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Debt Advice Case Studies

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Examples of Debt Settlement Solutions


A Personal Insolvency Arrangement

John is struggling to pay his Mortgage and loans.

John’s business failed 12 months ago. He is now left with two loans from his business and his creditors are chasing him as he was the personal guarantor on the loans.

He has a new job but had to take a big pay cut when he took the job.

He is behind on his mortgage also and has missed a lot of payments over the last 12 months and the mortgage company are not willing to come to an arrangement with him.

Debt Advice Case Studies Bright Day Finance

John makes an appointment with a Personal Insolvency Practitioner, they sit down and have a chat about his situation.

The Personal Insolvency Practitioner goes through all the solutions available to him and they decide a Personal Insolvency Arrangement would be the best solution to help him clear his debt and get his mortgage payment down to an affordable amount.

John’s Personal Insolvency Practitioner secures a Protective certificate to give him protection from his creditors for up to 70 days. This gives her time to go through all his paperwork and put together his proposal.

His Personal Insolvency Practitioner then arranges his creditor meeting and John’s Personal Insolvency Arrangement is approved by his creditors.

John is over the moon, his loan payments and mortgage payment have been reduced down to an affordable amount that he can now pay.

€14,500 of his unsecured debt and €90,000 of his mortgage debt will be now written off under this arrangement.

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(This is an example of how a Personal Insolvency Arrangement can help someone who is insolvent, the monthly payment and the amount of debt written off in each Personal Insolvency 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 Personal Insolvency Arrangement can help someone struggling with unmanageable debt)

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.”

Violet A. from Dublin

“The staff at Bright Day Finance are always there to listen to debt problems and provide help. I was in debt and didn’t know how to get the creditors off my back until I started speaking to Rory, at the moment I pay my debts every week and there are no more phone calls from creditors or those letters that keep you awake at night. The good thing is you get your statement every month from Bright Day also”

Examples of Debt Settlement Solutions


A 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.

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.

Debt Advice Case Studies Bright Day Finance

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.

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 financial 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 Confidential Debt Advice, he goes through all their income and expenditure details and recommends a Debt Settlement Arrangement as the best financial solution to help them become debt free.

The Personal Insolvency Practitioner applies to the court for a Protective certificate first, this gives Michael and Noreen protection from creditor legal proceedings 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 weeks 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.

[graphic name=”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 are struggling to pay to your mortgage, credit cards or loans please don’t worry as there is now help available.

We can arrange a Free consultation with an Independent Debt Advisor or Personal Insolvency Practitioner who will able to see if you are eligible for a debt solution, just give us a call on 01 4434125 or complete our form to receive Free Debt Advice today.

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”

Mary L. from Tipperary

“My name is Mary I joined bright day finance in march 2012, I was after getting myself in to huge debt and I could not see how I was going to get myself out of this. I contacted bright day finance and it was the best move I ever made.

Bright day set up a debt reduction plan for me and I can now sleep at night not having to worry about the banks or debt collectors calling to my door. Bright day finance provide an excellent service and I will be recommending them to my friends and family who are also struggling in these hard times.”