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  1. More people are getting the help they need.

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    More people are getting the help they need

    More people are getting the help they need. Bright Day Finance
    The Insolvency Service of Ireland released their final quarter Statistic report for 2018 which shows that the number of Personal Insolvency Arrangements are up 41% in the fourth quarter of the year compared to the equivalent quarter in 2017.

    Personal insolvency Arrangements rose by 31% in 2018 compared to the previous year.

    A Personal Insolvency Arrangement (PIA) is a formal agreement that helps someone who is struggling to pay their secured and unsecured debts. Under a PIA a percentage of the debt is paid off and creditors (banks/credit card companies) 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)



    A Personal Insolvency Arrangement is a debt solution created to help debtors return to solvency while keeping them in their home.

    In over 95% of these debt write off cases a Personal Insolvency Practitioner has delivered a permanent debt solution that keeps the debtor in their home while also returning them to solvency

    Personal Insolvency Practitioners are helping more people write off their debts with these solutions and the main benefit of this solution is keeping your home.

    The debt solutions secured during 2018 included the write down of some or all of the negative equity in order to make a mortgage affordable; warehousing a portion of a mortgage in contemplation of a likely future event; term extension; interest rate reduction; fixing interest rates for duration of remaining mortgage; mortgage to rent or debt for equity.

    Personal Insolvency Practitioners have the ability to rehabilitate mortgages while keeping borrowers in their home.

    Personal Insolvency solutions secured during 2018 include:

    Write down of some or all of the negative equity in order to make a mortgage sustainable

    Warehousing a portion of a mortgage in contemplation of a likely future event.

    Term extension

    Interest rate reduction

    Fixing Interest Rates for duration of remaining mortgage (25 years+)

    Mortgage to Rent

    Debt for Equity

    Key statistics for Quarter 4 2018 (compared to Q3)

    1% increase in new applications to 753

    27% increase in Protective Certificates to 530

    20% increase in debt solutions to 365 – with Personal Insolvency Arrangements, dealing with mortgage debt, up 30% to 284

    76% increase in bankruptcy cases to 113 (large increase reflects impact of High Court recess during Q3)

    It’s fantastic to see that more people are getting the help they need and that the Insolvency Act is working the way it should.

    These figures show that if someone is struggling with unaffordable debt there is a solution to write off the debt so that the debtor can move forward with their life.

    If you know someone struggling with their mortgage then tell them there is help available and they shouldn’t suffer in silence or if you are struggling to pay your mortgage every month or have arrears on your mortgage then don’t struggle alone please get in touch with a Personal Insolvency Practitoner.

    We can arrange a Free appointment or phone call with a Personal Insolvency will be able to offer you Free Confidential Debt Advice.

    R.McGonnell 20th May 2019

    More people are getting the help they need. Bright Day Finance

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

    Tags: Free Debt Advice Ireland, Free Debt Help Ireland, Debt Advice Ireland, Free Debt Advice, Free Debt Help, Personal Insolvency Arrangement, Personal Insolvency Practitioner, Mortgage Arrears, Insolvency.

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    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”