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See If You Qualify For 70% Debt Write Off

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First Debt Settlement Arrangement Agreed


The very first debt settlement arrangement was approved by creditors in Dublin on the 23rd November 2013.

A debt settlement arrangement is a formal debt settlement agreement which helps an insolvent person deal with unaffordable debt.

It was reported that the first debt settlement arrangement involved a 70% write down of debt and the debtor who was based in Donegal had unsecured debt of six figures and was unable to pay the debt when their business failed. It is understood three of Ireland’s main banks were among six creditors involved and that the collapse of the business left the individual with a residual debt they could not pay.

Under this type of arrangement a percentage of the debt is paid for 5 years and the remaining debt is written off. 

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In some cases up to 70% of the debt can be written off and unsecured debts are included in a debt settlement arrangement

A debt settlement arrangement is one of the three new debt solutions introduced under the Personal Insolvency Act 2012. It is designed for individuals who have no prospect of paying off all their unsecured debts in the next five years. This debt settlement arrangement will see 30% of the debt paid off over the next five years and the rest of the debt believed to be 70% will be written off.

A Personal Insolvency Practitioner secured the deal for the debtor. The Personal Insolvency Practitioner worked on behalf of the debtor for a few months to try and agree the right deal for the debtor and negotiated a debt write down deal of 70%. The Personal Insolvency Practitioner applied for a Protective Certificate while negotiating with the creditors as this gives the debtor 70 days protection from legal action. Under the new Personal Insolvency Act, when the Protective Certificate is issued the Personal Insolvency Practitioner has up to 70 days to work out a deal on behalf of the debtor. 

This debt settlement arrangement was agreed a month after the Protective Certificate was issued by Monaghan District Court. The debt settlement arrangement agreed does not involve mortgage debt. If the debtor was struggling with mortgage debt also then they could have applied for a Personal Insolvency Arrangement instead with the help of the Personal Insolvency Practitioner.

A Personal Insolvency Arrangement is a formal arrangement which helps an insolvent person deal with unaffordable secured and unsecured debt.  Under this type of arrangement a percentage of the debt is paid for usually 6-7 years and the remaining debt is written off. In some cases up to 70% of the debt can be written off and secured debt (mortgages, secured loans) and unsecured debts (credit card, loans or catalogues) can be included in a Personal Insolvency Arrangement.

The 23rd of November 2013 marks a very important day in Irish history as this land mark case shows anyone burdened with unaffordable debt that there are now solutions available to help you deal with debt and unaffordable debt can be written off. These new debt settlement solutions reduce debt repayments to affordable amounts/writes off debt that cannot you afford to pay and creditors are agreeing to these arrangements with the help of a Personal Insolvency Practitioner. 

If you are struggling to pay your credit cards, loans or mortgage then complete our call back form today to find out for FREE if you qualify for up to 70% debt write.

There is no charge to speak with an Independent Debt Advisor and anything you discuss is kept strictly confidential.

We can arrange a FREE Consultation with an Independent Advisor who will be able to see if you are eligible to have your debts written off.

Whatever your financial situation, whatever your circumstances an Independent Debt Advisor can offer you Free Debt Advice which will help you find the best solution to clear your debts.

Chris L. from Galway


 “A special thanks to you all and especially to you Rory for being there for me in what was a very stressful time in my life. My debts were spiralling out of control as I struggled to meet the minimum repayments. Since contacting you Rory I have never looked back. You listened and in no time at all I began to feel so much better in myself.

You contacted my creditors and to my amazement they all decided to freeze the interest and charges on my loans. You carefully arranged a debt management plan that works for me and I have one direct debit a month to Bright Day Finance who then pays my seven creditors. It’s been over a year now and everyone is happy. Rory and the team have given me financial freedom and I have a life again”

Laura F. from Athlone


“Bright Day Finance helped me so much, with Rory and his teams help I am now able to manage my debt, and it’s like a weight has been lifted. They even found out I was overpaying on a loan, to which I’m delighted to say Rory sorted for me and I ended up only owing the bank half the amount  so even with just that debt I have saved over a thousand euro.

I can’t praise them enough, it was the best phone call I have ever made, I was in a situation where I was getting deeper and deeper into debt, but was too embarrassed to ask for help. but with Rory and his team they are like the friend you can talk to, they don’t judge! they are here to help you. So if you are in the same situation as I was make that call, it will be the best decision you will ever make”

Couple Receive 53% Write Down On Mortgage

According to the news a Limerick couple had 53% written off their mortgage on the 12th of August 2015. It was reported that their lender had threatened them with repossession until their Personal Insolvency Practitioner stepped in to help them secured this deal.

The couple can now hold on to their home and have secured a mortgage write-down of 53% under a new debt solution called a Personal Insolvency Arrangement (PIA).

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This type of solution will reduce down the debtor’s mortgage payment to a more affordable amount. It will also include the write down of mortgage debt and unsecured debts like credit cards, loans or overdrafts. The arrangement also gives a debtor legal protection from their creditors for 6-7 years.

It was reported that the Personal Insolvency Arrangement (PIA) was approved at the personal insolvency court in Ennis and that the Judge approved a €98,250 write down their mortgage. According to the news the couple got into debt when the man suffered a stroke and his wife had to give up work to become his full time carer.

A Personal Insolvency Arrangement is a debt settlement solution that was introduced by the Government through the Personal Insolvency Act 2012. It 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. 

If you are struggling to pay your secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts) then this could be the right solution for you. This type of solution will reduce down the debtor’s mortgage payment to a more affordable amount. It will also include the write down of mortgage debt and unsecured debts like credit cards, loans or overdrafts. The arrangement also gives a debtor legal protection from their creditor for 6-7 years.

The Personal Insolvency Arrangement approved provides the mortgage lender with the best option because they will get more out of it than if the property was sold. This case demonstrates that the personal insolvency system is working and it’s fantastic to see that anyone struggling with mortgage debt can now get the help they need.  Lots of cases like this have been approved since August 2015 and we will see a lot more mortgages restructured under Personal Insolvency Arrangements in the future. 

 If you have experienced a change in your circumstances and are finding it difficult to pay your mortgage and other debts then don’t panic there is help available. 

We can arrange a Free appointment for you with a Personal Insolvency Practitioner who will be able to find the best solution to help you deal with debt.  You maybe eligible to have some of your debt written off and maybe be able to have your payments reduced down to a more manageable amount. 

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.”

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”