The Personal Insolvency Act 2012 set up three new schemes to give debtors and their creditors options based on the individual situation of the debtor.
Two of the new arrangements (Debt Relief Notice and Debt Settlement Arrangement) are set up for debtors with only unsecured debts, such as utility bills, credit card debts and personal loans. The other (Personal Insolvency Arrangement) is set up for debtors with both unsecured debts and secured debts, such as mortgages or car loans. While most types of debt are eligible for inclusion under one of the new schemes, some exclusions exist, such as court fines in relation to criminal offences.
The Irish Mortgage Holders Organisation is the only organisation in Ireland that is licensed to offer all three arrangements to debtors.
In addition we have a partnership with Grant Thornton Debt Solutions to facilitate arrangements.
To find out more about insolvency please visit www.backontrack.ie, a dedicated website operated by the Insolvency Service of Ireland or contact us.