Personal Debt – An Irish Debt Solution

The Green Party, who are in coalition government with Fianna Fail, are obviously keen to leave a legacy of getting significant insolvency legislation enacted before they depart government, now projected to be early in 2011. The Law Reform Commission (LRC) has not let the Greens down insofar as they presented their final report on new proposed insolvency legislation last week. The report is entitled Personal Debt Management and Debt Enforcement. Continue reading

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Irish people in debt will not face jail

The Law Reform Commission (LRC) of Ireland has just published its final report on personal debt in Ireland and in the dying days of the Fianna Fail – Greens coalition government, it includes a Draft Personal Insolvency Bill 2010 which truly lives up to the promise of earlier publications from the LRC. The proposals contained in the draft bill are quite radical. They say, for example, that debtors should not be jailed for non-payment of debt even in instances where the debtor can afford to pay but refuses to do so. The proposed sanction is community service and not jail time. Continue reading

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Writing off Irish Mortgage Debt

It could be described as the kindness of strangers but a remarkable event is taking place in Ireland at present. Bank of Scotland (Ireland) – BoSI – which operated the Halifax banks in Ireland ceased trading in Ireland last year and eight hundred of its former employees now manage its remaining mortgage book and other loans working for a new company called Certus. It is estimated that BoSI could have 50,000 mortgage customers in Ireland. Continue reading

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I Need To Pay My Bills Which Do I Pay First?

People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter.

Making sure you pay your priority debts comes before all your other debt payments and is regardless of whether you are getting pressure from your creditors. Your priority debts are paying for somewhere to live, food and drink, clothing and heat & light, your main necessities. Priority debts may also include your mortgage. So then you must aim to pay these bills first – the mortgage / rent, utility bills including heat, light and water, and of course food, drink and clothing. Even in a situation where there is insufficient income or money to pay all of the bills, these essentials of life must command the most attention from us or day to day living will become impossible. Continue reading

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What is an Irish Judgment Mortgage?

A creditor may seek a judgment against a debtor in an Irish court for non-payment of a debt when such payment is overdue. Where such a judgment is awarded, interest is automatically applied at the statutory rate of 8%. Continue reading

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Changes to Bankruptcy in Ireland

If the new Irish government – widely expected to be a coalition of the Fine Gael and Labour parties – implement the recommendations of the Law Reform Commission (LRC) in relation to personal debt (Personal Debt Management and Debt Enforcement report published in December 2010) they will also have to very quickly address the draconian and utterly out of date Bankruptcy Act 1988. Continue reading

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