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When Should You Look For Debt Advice?

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When Should You Look For Debt Advice?

When Should You Look For Debt Advice? Bright Day Finance

Most people struggle to pay their credit card debt, loans and mortgage/rent when they experience a change in their circumstances.


Their salary may have been cut at work or their hours may have been reduced and now they don’t have the same income as before but they are still expected to pay out the same amount to their household bills and debts.


Redundancy, long term illness, relationship breakdown or a business failing are other reasons to make someone struggle with debt.


Every phone call we receive is from someone worried about how they are going to pay their loans, credit cards, overdrafts or mortgages.


They can’t sleep at night due to the worry and need help to get their creditors off their back and they want to find a solution to their debt problem.


Nobody takes out debt with the intention of not paying it back, everything was fine when they applied for their mortgage, car loan or credit card and they didn’t know their income would be reduced at work or that they would be made redundant.


Once they start missing payments, their creditors can become very difficult to deal with as they only want them to pay their debt and they are not considering the fact that they have other creditors that need to be paid too.


They can add interest and charges and threaten legal action which just makes things even worse as they are increasing the amount they owe on the debt and are adding more stress to the situation by doing this. Then all the phone calls and debt collection letters start which cause even more stress and they don’t want to answer the phone or open the post anymore.


If any of this sounds familiar then please ask for help, speak to a Debt Advisor or Personal Insolvency Practitioner as they can help you find a solution to your debt problem.


It’s time to ask for free debt advice if the following applies to you also:


Finding it a struggle to pay your debts every month as they fall due.

If you are behind on your mortgage or rent.

Missing payments on your credit cards and loans.

Ignoring creditor calls and letters.

Afraid to open your post or answer the phone

Using your credit cards to pay your household bills and food every month.

Robbing Peter to pay Paul.

Using credit to pay other creditors.

Receiving solicitor letters from creditors.

Hiding debt from family.


There is now a lot of help available for anyone struggling with debt in Ireland. The Personal Insolvency Act 2012 which was passed into law in Ireland at the end of 2012 introduced new debt write off solutions to help anyone struggling with unmanageable debt.


The following solutions are now available and you may be able to write off some or all your debt if you are eligible for one of these solutions:



Debt Settlement Arrangement
A formal agreement where a percentage of the debt is paid and creditors agree to write off any outstanding debt. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years.  If you 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. (Insolvent means you are unable to pay your debts in full and when they fall due).


Personal Insolvency Arrangement
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 and unsecured debt, a Personal Insolvency Arrangement may be the right solution for you. This debt solution was brought in by the Government to deal with secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts)

Debt Relief Notice 
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. 


A high court process for someone struggling with more than €20,000 of debt. Bankruptcy is a solution 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. 


Please don’t bury your head in the sand as there are now solutions available that can reduce your monthly repayments, write off unaffordable debt and stop all those nasty calls and letters.


Someone said to me before that they thought we would shout at them for being in debt or we wouldn’t be able to help them, this would never ever happen as Debt Advisors and Personal Insolvency Practitioners are there to help you. Debt Advisors and Personal Insolvency Practitioners understand the stress caused by being in debt and they help people every day and would never speak down or shout at someone that they are helping. They don’t work for the banks or the credit unions, they work for you and they help lots of people become debt free every year.


Some clients have told me in the past that making the first call was so difficult for them as they were worried about what we would think of them, but then after they spoke with us they were so happy that they did make that call as they can now see a light at the end of the tunnel and a huge weight has been lifted off their shoulders.


Some of the solutions now available enable you have up to 70% of your debt written off which will also reduce your monthly debt repayments.


If you need help with debt then I can 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.

When Should You Look For Debt Advice? Bright Day Finance

Rory McGonnell

Founder of Bright Day Finance

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



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