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.