In previous articles we have dealt with the whole question of debt and insolvency in our society. You will be aware from the general media of the existence of the Insolvency Service of Ireland (ISI) but this does not necessarily mean that the people who should be availing of this service and all that it has to offer have in fact engaged with the ISI and its representatives to date. The Personal Insolvency Act 2012 provided for the establishment of the ISI. Of the many resolutions made in January 2015, one of the most important is to get back on track with your finances.
The ISI is an independent government body set up to help tackle personal debt problems.
It has a range of debt solutions including a regulated network of qualified professionals that can help you to restructure and even write off debt that you cannot pay.
The ISI in some of its advertising has quite rightly pointed out that debt problems can happen to anyone and for a variety of reasons. It can lead to stress but it is important to note that you should not bury your head in the sand because the ISI and the qualified professionals are there to help.
The word insolvency is often associated with the corporate world but the reality in Ireland at the moment is that many individuals are insolvent. Many people may not realise they are insolvent but the following provides a guideline;
- You are not able to pay your bills in full when they are due
- You are paying a little off your bill trying to keep creditors at bay
- You are reluctant to set up direct debits to pay bills in case your money cannot stretch to meet them
- You are receiving calls and letters from creditors about missed payments and threats of repossession
- You have made personal sacrifices to pay your debt.
If any of the above is relevant to you, you should contact a registered Personal Insolvency Practitioner (PIP) to provide you with debt advice and to work with creditors on your behalf towards a solution. It is becoming clearer that it is also in creditors’ interests to sort out any backlog of debt. Of the hundreds of cases that have already gone through the ISI system three out of four proposals are being agreed to and have been accepted by creditors.
You can find a list of Personal Insolvency Practitioners on the registers page of the ISI website at www.isi.gov.ie or by calling the information line at 076/1064200. Alternatively visit the website www.backontrack.ie for further information on debt resolution.