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Irish Debt Restructuring Prompts Launch of New Personal Insolvency Arrangement Site


Dublin, Ireland -- (SBWIRE) -- 12/16/2013 -- SimpleFS.co.uk, a debt solutions provider, announces the launch of its new Personal Insolvency Arrangement website; www.personal-insolvency-arrangement.ie on the back of the new debt restructuring in Ireland. The new site will help raise awareness of the new products available to Irish residents who are struggling to pay their debts.

Personal-Insolvency-Arrangement.ie was launched with the recent restructuring in mind and is aimed at helping Irish residents who are struggling financially to understand the new debt solutions available to them, while providing the professional counsel needed to take advantage of this option. By Utilising a PIA or a DSA, consumers can find relief from their debts a lot quicker than the more informal route of other typical debt solutions such as a debt management plan.

The new regime to tackle personal insolvency in Ireland has been launched following the implementation of the Personal Insolvency Law 2012, says SimpleFS.co.uk.

The new regime, which consists of three debt solutions - Personal Insolvency Arrangements (PIA), Debt Settlement Agreements (DSA) and Debt Relief Notices (DRN) - will help tackle both secured and unsecured debt for individuals from all walks of life as well as debt levels. The stringent application rules will help those genuinely in trouble, and weed out strategic and repetitive debt evaders who seek to deliberately run up debts and discharge them through personal insolvency.

Applications have already begun to flood in from organisations representing indebted individuals, such as Personal Insolvency Practitioners (PIPs), Money Advice and Budgeting Service (MABS) representatives, and debt charities.

It could take up to a year to see the benefits and/or drawbacks of the new regime, although issues such as upfront payments and too few PIPs in the marketplace have sparked a few concerns already.

There are no prescribed costs for the new insolvency solutions and no organisation has the power to set or monitor the fees for the service PIPs provide. This has led to concens that PIPs may start charging up-front fees, putting pressure on already heavily indebted individuals, with estimates of the likely size of the up front set up around €2,000 - €3,000.

A spokesperson for Personal-Insovlency-Arrangement.ie said; "The qualification process for a PIA is fairly strict so unless it's a clear cut case not everyone will be eligible. In those cases, in may be necessary for the PIP to charge an upfront fee to cover their costs but this would have to be decided on a case by case basis".

When it comes to finding a qualified PIP, there are concerns that there appear to be too few to service the number of people seeking insolvency, with 10 Irish counties left with no provision at all. While many hundreds or organisations have either sought information about training to become PIPs or have started training, there are curently only 37 registered PIPs.

“The new insolvency regime will help countless debtors struggling on the edge of insolvency. They will get solid financial advice, help with budgeting to live within their means and someone in their corner to help them set up new agreements with the creditors to tackle their debts once and for all."

“The service is new and will have little niggles here and there as it rolls out across Ireland. That’s to be expected – you’re taking something that has been created on paper and making it work in practice, and there will always be a few finer details to adjust" the spokesperson added.

About Personal-Insovlency-Arrangement.ie
Personal-Insovlency-Arrangement.ie provides help and advice on all Irish debt solutions, such as PIAs, DSAs and DRNs and can help users write off unaffordable debts. Interested parties can call them now on 0800 043 2027 or enter some basic details into their online debt calculator to see which solution is most appropriate.