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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.
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And a Bank of Ireland ad in the middle of the article…. irony.
@Don Juan:
Ha ha and 9 minutes later it’s gone.(on the app at least)
@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.
@Don Juan: Add for me is a ford focus.
@Roy Dowling:
No add for me, they must know I’m broke!
@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
@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… :)
“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..
lucky them getting to stay in ‘their’ homes (which they owe money to the bank for)
@Mark Johnson: I’m delighted that they get to stay in THEIR homes.Whoopee
@Mark Johnson: I’m delighted that they get to stay in THEIR homes.Whoopee
At least people aren’t burying their heads in the sand about their debt. Everyone deserves a second chance to clear their debts.
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