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Government launch Personal Insolvency Service.




Sync

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

Ribeye

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

That is all,
 
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The loss of sovereignty has just become personal for many people.
 

Cassandra Syndrome

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

BTW. - How do the allowances measure up?
 

bonkers

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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.
 

zakalwe1

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do we need another quango to provide this?
 

DownTheyGo

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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.
 

Ribeye

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You were right. Anyone who can should go to the UK. The bits I've seen are disgusting.
Yep, you can just stop paying your mortgage for 12 - 15 months before the stupid banks will start to take any serious action against ye,

Save up that money, go to the UK, set yourself up, and in 12 months, you're free,

Fck you gAyIB and W@nk of Ireland,

You corrupt pillar saps:)
 

Rural

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It seems to me (correct me if I'm wrong) that the Government are acting as agents for the banks. I heard on the radio that one of the things the families have to give up is Health Insurance WTF.:|
 
B

Boggle

Yep, you can just stop paying your mortgage for 12 - 15 months before the stupid banks will start to take any serious action against ye,

Save up that money, go to the UK, set yourself up, and in 12 months, you're free,

Fck you gAyIB and W@nk of Ireland,

You corrupt pillar saps:)
Play by the rules and you'll lose so this is probably as good a plan as any.
I would imagine many of those who won't pay are just those who can't pay but have no intention of being a mug about it.

Get out, put it behind you and move on.
Why would anybody stay here for a life of working to pay for a single mistake when you can just go and start again?
 

Ribeye

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It seems to me (correct me if I'm wrong) that the Government are acting as agents for the banks. I heard on the radio that one of the things the families have to give up is Health Insurance WTF.:|
Yep, what we have here is a Charter for Debt Slavery,

Irish families are gonna be told, by some snot nosed 27 year old banker on a takpayer funded salary, how much they can spend in Lidl every week?

Im ashamed to be Irish today, although I'm getting used to days like this now,

How much is Boucher being paid again?

How much did they spend on Nama, the Luas, the Invisible incinerator, the prison without walls?

How much did that pr1ck gardener waste on that hanging piece of crap?

How much does Rte p1ss against the wall every single day of the year,

Etc etc etc,
 

im axeled

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one has to go on a public registar, like the pedos, but unlike the farming community who had their public list of the amount in grants changed as they did not want the public to see how much they were getting buckshee, nice of the present goverment, like the household charge, anyone owning over one hundred acres are exempt, unlike the disabled and their carers. i know f.f. banjaxed the country, but this crowd wants just two classes, the rich and the poor, no middle class, just in case they manage to improve themselves and break into the ranks of the rich.
 

DownTheyGo

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It seems to me (correct me if I'm wrong) that the Government are acting as agents for the banks. I heard on the radio that one of the things the families have to give up is Health Insurance WTF.:|
How many bottles of Bollinger got washed down by bankers and particular government members when this was being constructed? :)

Welcome to a modern 'enslaved' Ireland.
 

Sync

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Why the necessity for a public register?
I'm not sure of the need for it to be public as long as landlords/banks/hire-purchase companies/car dealerships/phone companies/etc etc etc have access to it. Pretty much anyone who could extend you a line of credit. In terms of administering it, most countries just opt to make it public due to the difficulty of ensuring all relevant parties have access to it.

The UK have it as well. https://www.gov.uk/search-bankruptcy-insolvency-register It includes your DOB and address as well. So it's quite a handy register to use to hunt down vulnerable people, although it's not possible to mass export the list.

Personally I think it's worth having companies register for access to the database and protect people's privacy.
 

DownTheyGo

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Why the necessity for a public register?
My opinion, name and shame translates as a possible deterrent. Many will much rather want to try and retain their pride than be publicly humiliated - its how keeping up with the Walshes in Ireland works. They knew this damn well when preparing the service. Of course, not the case for everyone, but you'll be surprised how many opt to try and struggle on before being publicly cast as bankruptees. How this has being cast is scandalous.

Owe 100M from speculative property development, welcome to NAMA where they take your debt and get given a high paying job instead! But buy into the craze from 2003-2007 because you wanted to provide a home for your family, tough spaghetti ghoulash; you're sunk!

Anyone looking to clear their debts, head to the UK, avoid this service. It's designed to entrap and humiliate.
 
Last edited:

mctree

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Mar 15, 2012
Messages
970
It seems to me (correct me if I'm wrong) that the Government are acting as agents for the banks. I heard on the radio that one of the things the families have to give up is Health Insurance WTF.:|
Plenty of us can't afford health insurance and still manage to pay our bills.
 

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