Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

675 people have reached permanent agreements on their debts so far this year. Shutterstock/Joey Laffort

'95% stay in their own homes': Number of insolvency cases has risen by 60%

The Insolvency Service of Ireland has welcomed the rise in people seeking help.

THE NUMBER OF insolvency cases in the third quarter of this year is 60% higher than in the same period last year. 

The Insolvency Service of Ireland has published its latest report today, which shows 771 people applied for insolvency between July and September of this year.

During the same period 64 people declared bankruptcy, 305 had financial arrangements to pay back debts approved and 418 protective certificates were issued. 

Insolvency arrangements are intended to allow debtors stay in their homes, while coming to a permanent solution on their debts with their creditors. The measure was brought in as a direct result of the financial crash, in a bid to prevent people being evicted. 

Despite the 60% rise in people securing insolvency arrangements, the number of applications for protective certificates and bankruptcies are down. 

Commenting on this latest report director of the ISI Lorcan O’Connor said:

I encourage anyone with serious debt issues to consult a Personal Insolvency Practitioner or an approved intermediary. 

 

Since the launch of the facility in 2014, 14,176 insolvency arrangements have been approved. So far this year permanent solutions have been reached for 675 people the same number as the entire 12-month period of 2017. 

O’Connor said it’s “positive that more and more people are seeking support from insolvency experts and that 95% of those are coming to solutions that allow them remain in their own homes”. 

Anyone in need of support is encouraged to contact the Insolvency Service of Ireland.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
12 Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Install the app to use these features.
    Mute Don Juan
    Favourite Don Juan
    Report
    Oct 30th 2018, 2:06 PM

    And a Bank of Ireland ad in the middle of the article…. irony.

    135
    Install the app to use these features.
    Mute Patrick Nolan
    Favourite Patrick Nolan
    Report
    Oct 30th 2018, 2:16 PM

    @Don Juan:
    Ha ha and 9 minutes later it’s gone.(on the app at least)

    57
    Install the app to use these features.
    Mute dB O'Neill
    Favourite dB O'Neill
    Report
    Oct 30th 2018, 2:30 PM

    @Don Juan: adds are linked to your browser history and search results. My add in this piece was for Volkswagen.
    A tutor in college continuously has pop up adds for elite singles & married hook up sites.

    45
    See 4 more replies ▾
    Install the app to use these features.
    Mute Roy Dowling
    Favourite Roy Dowling
    Report
    Oct 30th 2018, 2:46 PM

    @Don Juan: Add for me is a ford focus.

    5
    Install the app to use these features.
    Mute Patrick Nolan
    Favourite Patrick Nolan
    Report
    Oct 30th 2018, 3:23 PM

    @Roy Dowling:
    No add for me, they must know I’m broke!

    31
    Install the app to use these features.
    Mute Molehead
    Favourite Molehead
    Report
    Oct 30th 2018, 3:26 PM

    @dB O’Neill: the ad on mine is for heating system leaks. One of the radiators in the house is busted but I haven’t done a single Google search on it. Scary

    37
    Install the app to use these features.
    Mute Don Juan
    Favourite Don Juan
    Report
    Oct 30th 2018, 9:33 PM

    @dB O’Neill: I haven’t googled a bank since I got a mortgage in 2001! It was probably Yahoo’d a bank back then… :)

    5
    Install the app to use these features.
    Mute Francis Mc Carthy
    Favourite Francis Mc Carthy
    Report
    Oct 30th 2018, 2:27 PM

    “Insolvency arrangements are intended to allow debtors stay in their homes, while coming to a * permanent solution on their debts with their creditors.* ” <- have a feeling that that isn't exactly 100% correct..

    38
    Install the app to use these features.
    Mute Mark Johnson
    Favourite Mark Johnson
    Report
    Oct 30th 2018, 2:49 PM

    lucky them getting to stay in ‘their’ homes (which they owe money to the bank for)

    32
    Install the app to use these features.
    Mute Francis Mc Carthy
    Favourite Francis Mc Carthy
    Report
    Oct 30th 2018, 3:17 PM

    @Mark Johnson: I’m delighted that they get to stay in THEIR homes.Whoopee

    19
    Install the app to use these features.
    Mute Francis Mc Carthy
    Favourite Francis Mc Carthy
    Report
    Oct 30th 2018, 3:17 PM

    @Mark Johnson: I’m delighted that they get to stay in THEIR homes.Whoopee

    9
    Install the app to use these features.
    Mute joanne healy
    Favourite joanne healy
    Report
    Oct 30th 2018, 4:27 PM

    At least people aren’t burying their heads in the sand about their debt. Everyone deserves a second chance to clear their debts.

    36
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.

Leave a commentcancel

 
JournalTv
News in 60 seconds