The Insolvency Service of Ireland (ISI) went live the second week of September and has started accepting applications from Personal Insolvency Practitioners (PIP) on behalf of insolvent individuals. This week RTE reported that the first personal insolvency arrangement under the new legislation has seen more than 70% of the borrower’s debt written off which will give tangible and real hope for the many thousands of Irish borrowers who have been left behind in solving their financial difficulties.
The new Personal Insolvency legislation was put in place to give those in financial difficulty an alternative to bankruptcy and to allow them find a path back to solvency. It involves the write down or restructure of secured and unsecured debt, in an organised and transparent manner.
Its strict, it can be a bit complicated, but it is vital that a person get their insolvency agreement right as you only get one shot in your lifetime at fixing your financial problems through one of the Personal Insolvency Arrangements (DSA/PIA).
To find out if you are eligible to avail of the new legislation you will need to employ the services of a (PIP) Personal Insolvency Practitioner. A PIP is an expert in the new personal insolvency legislation, who will stand between you and your creditors, taking the calls, writing the necessary letters, negotiating with your creditors and advising you on how to get back on the road to solvency.
If you answer yes to the following questions, then a PIP maybe able to help:
- Is your home loan or any of your other loans in arrears?
- Are you having difficulty paying your debts as they fall due?
- Have you cut back on your expenses but still find that your debt repayments are unmanageable?
- Are you willing to offer complete financial disclosure to your Personal Insolvency Practitioner?
- Can you commit to making an agreed monthly payments over the next 5/6 years if this means that you can see light at the end of the tunnel at the end of this period?
- Do you feel that you cannot solve your financial problems yourself?
If you would like to discuss any of the above in the strictest of confidence please contact me.
CPA, Director – Quintas
Mark is authorised to act as a Personal Insolvency Practitioner (PIP) by the Insolvency Service of Ireland
A version of this article appeared in an advertorial previously published by the Cork News.