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Debt write off deal agreed for Irish family

In January 2014 a family with massive debt became the first in the country to get mortgage debt and other debts written off under a new Personal Insolvency regime. 

The Leinster based family, whose self-employed income collapsed due to the downturn, was seeking a deal on overall debts of €600,000. A majority of their seven lenders agreed to a Personal Insolvency Arrangement (PIA) which will see a large chunk of the debt written off at the end of the six years of the deal. It was the first Personal Insolvency Arrangement to be formally passed by creditors and is expected to be followed by thousands of others over the next few years.

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In July 2014 figures were published stating that a total of 121 Debt Write Off Arrangements were completed in the first quarter of 2014 under the supervision of the Insolvency Service of Ireland (ISI). The Insolvency Service of Ireland set up last year to help distressed borrowers admitted the number was low, but it insisted the rate of pick-up was increasing as people became more familiar with the options open to them. There was a threefold increase in the number of Insolvency deals and protective certificates agreed in the second quarter of this year compared to the first three months. (Protective certificates are certs which protect debtors and their assets from legal proceedings by creditors while the debtor applies for a Personal Insolvency Arrangement.)

Many creditors are now accepting the debt write off deals arranged through the Insolvency Service of Ireland. All new processes need time and it took a few years for the UK Personal Insolvency Service to start seeing the benefits of their Insolvency Bill. For example in the first quarter of 2014 there were 24,931 Individual Personal Insolvency Debt Write Off deals in England and Wales. This was made up of 5,671 Bankruptcies, 6,549 Debt Relief Orders (DROs) and 12,711 Individual Voluntary Arrangements (IVAs). A Debt Relief Order is the UK equivalent of a Debt Relief Notice and an IVA is the UK equivalent of a Debt Settlement Arrangement. The UK does not have any equivalent to our Personal Insolvency Arrangement so it’s great to see a new solution available to help people in Ireland deal with mortgage debt and negative equity.

We finally have legal system in place to help people in Ireland clear their debts and have a fresh start. If you are worried about debt or struggling to make your monthly repayments on your credit cards and loans then make sure you speak to a Debt Advisor or a Personal Insolvency Practitioner today. It’s always worth speaking to an expert to find out what debt solutions are available for you. 

If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal

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. 

R.McGonnell 21st September 2014 

Liz G. from Wexford

 

 

“Since I found Bright Day Finance my life has become less stressful, no longer am I dreading the end of the month and worrying about where I am going to find the money to pay back my debts.

Rory gave me some very sound advice and has taken over handling them for me. I cannot praise Rory or his team enough, they came up with a suitable and affordable payment plan for me, now my creditors are happy and so am I. Thank you Bright Day Finance”

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”