Addressing Ongoing Debt

Image supplied by ISI.

Image supplied by ISI.

It is being widely reported that we have braved the worst of the storm with regard to the economic downturn. The fallout from this, however, has left lasting scars, with many unable to recover from crippling debt. The Insolvency Service of Ireland is an independent statuary body that was set up in 2013 coinciding with changes to insolvency legislation, to address issues arising from ongoing debt.

Insolvency is a word that many link to company rather than personal finances. However, a browse through shows that there are various options available for individuals willing to seek out the information. The easy to navigate site is designed to be a pathway to ISI services and gives clear information and a range of scenarios that people can identify with in the personal stories section. Indeed, the ISI found through their research that a main reason why help was not being accessed was because people felt it was only for those in more extreme cases.

“We met many people who didn’t actually realise that they were, in fact, insolvent,” said Lorcan O’Connor, Director of ISI (pictured), commenting on the research. “When they come to us, they will have a fresh start, with some debt potentially written off, and the remainder at a manageable level.”

The site outlines the three main types of debt solution choices depending on different criteria including DRN Debt Relief Notice, DSA Debt Settlement Arrangement and PIA Personal Insolvency Arrangement. The ISI is currently undertaking a national information campaign where community leaders are being invited to town hall style meetings with a view to filtering the information through to target groups.

Making a decision to move forward could be as easy as logging onto the website and taking the first proactive step to getting back on track.
For further information see

By Maria Shields O’Kelly