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    Archived pages: 362 . Archive date: 2014-10.

  • Title: Debt Advice Ireland | Debt Help Ireland | Debt Advice Forum
    Descriptive info: .. Home.. Forum.. News.. Debt Solution Framework.. Personal Insolvency Arrangement.. Debt Settlement Arrangement.. Debt Relief Notice.. Bankruptcy.. Debt Management Plan.. Mortgage Arrears.. MARP.. UK Bankruptcy.. Philip Gill.. Edward Walsh.. Your Home.. Expenditure Guidelines.. Eligibility.. How To Apply.. What Is A PIP.. About Us.. Contact Us.. Latest Forum Posts.. Forum Post.. Author.. Hi, I do not think that you can rely on the d.. Edward Walsh.. Welcome to the forum maksud89.. I'm sorry f.. Forum Adviser.. Hello Dundeeedd This sounds like a standar.. Philip Gill.. Sorry, just noticed that you are in fact base.. Hi.. You do not specify where you now live, bu.. Hi Kman.. That makes sense, thanks for prov.. Thanks for the replies, apologies I haven't i.. Kman.. The goal is to set up two self-sufficient sus.. Welcome to the forum Kman.. I'm sorry we've be.. We understand that there had been seem delays.. Current Forum Topics.. Debt Written off.. maksud89.. Irish Debt but I now live in Northern Ireand.. dundeeedd.. Separated in arrears.. im trying but ex refuses to pay.. Eire32.. Personal insolvency registers.. Information Needed.. Upfront fees.. Why not bankruptcy?.. Frequently Asked Question.. Debt relief notices.. Selling your home.. Payments during bankruptcy.. Debt Advice Ireland News.. KBC Bank In The News.. 17th June 2014.. Personal Insolvency Practitioner Fees.. 3rd June 2014.. Increasing Volumes of Bankruptcy Leads To Delays.. 20th May 2014.. Why People Won’t Go Bankrupt (And Why They Should?).. 15th May 2014.. Inheriting During Personal Insolvency.. 7th May 2014.. Will The Government Step In To Change Personal Insolvency Rules?.. 1st May 2014.. Is Bank Of Ireland Undermining Irish Personal Insolvency.. 15th April 2014.. Insolvency Statistics Released By Insolvency Service Of Ireland.. 8th April 2014.. Public Registers Of Personal Insolvencies.. 4th March 2014.. Debt Relief Notice Used To Deal With A Wedding Debt.. 25th February 2014.. Should You Deal With Your Debts Yourself?.. 19th February 2014.. Bankruptcy Enquiries Increase.. 13th February 2014.. Am I Eligible For A Debt Settlement Arrangement?.. 3rd February 2014.. First Personal Insolvency Arrangement Debt  ...   information about the new options, an interactive debt help forum where you can get answers from debt advice experts online, as well as access to reputable providers of these debt solutions if you choose to proceed with one of them.. Using Our Debt Forum.. The range of measures that are available to deal with debt in Ireland are new and in some ways quite complex.. This makes it difficult for members of the public to assess which debt solutions will best suit their circumstances and needs.. Many people are also initially reluctant to make an appointment to meet with a debt adviser.. It can be difficult to take the first step to addressing a financial problem that might be affecting many varied aspects of your life.. Our debt advice forum bypasses these issues.. You can browse other people’s questions and answers, ask debt questions yourself and benefit from professional advice from Personal Insolvency Practitioners (PIPs).. All of this can be achieved anonymously, at a time that suits you, from the comfort of your own home.. Making Informed Decisions About Personal Insolvency.. It’s perfectly possible that you will have a number of personal insolvency debt solutions options available to you.. Different debt advice professionals may come to different conclusions about which option to recommend to you.. The provision of debt help isn’t a science and the very newness of the range of Irish debt solutions may create some adviser confusion to add to the lack of public awareness.. Debt Advice Ireland is a personal insolvency resource that you can continue to visit and interact with while you take the appropriate amount of time to make an informed and important choice about how best to proceed.. Complaints Procedure.. |.. Credit Rating.. Forum Rules.. Terms Of Use.. Privacy Cookie Policy.. Sitemap.. www.. debtadviceireland.. ie All Rights Reserved.. (C) PJG Recovery (Ireland) Limited.. Company Registration Number: 516683.. Focus Suites, Harcourt Centre, Block 2, Harcourt Road, Dublin 2.. Please note that telephone calls may be monitored or recorded..

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  • Title: News And Articles | Debt Advice And Solutions In Ireland
    Descriptive info: Debt Advice Ireland News And Articles.. KBC Bank In The News - 17th June 2014.. Personal Insolvency Practitioner Fees - 3rd June 2014.. Increasing Volumes of Bankruptcy Leads To Delays - 20th May 2014.. Why People Won’t Go Bankrupt (And Why They Should?) - 15th May 2014.. Inheriting During Personal Insolvency - 7th May 2014.. Will The Government Step In To Change Personal Insolvency Rules? - 1st May 2014.. Is Bank Of Ireland Undermining Irish Personal Insolvency - 15th April 2014.. Insolvency Statistics Released By Insolvency Service Of Ireland - 8th April 2014.. Public Registers Of Personal Insolvencies - 4th March 2014.. Debt Relief Notice Used To Deal With A Wedding Debt - 25th February 2014.. Should You Deal With Your Debts Yourself? - 19th February 2014.. Bankruptcy Enquiries Increase - 13th February 2014.. Am I Eligible For A Debt Settlement Arrangement? - 3rd February 2014.. First Personal Insolvency Arrangement Debt Deal Now In Place - 27th January 2014.. What Are The Pros And Cons Of Debt Settlement  ...   First Personal Insolvency Cases Reach Court - 20th November 2013.. Central Bank Regulates Debt Management Plans - 13th November 2013.. Key Developments For Irish Personal Insolvency - 23rd October 2013.. How Many People Have Applied For Personal Insolvency In Ireland? - 15th October 2013.. Is Bankruptcy A Better Solution Than Personal Insolvency? - 4th October 2013.. New Personal Insolvency System Continues To Be Criticised - 23rd September 2013.. Mortgage Arrears Resolution Targets Set For Banks - 18th September 2013.. Why Will The Banks Accept Personal Insolvencies? - 10th September 2013.. Can Banks Claw Back Money After Personal Insolvency Ends? - 3rd September 2013.. Homeowners Struggling With Mortgage Arrears - 29th August 2013.. Who Should Be Able To Offer Debt Advice? - 21st August 2013.. Avoiding The Repossession Of Your Home - 12th August 2013.. Integrity Vital When Considering Debt Solutions - 12th August 2013.. Contact Us.. Your Name:.. Your Email:.. Phone Number:.. Best Time To Call:.. Anytime.. Morning.. Afternoon.. Evening.. Your Message:.. Reload Image.. Enter Above Code Here:..

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  • Title: Debt Advice Ireland | Irish Debt Solutions and Debt Relief
    Descriptive info: Solutions In Ireland | New Debt Relief Options Available.. For many years debtors in Ireland have been treated harshly compared to those in many other countries.. When circumstances take a turn for the worse, or a borrower simply makes some honest financial mistakes, the consequences for them have often been severe.. The pressure to introduce an updated personal insolvency regime has been growing over the past decade.. Consumer borrowing has grown exponentially during this period, later culminating in the banking crisis.. The financial bailout deal from the IMF, EU and ECB insisted that Ireland must modernise their personal insolvency system to enable some of this consumer debt to work its way through the system.. In the summer of 2012 the government published details of their forthcoming insolvency legislation which was subsequently signed into law later in the year.. Three new methods for debtors to resolve unmanageable debts have been created.. These are known as Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA).. These new formal debt solutions in Ireland will become available to the public during 2013.. At the time of writing the newly created Insolvency Service is working to create an administrative function that will support these processes.. At the same time,.. Personal Insolvency Practitioners.. (PIPs) are receiving training that will enable them to become authorised to deliver DSA and PIA services.. In addition, becoming bankrupt has been made less onerous for the debtor.. Bankrupts will be discharged from the process after three years rather than the current twelve.. Debt Relief Notices.. are primarily aimed at those with lower levels of income, lower levels of unsecured debts, and few assets.. The Insolvency Service expects that between three and four thousand applications will be received in the first year of operation.. Debt Settlement Arrangements.. will suit those that have some spare income and who have unsecured debts that they are struggling  ...   reduced severity of.. bankruptcy.. restrictions is expected to result in an increased number of applications.. In 2011 there were just thirty bankruptcy adjudications, but the Insolvency Service expect as many as three thousand during their first full year of operation in their new form.. Given the introduction of the Personal Insolvency Arrangement and the reduced severity of bankruptcy it remains to be seen whether mortgage lenders become more accommodating to their clients through the MARP scheme.. The.. Mortgage Arrears Resolution Process.. could, in some circumstances, help people to protect their home and avoid the need to enter a formal process such as a PIA, DSA, DRN or bankruptcy.. It also remains to be seen whether the new Irish insolvency regime results in fewer people availing themselves of.. bankruptcy in the UK.. While the personal insolvency system in Ireland is clearly being relaxed to a considerable extent, some people may continue to feel that accessing the UK bankruptcy process instead will still be a preferable route.. Debtors and advice providers will take some time to become fully familiar with these changes and new options in the coming months.. Personal Insolvency Practitioners will be taking their first tentative steps to put such arrangements in place.. The creditor reaction to the receipt of applications for Debt Settlement Arrangements and Personal Insolvency Arrangements remains to be seen.. As these processes and changes are new there is clearly going to be some uncertainty for all parties in the first few months.. What is for sure is that debt solutions in Ireland will become both more accessible and less punitive in the future.. Have you got a question about these new types of debt arrangements? Are you looking for information about whether you might qualify to apply for one of these new options? Please.. visit our forum.. where you will be able to obtain answers from debt experts and Personal Insolvency Practitioners..

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  • Title: Debt Advice Ireland | Personal Insolvency Arrangement Ireland
    Descriptive info: What Is A Personal Insolvency Arrangement?.. A Personal Insolvency Arrangement (PIA) is a formalised debt deal between a debtor and his or her secured and unsecured creditors.. It might assist you if you’re burdened by high levels of debt repayments that you cannot afford to service.. The aim is to create a binding deal that serves as a compromise between the various involved parties.. Personal Insolvency Arrangements can only be set-up by using the services of a Personal Insolvency Practitioner (PIP) who is authorised to handle such cases in Ireland.. To secure the support of your creditors you’ll offer them a settlement of some sort.. This might involve making monthly payments from your surplus income for a fixed period of time (usually six years), realising a lump sum through sale of certain assets that you might own, or a combination of both.. By agreeing to your proposal your creditors will agree to write-off a proportion of your debts provided that you keep to the commitments that you have made.. Who Might Consider Setting-Up A PIA?.. A Personal Insolvency Arrangement is aimed towards resolving problems with both unsecured and secured debts.. Unsecured debts commonly include credit cards or loans from credit unions and banks.. Secured debts might include mortgages for residential or investment properties.. You may no longer be able to carry on repaying all of your debts and have enough money to cover your household and other expenses.. If you’re in this situation a PIA might be able to resolve the problem.. To qualify you’ll have to be able to afford to pay over some surplus income each month and/or own assets that could be sold to realise some funds for your creditors.. The amount that you can contribute towards your debts will form the basis of the compromise PIA offer that your creditors will consider.. You’ll also need to own a property in Ireland that is subject to a mortgage.. At least 65% of your creditors must consent to the deal, with not less than 50%  ...   you to move forwards financially in the future (once it has been completed).. Why Would Your Creditors Accept This Arrangement?.. It has become clear that large numbers of people simply aren’t in a position to manage their debts.. Lenders aren’t blind to this reality and are under both political and commercial pressure to find a way forwards.. There is no long-term logic in continuing to try to recover loans that the borrower is unlikely to ever fully repay.. Lenders use expensive resources to compete with other lenders to recover relatively small sums.. For the debtor the situation can become chaotic and dispiriting.. This can cause informal payment agreements to fail repeatedly and payments to cease altogether when the debtor simply gives up trying through despair.. Accepting a Personal Insolvency Arrangement enables the creditor to reduce their expenditure on continued and ineffective debt collection procedures.. A Personal Insolvency Practitioner provides their specialist expertise to facilitate a resolution instead.. The involvement of the Personal Insolvency Practitioner ensures that the debtor contributes what they can reasonably afford towards their debts in a structured and fair way.. Creditors will be treated even-handedly meaning that they are no longer fighting their competitors to secure their fair share of a limited pool of funds.. Because you stand to benefit from the completion of a PIA your creditors may benefit from an enhanced willingness and motivation to repay what you reasonably can.. Using a Personal Insolvency Arrangement might make sense to you.. In many cases it will also make perfect commercial sense for your creditors as well.. When Can You Set-Up An Arrangement?.. The Insolvency Service of Ireland (ISI) is now (as of September 2013) accepting applications for Personal Insolvency Arrangements.. At the time of writing a relatively small number of Personal Insolvency Practitioners have been authorised to deliver PIA and DSA services.. However a much greater number have passed the qualifying examination and are submitting applications to become authorised.. It’s expected that the number of PIPs will now grow quickly as a result..

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  • Title: Debt Advice Ireland | Debt Settlement Arrangement Ireland | DSA
    Descriptive info: What Is A Debt Settlement Arrangement?.. A Debt Settlement Arrangement (DSA) is a formal agreement between a debtor and his or her unsecured creditors.. It could help you if you’re struggling to manage your debt repayments.. This is achieved by creating a binding debt compromise with your creditors.. Debt Settlement Arrangements are organised with the help of a Personal Insolvency Practitioner (PIP).. You’ll commit to paying what you can reasonably afford towards your debts for an agreed period of time.. This agreed term will often be five years.. In return your creditors will agree to accept your reduced repayments, to cease debt collection activities, and to write-off any debts that remain unpaid at the end of the arrangement.. Who Might Consider Using A DSA?.. A Debt Settlement Arrangement is intended to deal with unsecured debts.. This will include debts such as credit cards, most bank loans and also credit union loans.. If you cannot afford to repay such debts and afford your regular living costs at the same time, a DSA might be the answer.. You will need to have some surplus income in excess of your household bills and other regular expenses.. This surplus income will form the basis of the compromise offer that is being made to your creditors.. You’ll also need to secure the support of at least 65% of your creditors.. What Are The Potential Benefits For You?.. You will only be asked to pay what you can reasonably afford towards your debts.. A DSA may help you to protect your home by prioritising your mortgage or rent payment above your repayments to unsecured debts.. If you complete the arrangement any unpaid debts will be written-off.. The debt, quite simply, will no longer legally exist.. You’ll be provided with sufficient expenditure allowances to ensure that you and your immediate family can live reasonably during the arrangement..  ...   creditors are competing for the limited funds that a debtor has to offer.. When this happens the whole situation often quickly descends into chaos.. Chasing payment for many years could even end up costing the lender more money than they actually recover.. By agreeing to a Debt Settlement Arrangement a creditor is effectively outsourcing some of the costs associated with this debt collection process to the Personal Insolvency Practitioner.. They also benefit from receiving a payment towards your debt that is truly matched to your personal capacity to repay.. Each creditor will be treated fairly by receiving a pro rata proportion of your payments, so they no longer need to worry that their competitors are benefiting from repayments to their own detriment.. You’ll be highly incentivised to complete the arrangement (by having the remainder of your debts written-off when you do) so lenders can be reassured that you’re unlikely to breach the terms of the agreement.. A Debt Settlement Arrangement might be a very attractive prospect for you, but in many circumstances it will also be an excellent outcome for your creditors as well.. When Can You Access This Service?.. The Insolvency Service of Ireland (ISI) began to accept applications for Debt Settlement Arrangements in September 2013.. A relatively limited number of Personal Insolvency Practitioners have been authorised to deliver this service at the time of writing.. Many more professionals have already successfully completed the relevant examination and have authorisation applications pending.. In the near future it’s expected that there will be as significant coverage of PIPs throughout Ireland.. Where Can You Get Further Information.. We have established a specialist website specifically focussing upon Debt Settlement Arrangements.. You can visit it at:.. debt-settlement-arrangements.. ie.. You may also wish to ask DSA questions in our forum.. A panel of debt and insolvency experts are ready to assist you at:.. ie/forum/forum.. asp?FORUM_ID=2..

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  • Title: Debt Relief Notice | DRN |Debt Advice Ireland
    Descriptive info: What Is A Debt Relief Notice?.. A Debt Relief Notice (DRN) is a formal debt procedure that will enable certain people to write-off their unsecured debts altogether.. If you cannot keep up with your debt repayments because your income is too low this option could be worth considering.. Debt Relief Notices are set-up with the assistance of an approved intermediary such as MABS (the Money Advice and Budgeting Service).. An assessment of your income and expenditure will be made.. If your disposable income is assessed to be less than €60 per month (after you have covered all of your living costs) you may qualify for access to this option.. Your assets will also be reviewed and their value will have to be below a set threshold.. Your affairs will be supervised for three years.. At the end of this period your debts will no longer exist.. If your financial circumstances improved during the period of supervision you may be asked to make some contributions towards your debts.. Who Might Apply For A DRN?.. A Debt Relief Notice will only apply to unsecured debts, for example bank loans or credit cards.. The total of your debts will need to be less than €20,000.. If you own a vehicle it will need to be valued at €2,000 or less.. Your other assets (such as household goods) should be worth less than €6,000 in total.. Allowances will be made to cover your (non-debt) living expenses.. The total of these allowances will be subtracted from your actual income.. If the  ...   You ll have the security of a fixed date in the future at when you will be free of debt.. Can Your Creditors Prevent This From Happening?.. The Debt Relief Notice process does not require creditor agreement.. You ll sign a declaration regarding your current financial situation, your approved intermediary will forward your application to the Insolvency Service, and the Insolvency Service will approve the arrangement.. The outcome of this process will be that your creditors can no longer chase you for repayment of the debts.. When Will This Debt Solution Become Available?.. Debt Relief Notices got off to a slow start as a result of some technical and practical issues with the original personal insolvency legislation.. It was hoped that the system would be ready to accept applications as soon as August 2013.. At the time of writing (January 2014) the legislative issues finally appear to have been resolved.. As such this debt solution should now be available to applicants.. Where Can You Find An Authorised Intermediary?.. We suggest that anyone seeking an authorised intermediary to set up a DRN should contact MABS (the Money Advice and Budgeting Service).. MABS is authorised to carry out this role.. Our own panel of debt experts will be happy to answer your questions about Debt Relief Notices in our.. debt advice forum.. In addition, our experienced debt advisers will be happy to discuss whether a DRN (or one of the alternative debt solutions) would work for you.. If you d like to speak with them please.. get in touch..

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  • Title: Bankruptcy For Irish Residents |Debt Advice Ireland
    Descriptive info: What Is Bankruptcy?.. Bankruptcy is an option of last resort to deal with serious debt problems that cannot be resolved by other means.. Historically very few people have voluntarily entered into bankruptcy in Ireland because of the severe consequences attached to doing so.. However, the severity of many of these consequences has now diminished due to legislative changes introduced in December 2013.. The overall application costs have reduced from €1450 to €750.. It s no longer the case that a bankruptcy must be advertised in a national newspaper.. You ll be able to keep household furniture or the tools of your trade, usually to a combined value of €6000.. Another key point is to dispel the myth that homeowners will automatically lose their home should they become bankrupt.. If your mortgage payment is deemed to be reasonable and there is no equity in your home there would usually be no reason to require you to leave the property.. Even if there is some equity you ll have the option to find a third party (often a family member) to buy this equity so that you can remain in the property.. Perhaps most importantly, the period of time until you have been discharged from bankruptcy has been reduced from an excessive (and unusual by international standards) twelve years to a more reasonable period of three years.. Do You Qualify?.. Some of the key factors that are relevant to whether you qualify for bankruptcy are:.. It is not affordable for you to maintain your contractual debt repayments.. The value of your assets does not exceed the amount that you owe.. Your debts (in total) are a sum greater than €20000.. What Are The Consequences of Becoming Bankrupt In Ireland?.. Your assets (subject  ...   costs for you and your dependents during this payment period.. You will be obligated to cooperate with your trustee, to make yourself available to assist them as required and to deliver documents that may be requested from you.. Cash or other windfalls that you receive while bankrupt will probably have to be paid over.. They ll be used to cover the costs of your insolvency and to help repay your creditors.. Only small sums of money can be borrowed while bankrupt without being subject to an obligation to disclose your financial status to the lender.. Your bankruptcy will be a matter of public record.. Bankruptcy may, in certain circumstances, have implications for your professional activities.. What Are The Alternatives To Bankruptcy?.. A series of other options have been introduced that will serve as alternatives to bankruptcy.. There is further information about these options on other pages of this website.. You may be expected to demonstrate that you have investigated the possibility of using these alternative options prior to voluntarily becoming bankrupt.. The newly introduced alternatives include.. ,.. and.. Informal.. debt management plans.. may be effective in some instances.. Some people may prevent the need for bankruptcy arising in the first place via the.. In certain cases individuals may consider bankruptcy in other jurisdictions, such as.. for example.. However such bankruptcy tourism is now likely to greatly decline in popularity given the recent changes to the system in Ireland.. We advise readers that bankruptcy is usually considered to be the option of last resort.. We therefore suggest reviewing the above alternative options carefully prior to making any final decision to seek your own bankruptcy.. We also suggest that no action is undertaken without first taking financial advice from a qualified debt professional..

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  • Title: Debt Management Plan | DMP |Debt Advice Ireland
    Descriptive info: What Is A Debt Management Plan?.. A Debt Management Plan is an informally negotiated agreement between you and your creditors.. If you’re struggling to pay your unsecured debts it could help you to reduce your monthly payments to a figure that you can manage.. Informal debt management plans might be negotiated (creditor by creditor) yourself, or you could employ a debt management company to do this work for you.. You make reduced repayment offers to each creditor based upon what you can afford to pay.. You may also request that the creditor agree to reduce or freeze the interest on each account.. Lenders review your offer and request to decide whether it’s acceptable to them.. Their decision is based upon your current circumstances and their own applicable policies.. Supportive creditors will therefore grant you additional time and space to repay the money that you owe.. If they agree to freeze or reduce their interest charges you’ll be able to clear the debts sooner.. Who Might Consider Using A DMP In Ireland?.. A debt management plan usually only deals with unsecured debts.. Mortgage debts would not normally be included.. If you’re struggling to manage your unsecured debt repayments while covering your everyday cost of living, a debt management plan might be one of the options you could consider.. To fund your proposal you must have some disposable income.. This is money that is available to you over and above your other household bills and costs.. Your disposable income will form the core of your offer to the creditors.. A debt management plan might be a useful option if you cannot afford to meet your contractual debt repayments but you could, if your regular repayments were reduced, fully repay your debts within a term shorter than that applicable to.. a Debt Settlement Arrangement.. How Could You Benefit  ...   carry on with debt collection activities.. It should however be remembered that lenders are commercial operations that wish to recover the money that is due to them.. If a borrower is experiencing financial difficulty a debt management plan might offer the lender a low-cost and efficient route to eventually recovering the money that they are owed.. Rejecting a DMP offer of payment might make an already difficult financial situation much worse.. This carries the risk that the debtor simply gives up and stops paying their debts altogether.. The debtor might also consider a DRN, DSA or PIA instead if their DMP were rejected.. If they went ahead with one of these options the creditors are unlikely to ever make a full recovery of the money that they are owed.. By agreeing to a debt management plan the creditors might reduce their future debt collection costs.. Creditors also stand to receive a fair payment based upon affordability.. DMPs are usually based upon pro rata payments.. Larger debts are paid more each month than smaller debts.. Lenders no longer have to fight amongst themselves to obtain the highest payment possible from you.. You may become more motivated to stick the terms of a debt management agreement if the creditors agree to freeze their interest and other charges.. This makes it more likely that each lender will eventually recover full repayment of the debts.. Debt management plans can therefore make as much sense for creditors as they do for you.. When Can You Start A Plan?.. Informal debt management plans are currently available.. Where Can You Find A Good Plan Provider?.. Debt Advice Ireland will soon publish the details of debt management providers that we recommend.. Our panel of debt experts will be pleased to answer any questions that you have about debt management plans.. in our debt forums..

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  • Title: Debt Advice Ireland | Mortgage Arrears Ireland | Debt Help
    Descriptive info: You re not alone if you re worried about your mortgage arrears.. At the time of writing (October 2013) 20% of all Irish mortgages are in arrears for more than three months.. A third of those in arrears have made no mortgage payment for more than two years.. 25% of buy-to-let mortgages have been in arrears for more than six months.. scale of the problem is enormous.. , but there are thankfully several ways that you can tackle the situation.. The first step is to set aside time to take an objective look at your finances.. Write down your income, your bills, money you need to pay regular expenses and all of your debts (including your mortgage or mortgages).. This information will help you to be rational about how much financial difficulty you re facing and it will also enable advice agencies (or your mortgage lender) to propose potential solutions to you.. The second step is to cooperate with your mortgage lender.. If you re in arrears with your mortgage, perhaps being regularly chased for payment that you cannot afford, your mortgage lender might be the last organisation that you want to speak with.. However they are subject to requirements and.. targets to resolve mortgage arrears problems.. amongst their clients.. More importantly, by cooperating with them you ll buy yourself much more time to identify options to get back into a stable financial position in the future.. If you fail to cooperate with your mortgage lender they ll be able to take action, up to and including repossession action, much sooner than would otherwise have been the case.. Once you re cooperating with the mortgage lender they need to follow a defined process.. This is known as MARP.. (the mortgage arrears resolutions process).. They ll wish to learn more about your current financial position so you ll need the personal money details to hand that we mentioned previously in this article.. They ll then assess your financial position based upon your circumstances.. Following this they ll review whether they can present you with an option to try to bring the situation back under control.. You ll be provided with a €250 credit to spend with an accountant to review the solution that has been offered to  ...   arrears might be the mortgage-to-rent scheme.. Your home must be below a certain value, you must have limited assets, your income cannot be above a certain threshold and you ll have to qualify for social housing.. If you meet these criteria you ll surrender the home which will then be sold to a housing association to rent back to you.. The rent you pay will be based upon affordability.. If your home is sold for less than the full sum owed on your mortgage you ll remain responsible for repaying any shortfall.. If you ve worked with your bank unsuccessfully to resolve your mortgage arrears and the mortgage-to-rent scheme will not work for you there is another potential option to consider.. new personal insolvency legislation.. might be of assistance.. A personal insolvency arrangement (PIA).. covers secured and unsecured debts.. Such debts would include any arrears currently payable on your mortgage.. The potential exists to restructure your mortgage in a way that will ensure that you re solvent once again when the PIA ends.. This includes steps up to and including writing-off part of your mortgage balance.. It should be remembered that you ll need to work with your mortgage lender directly for some months (unsuccessfully in terms of a mutually agreeable outcome) before being able to propose a PIA.. It should also be remembered that the acceptance of a personal insolvency arrangement is at the discretion of your creditors including the mortgage lender.. A debt settlement arrangement (DSA).. only covers unsecured debts.. This option might help you if a home has already been repossessed and you have a mortgage shortfall to repay.. This option might also help you if your mortgage repayment (including your mortgage arrears) would be affordable if your unsecured debt repayments were reduced.. In such circumstances.. you ll need to contact a PIP.. (personal insolvency practitioner) to discuss whether these options might work for you.. Many (though by no means all) will be prepared to offer you a free initial consultation to discuss whether a PIA or DSA might help you to deal with your mortgage arrears and move forwards towards a more positive financial future.. If you d like to discuss these personal insolvency options (PIA or DSA) with our advisers please..

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  • Title: Mortgage Arrears Resolution Process Ireland | MARP | Debt Advice
    Descriptive info: What Is The MARP?.. Mortgage lenders in Ireland are required to establish a framework that will be used to assist borrowers that are either in arrears or at imminent risk of getting into mortgage arrears.. This framework is known as a Mortgage Arrears Resolution Process (MARP).. At the core of the process is an expectation that mortgage lenders should treat such borrowers with mortgage debts both positively and sympathetically.. The aim of the process is to establish a solution that is workable and acceptable to both the borrower and the lender.. MARP encompasses five steps that must be exhausted prior to a lender proceeding with an attempt to repossess the property.. Stages Of The Mortgage Arrears Resolution Process.. Communication.. If you miss a mortgage payment (or do not make the full payment) and the deficit is not subsequently repaid within 31 days your mortgage lender must write to you.. This letter will explain that the arrears are now being dealt with using the MARP and will include information about how this process works.. Assessment.. You’ll be asked to provide information to the mortgage lender about your current circumstances.. The MABS (Money Advice and Budgeting Service) may be able to assist you in the completion of the appropriate document that details your circumstances.. Once submitted, the mortgage lender will review the information provided and consider their response.. Resolution.. The lender must consider what options (if any) exist to create an alternative future arrangement with them to deal with mortgage debts that is acceptable to all parties.. They should present options that they consider to be acceptable in order that you can consider them.. You may wish to get professional advice when considering the acceptability of  ...   Insolvency Arrangements And Mortgage Debts.. If you cannot come to an agreement with your mortgage lender under the Mortgage Arrears Resolution Process you may wish to consider a Personal Insolvency Arrangement (PIA).. This new debt procedure might help you to secure an appropriate and acceptable resolution to mortgage debt affordability issues.. You do not have to use the Appeals Process under MARP before applying for a.. PIA.. Provided that you have cooperated under this process for six months or longer, you cannot find an acceptable solution to your mortgage debt, or the lender has declared your mortgage to be unsustainable, a Personal Insolvency Practitioner will be able to assist you with a Personal Insolvency Arrangement application.. A Personal Insolvency Practitioner (.. PIP.. ) can be engaged to make debt proposals to both your unsecured and secured lenders via a PIA.. This effectively provides a new opportunity to offer a compromise agreement (of your choosing on this occasion) to the mortgage lender.. The mortgage lender will have the opportunity to vote in favour of accepting or rejecting your Personal Insolvency Arrangement proposals.. They will need to weigh up the commercial acceptability of the proposal and the likely consequences should they fail to accept it.. For example, some people may choose to.. become bankrupt.. if their PIA isn’t accepted.. This may well be a commercial outcome that your mortgage lender would prefer to avoid.. Accordingly a PIA might be able to achieve a mortgage debts outcome that the MARP process could not.. The Mortgage Arrears Resolution Process is very much in the control of the lender.. In certain circumstances the initiation of a Personal Insolvency Arrangement process may move some of that control back towards the borrower..

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  • Title: Bankruptcy And Other UK Insolvency Options | Debt Advice Ireland
    Descriptive info: Options For Bankruptcy Tourism To The UK.. Due to the lack of options available in Ireland to deal with serious debt problems, and due to the potentially severe consequences of using those that have existed, many people have travelled to the UK in recent years to use the procedures available within the different jurisdictions there.. This option may become decreasingly popular with the introduction of a new range of personal insolvency options in Ireland.. However, some people may continue to consider that UK bankruptcy (or other UK insolvency) procedures are preferable to those that are becoming available in Ireland.. As witnessed in a number of high profile cases recently, bankruptcy tourism to the UK isn t necessarily straightforward.. An Irish debtor must be able to prove that their links to Ireland have diminished sufficiently and that they have become well-established in their new home country.. UK Bankrutpcy.. The period prior to discharge from.. is twelve months.. This contrasts sharply with the previous Irish period of  ...   The equivalent process in Scotland (sequestration) has an application fee of £200.. Sequestration.. is a non-court procedure.. Various qualifying routes exist to access this procedure in Scotland.. Other UK Personal Insolvency Measures.. In England, Wales and Northern Ireland an IVA (.. individual voluntary arrangement.. ) is an alternative to bankruptcy.. It has some features that are comparable to.. The term of an.. IVA arrangement.. will usually be either five or six years.. The equivalent bankruptcy alternatives in Scotland are known as.. protected trust deeds or Scottish trust deeds.. Discharge from a trust deed in Scotland usually occurs after three years, though this depends upon the original agreement reached and the proper observance of the terms.. In England, Wales and Northern Ireland there is also an option of a.. Debt Relief Order.. This is available to people with comparatively low levels of debt, little or no disposable income and few assets.. A DRO is in many ways similar to the Irish Debt Relief Notice (.. DRN.. )..

    Original link path: /UKbankruptcy.php
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