If you are struggling to pay your mortgage, personal loans or credit cards then you may be eligible for a debt solution which will enable you to get a debt write off . The Personal Insolvency Act 2012 introduced new debt settlement solutions to help people in Ireland become debt free. These solutions include a Personal Insolvency Arrangement (PIA) for secured and unsecured debts and a Debt Settlement Arrangement (DSA) for unsecured debts only.
You need to be insolvent to be eligible for one of these solutions; you are insolvent if you are unable to pay your debts as they fall due.
A Person Insolvency Practitioner (PIP) will meet with you and assess your situation, after which they are obligated to provide you with advice on all options under the personal insolvency act and advise on which is most suitable for your needs. A PIP has the power to restructure mortgage debt including writing off the unsustainable portion of the debt. A PIP can also write off a substantial portion of unsecured debts including credit union loans, credit card debts and personal loans. The amount you are expected to pay back depends on your ability to do so over a reasonable period of time (taking into account the affordability of repayments) rather than what the lenders want you to repay.
Grant Thornton Debt Solutions is one of the largest long standing personal insolvency providers in Ireland we have a wealth of experience in all areas of personal debt. Please contact us today for free and confidential advice.