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Personal Insolvency Practitioner

Personal Insolvency Practitioner

New arrangements have been introduced under the Personal Insolvency Act 2012 allowing an agreement to be reached between you and your Creditors setting out a sustainable repayment plan.If the agreement is complied with then the remainder of the debt will be written off at the end of the agreed period.Talk to a qualified Personal Insolvency Practitioner

The options now available to a person who is insolvent are:

Debt Relief Notice – (for unsecured debts under €20,000) MABs have been appointed to deal with such cases.

Debt Settlement Arrangement:                Suitable for unsecured debt only. Arrangement last for 5-6 years.

Personal Insolvency Arrangement:          Suitable for secured and unsecured debt, with an upper limit of €3m in relation to secured debt. Arrangement lasts for 6-7 years

Bankruptcy in Ireland:                             Where neither of the above options are viable, bankruptcy may be appropriate. This is discharged fully after 3 years.

Bankruptcy in UK/NI:                               Bankruptcy is discharged after 1 year.

The changes in law in this area are so important that it is vital to speak with a qualified, practising Personal Insolvency Practitioner. We can recommend a suitable one.

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