Follow @PoliticsIE
 
 
 
Page 1 of 66 123451151 ... LastLast
Results 1 to 10 of 651

Thread: Government launch Personal Insolvency Service.

  1. #1
    Politics.ie Member powderfinger's Avatar
    Join Date
    Jun 2007
    Posts
    3,354
    Mentioned
    0 Post(s)

    Default Government launch Personal Insolvency Service.

    Today brings about the launch by Alan Shatter, and Lorcan O'Connor(director of the Insolvency Service of Ireland), of the personal insolvency service.
    The ISI website which details guidelines for the service and for licencing insolvency practioners has gone live.It can be viewed at the link below.

    The Insolvency Service of IrelandHome


    Personal insolvency guidelines due today - RTÉ News

  2. #2
    Politics.ie Member Sync's Avatar
    Join Date
    Aug 2009
    Posts
    27,623
    Mentioned
    2 Post(s)

    Default

    Just going through it now, the basic layout is here on page 2:
    http://www.isi.gov.ie/en/ISI/Trifold...fold_final.pdf

    Debt Relief Notice
    You may apply for a DRN if you have:
    • debts below €20,000,
    • a low income, and
    • few assets.

    Your DRN can include some secured debts and unsecured debts (such as credit card loans, utility bills, store cards and personal loans).

    Your DRN will normally last for 3 years. After this, the money you owe to the creditors named in your DRN will be cleared as long as you meet all the conditions in your DRN.

    During this time the unsecured creditors named in your DRN cannot take any legal or debt collection action against you.

    You must apply for a DRN through an Approved Intermediary (AI). This is someone authorised by us to submit DRN applications. You can find a list of AIs on our website www.isi.gov.ie.

    We will put your details on a public Register of Debt Relief Notices. (It will include your name, address, date of birth and the date of the DRN). Anyone can view this register.

    Your DRN will finish earlier than 3 years if you pay back half of what you owe.

    You can only have one DRN in your lifetime.
    Debt Settlement Arrangement

    A DSA is only for unsecured debts. These include credit card loans, personal loans, store cards and business loans. You cannot include secured debts such as your mortgage.
    A DSA will normally last up to 5 years (or 6 years in some cases). During this time the unsecured creditors named in your DSA cannot take any legal or debt collection action against you.
    A DSA allows you to pay off as much of your unsecured debt as you can, with the outstanding balance after 5 years (or 6 years in some cases), written off.
    You must apply for a DSA through a Personal Insolvency Practitioner (PIP). This is someone licensed by us to make DSA or PIA applications. You can find a list of PIPs on our website www.isi.gov.ie.
    Here is how it works:

    1. You apply for a DSA through your PIP.

    2. If the ISI and the Court are happy with your application, your PIP gets 70 days to develop a proposal, to be put to your creditors.

    3. You have to agree to the proposal.

    4. Creditors representing 65% of your debt must agree with the proposal.

    5. The ISI and the Court carry out final reviews of your case and you will then get a DSA.

    6. We will put your details on a public Register of Debt Settlement Arrangements. (It will include your name, address, date of birth and the date of the DSA). Anyone can view the register.
    You can only have one DSA in your lifetime.
    Personal Insolvency Arrangement

    A PIA can include both secured debts (such as mortgages) and unsecured debts (such as credit card and personal loans).
    A PIA will normally last up to 6 years (but can be 7 years in some cases). During this time the creditors named in your PIA cannot take any legal or debt collection action against you.
    A PIA allows you to settle and or restructure your debts over a period of 6 years (but can be 7 years in some cases).
    You must apply for a PIA through a Personal Insolvency Practitioner (PIP). This is someone licensed by us to make DSA or PIA applications. You can find a list of PIPs on our website www.isi.gov.ie.
    Here is how it works:
    1. You apply for a PIA through your PIP.

    2. If the ISI and the Court are happy with your application, your PIP gets 70 days to develop a proposal, to be put to your creditors.

    3. You have to agree to the proposal.

    4 Creditors representing 65% of your debt must agree with the proposal. This must include half of your secured debt and half of your unsecured debt.

    5. The ISI and the Court will carry out final reviews of your case and you will then get a PIA.

    6. We will put your details on a public Register of Personal Insolvency Arrangements. (It will include your name, address, date of birth and the date of the PIA). Anyone can view the register.
    You can only have one PIA in your lifetime
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

  3. #3
    Politics.ie Member
    Join Date
    Jul 2011
    Location
    Dublin
    Posts
    26,299
    Mentioned
    0 Post(s)

    Default

    On page 1 I'll say this, this will turn into a total farce, riddled with corruption,

    That is all,

  4. #4
    Politics.ie Debater
    Join Date
    Oct 2011
    Location
    Here there and everywhere.
    Posts
    40,585
    Mentioned
    0 Post(s)

    Default

    The loss of sovereignty has just become personal for many people.

  5. #5

    Default

    Is it 1 year in the UK? If so, the bankruptcy tourist trade will continue.

    BTW. - How do the allowances measure up?
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

  6. #6
    Politics.ie Member bonkers's Avatar
    Join Date
    Oct 2006
    Posts
    23,997
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Ribeye View Post
    On page 1 I'll say this, this will turn into a total farce, riddled with corruption,

    That is all,
    You were right. Anyone who can should go to the UK. The bits I've seen are disgusting.

  7. #7
    Politics.ie Member zakalwe1's Avatar
    Join Date
    Oct 2008
    Location
    C'mon Team Ireland!!!!!
    Posts
    5,288
    Mentioned
    0 Post(s)

    Default

    do we need another quango to provide this?
    I liberate minds with my music. That's more important than liberating a few people from apartheid or whatever. - Kanye West

  8. #8
    Boggle
    Guest

    Default

    Is this basically personal bankruptcy or is that different?

  9. #9
    Politics.ie Member DownTheyGo's Avatar
    Join Date
    Dec 2010
    Posts
    5,315
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Cassandra Syndrome View Post
    Is it 1 year in the UK? If so, the bankruptcy tourist trade will continue.

    BTW. - How do the allowances measure up?
    I was just thinking the same thing. Go to the UK and avoid been named and shamed here in Ireland. Work through the process much quicker and probably get a better deal.

    Can apply for DR only once in a lifetime. That's understandable. You'll never get credit again in this country after you file and close out.

  10. #10
    Politics.ie Member DownTheyGo's Avatar
    Join Date
    Dec 2010
    Posts
    5,315
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by zakalwe1 View Post
    do we need another quango to provide this?

    Setting up and ready to license practitioners

Page 1 of 66 123451151 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •