If you’re in financial difficulties, the ISI is offering you a free confidential debt advice meeting with a Personal Insolvency Practitioners / Approved Intermediaries – the expert advisors regulated by the ISI.

This event will take place in the Clarion Hotel, Liffey Valley Dublin on Saturday February the 18th 2017.

Book your appointment now. Phone the ISI on 076 106 4200 or freetext ISI Event to 50015.

Visit backontrack.ie for more information

On the 19th April the Insolvency Service of Ireland published their quarter 1 statistical report for 2016. It announced continued growth in all key areas.

Personal Insolvency Arrangements (the solution designed to keep people in their family homes) are the most popular solution.

The report tells us that there is:

• Continued growth in new applications, protective certificates and approved arrangements
• New applications for PIAs (the solution designed to keep people in their family home) up
  26%
• Bankruptcy numbers falling

Since the ISI opened they have helped over 3000 people, 1,009 PIA, 379 DSA, 669 DRN, 1,096 bankruptcy and have dealt with debt of almost €5 billion.

A copy of the ISI’s Q1 Statistical Report for 2016 is available for download here.

Commenting on the statistical report, Mr. Lorcan O’Connor, Director of the ISI, noted that “the 26% growth in PIA applications is likely due to the newly introduced Court Review process, sometimes referred to as the removal of the “bank veto”.
Mr. O’Connor encouraged anyone with serious debt issues to consult a Personal Insolvency
Practitioner.

A court review process for those seeking a Personal Insolvency Arrangement was brought into law on November 20th 2015. This essentially means that if you cannot come to an agreement with your bank regarding unsustainable debts then the courts can intervene and can impose an agreement on the bank.

The Minister for Justice and Equality, Frances Fitzgerald TD, has signed an order bringing into force on Friday 20 November the remaining provisions of the Personal Insolvency (Amendment) Act 2015, including the new Court review where a mortgage lender rejects the borrower’s personal insolvency proposal.

Under the new provisions, a borrower can apply for review by the Courts, if creditors such as the mortgage lender refuse the borrower’s proposal for a Personal Insolvency Arrangement to deal with unsustainable debts which include the mortgage on their home. The Court can examine the proposal refused by the creditors, subject to certain conditions, and if it considers the proposal fair and sustainable, using the tests set down in the legislation, will have power to impose the proposal on the creditors who voted against it.