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 Rejected Personal Insolvency Arrangements Can Now Be Appealed In Court

Personal Insolvency Articles Bright Day Finance

The introduction of a Personal Insolvency Arrangement was welcomed as a solution to help Irish people deal with the burden of unsustainable mortgage debt and unmanageable credit card and loan repayments.

A Personal Insolvency Arrangement is a formal agreement that covers secured and unsecured debts where a percentage of the debt is paid and creditors agree to write off any outstanding debt. However in reality, many borrowers have had their Personal Insolvency Arrangement proposals rejected by their mortgage lenders.

Personal Insolvency Practitioners spend a lot of time with a borrower putting together their proposal for a solution to their debt problems, some mortgage lenders would rejected the realistic proposal, 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 the creditor rejecting the Personal Insolvency Arrangement  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 already brought a handful of rejected Personal Insolvency Arrangements to the courts to be appealed and have been very successful and happy with the outcome.

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.



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.

Click on the arrange a call back button below or phone us on 01 4434125 to receive Free Debt Advice Today. 


R.McGonnell 22nd February 2017


Bankruptcy Term Reduced To One Year

Personal Insolvency Articles Bright Day Finance

At long last Ireland is starting to move with the times and Irish people will no longer have to move to the UK to become free of debt after 12 months.

Justice Minster Frances Fitzgerald brought the long awaited bill through the Dail, “saying the new bill would help small businesses in particular and the measures in this bill will give people in serious debt, who have no disposable income, an earlier return to normal economic activity.”

Bankruptcy is a form of insolvency and is normally only suitable if you cannot pay back your debts in a reasonable time. After you have been declared bankrupt, your creditors will write off your unsecured debts. This allows you to make a fresh start.  Assets you own, such as your house or car, will usually be sold to pay off your debts.

Under the new rules the bankruptcy term has been reduced from 3 years to 1 year and bankrupt applicants can regain financial ownership of their home after 3 years, if the home is transferred to a spouse or a relative in the meantime

This bill finally brings Ireland in line with bankruptcy terms in Northern Ireland and the UK. However, any applicant who has been hiding assets under the terms will be declared bankrupt for 15 years.

Hopefully these long awaited changes will help thousands of people and will enable anyone struggling with debt to be able move forward after 1 year as everyone deserves a fresh start!

We have noticed that the stigma attached to being in debt is now starting to fade, everyone knows someone in debt even though they may not talk to you about it.

Dealing with debt problems and finding a way out of debt can improve your mental health and lift a heavy weight off your shoulders.

If you would like to see if you can go bankrupt then the first step is to speak with a Personal Insolvency Practitioner. Once they assess your situation they can offer advice on the best solution available for you.

As well as bankruptcy there are also Debt Relief Notices, Debt Settlement Arrangements and Personal Insolvency Arrangements.

If bankruptcy is the best solution, then you will complete a statement of affairs detailing your financial situation including how much you owe and how many creditors you have.

We can arrange a Free appointment for you with a Personal Insolvency Practitioner to see if you are eligible to have your debt written off, call us on 01 4434125 or request a call back here [callback]

R.McGonnell 14th January 2016


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.

Personal Insolvency Articles Bright Day Finance

Complete our call back form below or phone us on 01 4434125 to receive Free Debt Advice Today. 



Bankruptcy is now a viable and affordable option

Personal Insolvency Articles Bright Day Finance

Up until recently people in Ireland were heading to the UK to declare themselves bankrupt as Irish bankruptcy laws were a life sentence but that has all changed as the bankruptcy term has been reduced from 12 years to 3 years to help Irish people become debt free.

The were 448 bankruptcy cases last year and now the number of people who will be declared bankrupt in Ireland this year will at least double, according to the head of the State’s bankruptcy office.

The cost of bankruptcy in Ireland has fallen dramatically over the past two years also, it previously cost €1,500 to go bankrupt and now it only costs €270.

An increasing number of householders in debt are choosing bankruptcy instead of the new insolvency regime.

In 2009 nearly 90,000 people in UK declared themselves bankrupt and now Irish people are starting to take advantage of this new law here in Ireland.

Also cutting the period of bankruptcy to a single year looks on the cards after Labour united around the move.

Bankruptcy is a viable and straight forward, affordable option now available for anyone struggling with debt and is not just available for high profile business owners owing millions to the banks.

Things are starting to improve for people struggling with debt and it’s about time. Personal debt will finally be well and truly dealt with and people will be able to move on with their lives.

We had lots of calls from people who needed help with debt and they didn’t even think that Bankruptcy could be an option for them. They are on the road to having all their debt written off as they have been declared bankrupt with the help of an Independent Debt Advisor.

If you would like to see if you are eligible to have your debts written off then please request a Free appointment with an Independent Debt Advisor today.

R.McGonnell 12th March 2015

If you would like Free Debt Advice then let us arrange a FREE appointment for you with a trained Debt Advisor or Personal Insolvency Practitioner  who will be happy to talk you through a range of debt solutions.

Personal Insolvency Articles Bright Day Finance

Complete our call back form below or phone us on 01 4434125 to receive Free Debt Advice Today.