Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
THE IRISH MORTGAGE Holder’s Organisation has criticised the newly established Insolvency Service of Ireland, questioning why they have not released the number of applications they have processed to date.
The Irish Mortgage Holder’s Organisation said the “final judgement of success for the ISI will be its ability to strike deals and get struggling debtors through its process in large volumes. However again progress has been uninspired”.
David Hall of the Irish Mortgage Holders Organisation said that the ISI claimed on 1 October that they received 6,000 phone calls and emails and had received 85,000 visits to its website, however they “refused to give a breakdown of the number of applications for debt relief from struggling borrowers in order to protect their confidentiality”.
Confidentiality
David Hall said “the sudden interest in confidentiality by the ISI is very odd given that once a protective certificate is issued it is put on a register and all deals, along with their progress is also placed on a register. Both registers are currently empty”.
The IMHO state that a number of Personal Insolvency Practitioners (PIPs) have confirmed that the ISI have written to all PIP’s advising that protective certificate’s to seek a debt deal cannot yet be applied for.
It is clear that the ISI is not “currently functioning in a meaningful way,” adding that “since throwing open the doors progress has not been stellar,” Hall said.
Proponents of the ISI will say it is early days yet we have had legislation since December 2012 and an Insolvency Service in existence since March 2013.The fear is that the very real teething problems will be brought into sharper contrast when the deals do actually start to follow through, in whatever volume that is.
Eligiability
He said that one of the main failings that must be dealt with is the strict eligibility criteria. He added:
Grant Thornton estimated in a piece of research that only 1 in 7 people who sought a deal would be eligible to go forward for one.
The Irish Mortgage Holders Organisation estimated that the average family of four would need a net income of €3,000 per month to successfully conclude a deal.
This breaks down as €1,500 for living expenses, €1,000 for rent or a mortgage payment and at least €500 per month of a pot to pay to creditors and pay a PIP’s fees.
However it is in excess of the average household take home pay as outlined by the Irish League of Credit Unions study undertaken in May 2013.
PIPs
According to David Hall, “a pot for creditors smaller than €500 per month gross of PIP fees would be highly unlikely to succeed given the veto that banks hold and the cost to the banks of administering deals once agreed”.
The IMHO said there need to be two changes made immediately.
Hall said that “if we really want to stop the paralysis of debt we need a modern, affordable and fair insolvency system”.
He called for emergency legislation to be introduced making two key changes. Firstly the introduction of public Personal Insolvency Practitioners will provide services to those who can’t afford PIP fees but who may have a chance of reaching an agreement with their creditors.
Secondly, for a period of two years only, a special bankruptcy regime with discharge after one year, should be introduced. This would bring us in line with our neighbors in the UK It would allow real debt deals to be negotiated with banks and if not successful allowing the borrower apply for a one year bankruptcy period.
To embed this post, copy the code below on your site
They bared their boobs and sang a song for feck sake, they didn’t set off a bomb or kill anybody, state condoned religious overkill!
They didn’t get their boobs out.
My bad, no boobs, mores the pity I love boobs!
Judging by your profile pic Phillip….you are still using boobs as god intended!
Femen bared their boobs, not Pussy Riot.
Almost two years served, not bad. They’ll think twice before they do this again and one of them has small kids. They should count themselves lucky they didn’t decide to perform their protest inside a mosque, they probably wouldn’t be alive now….
Why would someone red thumb the truth? More limited intellect on this forum than anything else. Someone’s PC emotions impacted by my roughness?
Thankfully the history of our planet is littered with people who had had enough oppression and stood up for what they believed in! If everyone took your approach we’d have a very repressed society!
Let’s see if they’ll perform more protests in the name of “art”.
Probably should have got 10 or 20 lashes thrown in for good measure, what do you think Larry.
@Larry L’oiseau. If they did it in a Catholic church in Spain pre 1977 (death of Franco) in Argentina or Chile mid seventies to mid eighties, or in a baptist Church in Louisiana or Alabama to this very day they would have received much heavier sentences, in the case of Argentina, they would probably have joined the ranks of the disappeared. So why do you specifically mention a mosque. All religious fundamentalists/fanatics are as narrow minded and potentially dangerous as each other. Imagine doing it in a synagogue in Jerusalem.?
John, in Larry’s defence, a mosque is the modern-day version of the examples you mentioned. Perhaps in 30 years, they too will have moved into the modern world and there’ll be an alternative religion promoting extremism – perhaps Scientology?
This was nothing to do with religion. They insulted Larry’s friend, Vlad the impaler. In a civilised society they would have received a caution.
@Larry
Why you surprised re red thumbs. You seem to condone Putins actions in jailing 3 girls for what they did.
Whether you agree or not with their prank it most definitely did not warrant a jailing
I wish we had more like them.
@Larry Bird you are 100% right.
Larry Bird is away with the birds.
@aunty. You could describe Larry Bird, and yourself for that matter, as far right, ultra right or plain old full of shite, but seldom as 100% right.
I feel that their action was sacrilegious. They may not have realised how the Russian cathedral had meaning for the worshipping people, but for their impertinence they paid a price. In western countries it appears that anything goes, and a rap on the knuckles is the nature of the justice system. I for one feel that churches and places of worship should be respected, and not hooliganised by those who have an ax to grind about society.
That’s exactly how the wider Russian population felt too according to polls at the time Harry. {Though the veracity of such polls should be questioned as the Russian media is hardly transparent}.
If it was how they felt about it, we should keep that in mind rather than imposing our own ideals.
Putin is clearly on a PR drive in the run up to the winter olympics. Now if he would only repeal his anti gay laws …….
Putin and his anti gay laws. The lady doth protest too much methinks.
@Gerbeen
Oh ? Please explain
That he may be like the Scottish bishop who was anti gay in public but not in private! Do as I say not do as I do type.
Gerbreen
Fair comment and quite possibly true
He does like to ride horses with his top off. Definately protesting too much.
Wouldn’t be too worried about the horses. Or maybe.
Putrid’s PR team must be really dumb if they think these brave ladies will shut up and put up now.
Brave would be doing one of their stunts in a Chechen mosque.
Why would they do that? They don’t live in Chechnya and Islam doesn’t enjoy statutory endorsement where they are.
That would make absolutely no sense whatsoever. It’s as though people have Muslims on the brain or something.
They protested in a Russian Orthodox church because they’re Russian Orthodox. Bit like Irish Catholics making Father Ted. It’s up to Muslims to protest in a mosque.
Should have thrown away the key, vermin the lot of them
Who are vermin Enda women or protestors ? Possibly both ?
Aww what’s wrong Enda? Don’t like a bit of free speech? Perhaps you don’t like anyone who protests? Or maybe just attractive women threaten you..
I do like a good protest and I do like police beating sense into protestors also- it’s great fun cracking heads of idiots
Comradely regards to Nadezhda Tolokonnikova. Here is a great exchange of letters between her (while in prison) and Slavoj Zizek:
http://www.theguardian.com/music/2013/nov/15/pussy-riot-nadezhda-tolokonnikova-slavoj-zizek
I see a pardons for rubles scandal abrewing. Oh wait no Putin just displaying classic dictator traits to make him look compassionate. “I pardon you”
Lets hope they learned some manners
have your say