to anyone having issues with their creditors. He helped me through a stressful time with me going deeper into debt.

    Rory negotiated excellent terms from all my creditors into a weekly payment I could afford. Was a phone call I’m glad I made and a great weight has been taken from my shoulders ever since”

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  4. Great Ways to Make Extra Cash

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    Great Ways to Make Extra Cash

    It can be difficult to survive just on your wages as everything seems to be getting more expensive.

    You might just need extra cash to pay the bills every month or you might be trying to pay off your credit cards or loans. It maybe the case that you have not had a holiday for a good few years and these ideas might help you save up for that long awaited break away!

    Most people don’t receive a pay rise every year and when you factor in inflation, the value of your money could even be getting less. So to help make a little extra cash, I’ve put together a few of my favourite ways below.

    Here are my top 5 ways to make extra money in your spare time that I’ve tried myself.

    Rent out your spare room, lots of people are now using Airbnb to roughly make an extra €400 – €500 a month.  You will need to pay income tax on any income earned on Airbnb or you could go for the tax free option and look for a long term lodger/tenant. (Revenue now allows you to earn up to €14,000 a year in rental income tax free) Our neighbours now rent out their whole house at weekends and make about €200 a night. They stay at their parents while they have bookings, if you have friends or relatives that don’t mind you staying with them most weekends this could be a good way to make extra cash. ww.airbnb.ie

     

    Become an extra on your favourite TV show or a blockbuster movie. This company website www.movieextras.ie says it may be possible to get paid €50 – €150 a day and some TV adverts pay up to €2000. I spent an exciting week as an extra on Garfield the Movie 2 a few years ago and got paid really well while having a week off work. I played a lawyer and spent most of the week out in the sun meeting lots of great people while I did funny scenes with animals and drove a car. I remember the food on location was delicious and free too!

     

    Have a car boot sale, get up early on a Saturday morning and sell everything you don’t need. Some people can make up to €200 a day and you could even ask your relatives or neighbours if they want you to take away anything they don’t need anymore. We did a car boot sale last year and made about €300 from lots of items we no longer needed and they were just taking up lots of space in the house. You will need to get up early, probably at about 5am to get a good spot for the day. It’s a good idea to spend the night before pricing your items as we didn’t do this and when we opened the back of the car we were literally jumped on by professional buyers, (they buy and sell items every week and make a good profit as they know what price to buy and sell at) It was fine for us as we just wanted to sell everything we had.

     

    Warning!! Don’t buy anything while you are at the car boot sale as you will just come back home with a car full of items you don’t need.

     

    Dog minding/walking, if you love dogs and have time at the weekends you could look after a furry friend for someone who wants to go on holiday but doesn’t like putting their dog in kennels. You could an earn €10 – €30 a night. Our dog stays with the same girl every time we work away or if have a weekend break and he loves it there, it’s like his second family. She also walks about 10 dogs every day and has made a business out of walking dogs before she picks up the kids from school. If you set up your own dog walking/minding business make sure you take out Pet Business insurance cover as it’s good to have an insurance policy in place to cover any accidents and also owners will take you serious if you have insurance.

     

    Rent out your car parking space, you could earn up to €300 a year if you live near the city centre, airport or a train station. www.justpark.com will advertise your space for you and usually charge you a fee of 20% to use their service. We live 5 minutes away from a football stadium and have been renting out our driveway to one of the supporters for the last 4 years. He pays €350 a year and knows his car will be in a safe place every time he goes to a match or visits the city. It’s an easy way to make extra money every year and we just need to make sure we move our car or leave enough space for him to park on the driveway when he’s visiting.

     

    I really hope some of these ideas can help you make some extra money this year and every year going forward.

     

    Have a great week everyone.

    Rory McGonnell

    Founder of Bright Day Finance

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

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

    See If You Qualify For 70% Debt Write Off



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  5. 12 Ways to Save Money This Year

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    12 Ways to Save Money This Year

    Here are some money saving tips that could cut those households bills and save you money in other areas too.

    Winter is here and it’s starting to get colder and our heating bills are higher this time of year so it’s a good time to see where you can save money on those household bills and your other outgoings.

    1. Budget, sit down and work out how much money you have left after all your bills are paid and then try and stick to a weekly budget for food etc.

    2. Save money by changing your electricity/gas supplier. Every year I check to see where I can get the best deal and then I move to them. You could save up to €400 a year by switching both your gas and electric.

    3. See if you can get Free banking, some banks give you free banking if you lodge €2500 into your account every month. Free banking could save you up to €160 a year.

     

    4. Take your credit cards out of your wallet and leave them at home. If you have them with you, you might be tempted to use them.

     

    5. Shop around every year to get the best price on your insurances, TV package, broadband and mobile. Lots of websites are now available to help you find the best deal and switch. You could save up to €800 a year by switching your home insurance, car insurance and TV package, broadband and landline/mobile.

     

    6. Don’t go food shopping on an empty stomach as you will buy more than you need. Make a list of what you need and try to stick to it. Plan your meals for the week then you will know what you need to buy and hopefully you won’t overspend.

     

    7. Make your own lunch, stop eating out as much, I know it takes more time but you will save a lot of money over the year by taking a packed lunch to work.

     

    8. Forget the expensive coffee, buy yourself a stainless steel mug and bring your own coffee to work. You will be surprised how much you will save over the year.

     

    9. Don’t leave the TV or other appliances on standby as they are using small amounts of electricity.

     

    10. Turn off lights; many households leave the lights on even when they are not in a room. Get into the habit of turning them off so you can cut down your electric bill.

     

    11. Wash your clothes at the lowest appropriate temperature for the fabric type and always try to fill the washing machine. Also stop using the tumble dryer. It’s very heavy on electricity and I would only use it for emergencies.

     

    12. If you are struggling to pay mortgage, loans or credit card then speak to an Independent Debt Advisor today because with the right solution you could reduce your monthly payments, stop all your interest and have up to 70% of your debt written off if you are eligible for a debt settlement solution.

     

    Here is more information on the debt settlement solutions now available, you maybe be eligible for one of these solutions below if you are struggling with unmanageable debt.

     

    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.

     

    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 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 great to see that there are now lots of solutions available to help anyone struggling to pay their debts and that 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.

    Rory McGonnell

    Founder of Bright Day Finance

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

    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”

    See If You Qualify For 70% Debt Write Off



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  6. Court Review Introduced For Rejected Personal Insolvency Arrangements

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    Court Review Introduced For Rejected Personal Insolvency Arrangements

    For many borrowers struggling with mortgage debt, the introduction of a Personal Insolvency Arrangement was welcomed as a solution to help them deal with the burden of unsustainable debt.

     

    A Personal Insolvency Arrangement 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 for an insolvent person.

     

    However in reality, many of the Personal Insolvency Practitioners we work with are having Personal Insolvency Arrangement proposals rejected by mortgage lenders.

     

    The report released by the Insolvency Service of Ireland for the 1st quarter of 2015 shows below the banks who are rejecting these debt solutions.

     

    Percentage of cases rejected:

    Start Mortgages 80%

    PTSB / Springboard 48%

    Tanager 33%

    Bank of Ireland 21%

    Ulster Bank 19%

    AIB / EBS 14%

    KBC 10%

     

    Personal Insolvency Practitioners spent a lot of time with a borrower putting together their proposal for a solution to their debt problems, mortgage lenders would turn them down flat, even after other lenders had accepted their proposals.

     

    What many people still don’t know is that at the end of last year, the minister for Justice, Frances Fitzgerald announced that if a Personal Insolvency Arrangement proposal is declined, the borrower can ask for it to be reviewed by the courts. If the reason for turning it down is found to be unfair, the courts could force the proposal onto lenders. This has been warmly welcomed by the public as the government appears to be standing up for borrowers who have been at the mercy of Banks and other lenders to accept their Personal Insolvency Arrangement proposals.

     

    This new ruling isn’t a green light for all declined Personal Insolvency Arrangements being approved as the courts will look at the likelihood that the borrower can make the proposed repayments and the interests of all parties. As the courts are independent, we should see more balanced and informed decisions being made.  This should hopefully lead to more declined Personal Insolvency Arrangement proposals being overturned and being accepted in the future.

     

    Minister Fitzgerald went as far as to describe the order as “a very significant milestone in the development of Ireland’s insolvency regime”.

     

    The Personal Insolvency Practitioners we work with have appealed the decision of any mortgage lender who rejected a debtors Personal Insolvency Arrangement and have used this new court review process to gain the right decision for their client.

     

    As well as Personal Insolvency Arrangements now becoming more attractive, they complement a growing list of debt solutions available to borrowers experiencing financial difficulties. These include Debt Relief Notices, Debt Settlement Arrangements, and of course, Bankruptcy.

     

    Here is more information on the debt write off solutions now available, you maybe be eligible for one of these solutions below if you are unable to pay your debts as they fall due:

     

    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 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.

     

    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.

     

    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 anyone burdened with unaffordable debt has lots of different solutions now available to them.

     

    We now have debt solutions available that will reduce your monthly payments on your credit cards, loans or mortgage and will write off debt you can’t afford to pay.

     

    If you are struggling to pay to your mortgage, credit cards or loans please don’t worry as there is help available.  We can arrange a Free call for you with a Personal Insolvency Practitioner who will able to see if you are eligible for a debt solution.

     

    R.McGonnell 14th January 2017

     

     

     

  7. Debt Help Case Study: A Debt Settlement Arrangement

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    A Debt Settlement Arrangement

    debt settlement arrangement

    Michael and Noreen are struggling to pay their unsecured debt of €35,400.

     

    Michael and Noreen owe €35,400 to their credit card companies and are struggling to pay €750.00 a month to their credit card debt because their income has been reduced.

     

    They have 3 children and are finding it very difficult to pay all their bills as Noreen is unable to work now due to a long term illness.

     

    Noreen used to work full time but now she only receives benefits so the couple cannot afford to make the normal monthly payments to their credit cards as their household income is a lot less.

     

    They tried to negotiate with their creditors but the credit cards companies would not reduce their payments for them and are adding interest to their debts.

     

    Their creditors keep phoning them and are sending them debt collection letters every week asking them to make payments they cannot afford.

     

    Michael and Noreen know they need help so they speak with a Personal Insolvency Practitioner about their debt problems.

     

    They sit down with a Personal Insolvency Practitioner and he offers them Free Debt Advice, he goes through all their income and expenditure details and recommends a Debt Settlement Arrangement (DSA) as the best solution to help them become debt free after 5 years.

     

    The Personal Insolvency Practitioner applies for a Protective certificate first which gives Michael and Noreen protection from legal proceedings by creditors while they are applying for a Debt Settlement Arrangement.

     

    This gives their Personal Insolvency Practitioner time to get all their paperwork together so he can make a proposal to their creditors. A couple of months later the Personal Insolvency Practitioner calls a creditor meeting and their creditors agree to the proposal put forward by their Personal Insolvency Practitioner.

     

    Their Debt Settlement Arrangement has been approved and they will only have to pay their debt back for 5 years. Their new monthly payment towards their credit cards is €300.00 and €17,400 of their debt will be written off.

     

    They won’t receive any more letters and calls from their creditors and will be able to sleep now as they are not going to be worried about their debts. Their Personal Insolvency Practitioner will manage their Debt Settlement Arrangement for them until their debts are paid off.

     

    An Example Of Michael and Noreen’s Debt Settlement Arrangement

     

    case-graph20.png

     

    (This is an example of how a Debt Settlement Arrangement can help someone who is insolvent, the monthly payment and the amount of debt written off in each debt settlement arrangement varies for every insolvent person/family as everyone’s circumstances are different, this case study is just an example and will give you an idea of how a debt settlement arrangement can help someone struggling with unmanageable debt)

     

    A Debt Settlement Arrangement is a formal agreement between you and your creditors where you repay a percentage of your debt and your creditors agree to write off any outstanding debt.

     

    If you are struggling to pay your unsecured debts such as credit cards, loans and overdrafts then a Debt Settlement Arrangement could be the right solution to help your clear your debts with affordable payments.

     

    A Debt Settlement Arrangement is an agreed settlement of your unsecured debts (credit cards, loans and overdrafts) with affordable payments over a period of 5 years.

     

    When a Debt Settlement Arrangement is successfully completed you will be fully discharged of the debt included in the arrangement and will be solvent again. You must contact a Personal Insolvency Practitioner to apply for a Debt Settlement Arrangement

     

    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 a Debt Settlement Arrangement.

     

    Rory McGonnell

    Founder of Bright Day Finance

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

     

     

  8. When Should You Look For Debt Advice?

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    When Should You Look For Debt Advice?

    Most people struggle to pay their credit card debt, loans and mortgage/rent when they experience a change in their circumstances.

     

    Their salary may have been cut at work or their hours may have been reduced and now they don’t have the same income as before but they are still expected to pay out the same amount to their household bills and debts.

     

    Redundancy, long term illness, relationship breakdown or a business failing are other reasons to make someone struggle with debt.

     

    Every phone call we receive is from someone worried about how they are going to pay their loans, credit cards, overdrafts or mortgages.

     

    They can’t sleep at night due to the worry and need help to get their creditors off their back and they want to find a solution to their debt problem.

     

    Nobody takes out debt with the intention of not paying it back, everything was fine when they applied for their mortgage, car loan or credit card and they didn’t know their income would be reduced at work or that they would be made redundant.

     

    Once they start missing payments, their creditors can become very difficult to deal with as they only want them to pay their debt and they are not considering the fact that they have other creditors that need to be paid too.

     

    They can add interest and charges and threaten legal action which just makes things even worse as they are increasing the amount they owe on the debt and are adding more stress to the situation by doing this. Then all the phone calls and debt collection letters start which cause even more stress and they don’t want to answer the phone or open the post anymore.

     

    If any of this sounds familiar then please ask for help, speak to a Debt Advisor or Personal Insolvency Practitioner as they can help you find a solution to your debt problem.

     

    It’s time to ask for free debt advice if the following applies to you also:

     

    Finding it a struggle to pay your debts every month as they fall due.

    If you are behind on your mortgage or rent.

    Missing payments on your credit cards and loans.

    Ignoring creditor calls and letters.

    Afraid to open your post or answer the phone

    Using your credit cards to pay your household bills and food every month.

    Robbing Peter to pay Paul.

    Using credit to pay other creditors.

    Receiving solicitor letters from creditors.

    Hiding debt from family.

     


    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:

     

     

    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.  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)
     

    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. 

     

     
    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. 

     

    Please don’t bury your head in the sand as there are now solutions available that can reduce your monthly repayments, write off unaffordable debt and stop all those nasty calls and letters.

     

    Someone said to me before that they thought we would shout at them for being in debt or we wouldn’t be able to help them, this would never ever happen as Debt Advisors and Personal Insolvency Practitioners are there to help you. Debt Advisors and Personal Insolvency Practitioners understand the stress caused by being in debt and they help people every day and would never speak down or shout at someone that they are helping. They don’t work for the banks or the credit unions, they work for you and they help lots of people become debt free every year.

     

    Some clients have told me in the past that making the first call was so difficult for them as they were worried about what we would think of them, but then after they spoke with us they were so happy that they did make that call as they can now see a light at the end of the tunnel and a huge weight has been lifted off their shoulders.

     

    Some of the solutions now available enable you have up to 70% of your debt written off which will also reduce your monthly debt repayments.

     

    If you need help with debt then I can 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.

    Rory McGonnell

    Founder of Bright Day Finance

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

     

     

  9. Are you eligible for a new Irish Debt Settlement Solution?

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    Are you eligible for a new Debt Settlement Solution?

    free financial advice ireland

     

    If you are unable to pay your debts as they fall due and do not see yourself being able to do so in the next few years there are now 3 debt settlement solutions which can help you clear your debts.

     

    The right debt settlement solution for you will depend on how much you owe, the type of debt you are struggling with and also your income and your assets.

     

    There is now a lot of help available for anyone struggling to pay their loans, credit cards or mortgage in Ireland. The Personal Insolvency Act 2012 which was passed into law in Ireland at the end of 2012 introduced new debt settlement solutions to help anyone struggling with unmanageable debt.

     

    The following debt settlement solutions are now available and you may be able to write off some or all your debt if you are insolvent (Insolvent means you are unable to pay your debts in full and when they fall due)

     

    Debt Settlement Arrangement
    A formal debt settlement 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.

     

    Debt Relief Notice 
    This solution offers 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.

     

    Personal Insolvency Arrangement
    Formal debt settlement agreement that includes secured debt (mortgage and secured loans) and unsecured debts (credit card, loans and overdrafts) 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.

     

    The best way to find out if you are eligible for one of these new debt settlement solutions is to speak with a Personal Insolvency Practitioner.

     

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

     

    The Personal Insolvency Practitioners we work with understand the stress involved when someone is in debt and they are there to help you find a solution to your debt problems.

     

    You may be struggling to pay your debts due to a change in your circumstances. Lots of people have been affected by pay cuts and redundancies and no longer have the same income as before. It can be very difficult to keep paying the normal payments to your debts and mortgage when you don’t the same income coming in every month.

     

    We can arrange a FREE appointment for you with a Personal Insolvency Practitioner, just call us on 01 4434125 or request your FREE call through our website today.

     

    Rory McGonnell

    Founder of Bright Day Finance

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