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Mortgage and debt write-off requests increase by 180%

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Mortgage and debt write-off requests increase by 180%

Mortgage and debt write-off requests increase by 180% Bright Day Finance

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. 

Mortgage and debt write-off requests increase by 180% Bright Day Finance

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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