Ireland Is Officially in Recession Now

The Irish Republic's economy has fallen into recession after shrinking for a second quarter in succession. The Central Statistics Office (CSO) said gross domestic product (GDP) had contracted by 0.5% in the three months to the end of June.

Debt Settlement Negotiations

Full and Final Settlement Negotiations can be an effective debt management tool that can be used when an individual has a 'lump sum' that can be used to negotiate a single bulk payment in return for any remaining debt to be cancelled or 'written off' by an individuals creditors.

The rationale for creditors agreeing to write off often large amounts of debt in exchange for a single lump sum payment is that creditors often feel that this may be the best commercial deal they are likely to receive in reality as often the alternative option for them may be to receive smaller regular payments towards the debt over a much longer period of time.

Typical Full & Final Settlement Scenarios

There are many circumstances when a person may be able to take advantage of the Full and Final Settlement service that we offer however typical circumstances are as follows:

* Money Raised From Remortgaging A Property
* Money Raised From The Sale Of A Property
* Cash Inheritance Awards
* Cash Donation By Family Members
* Redundancy Payment Award
* Legal Compensation Award
* Money Raised Via Sale of Share Ownership

Were a lump sum is available to offer to our clients creditors the Debt Advice Team will typically negotiate with creditors based on the fair and equitable distribution of the available money based on a pro-rata caluculation. This simply means that we will negotiate a full and final settlement payment with creditors by offering the equitable disbursement of available funds relative to the size of a creditors debts in relation to the size of the debts owed to our clients other creditors.

This negotiation strategy is widely acknowledged to be the fairest way of reasonably dealing with unsecured credit debts and it is th method typically used by courts in Ireland and other countries.

For more information about our Full and Final Debt Settlement Service and to to discuss your debt options in more detail please feel free to chat with the Debt Advice Team by calling us free of charge on 01657 5602 and we will be happy to examine all of the debt solutions and options available to you.

Alternatively, you are welcome to start a secure online chat with one of our advisors by clicking on the 'Live Help' button at the top right of this page.

You can of course simply complete our quick contact form by clicking here and an advisor wil contact you at the time and method that you specify.

Is Bankruptcy in Ireland An Option?

Unlike in many other countries such as the UK and USA where bankruptcy legislation has been modernised to enable people with overwhelming debts to obtain access to the protection of the courts relatively easily, Ireland's bankruptcy legislation is arguably out of date and in much need of modernisation.

A debtor does have the right to instigate a petition for bankruptcy at the court and likewise creditors can also start bankruptcy proceedings. If a debtor is unable to meet their repayment obligations to their creditors then the debtor may ask the court for a bankruptcy judgment provided that the individual has a realisable estate worth at least €1900.00.

Getting Discharged From Bankruptcy in Ireland

Because of the complexities of the current bankruptcy legislation in Ireland many people feel that obtaining a discharge from bankruptcy may realisticaly be complicated and as such prefer to deal with their debt problems without entering into the Irish bankruptcy process. Discharge form bankruptcy in Ireland can be achieved in a number of ways and these are set out below. It is worth noting however that enough funds must have been realised in the via the bankruptcy in order to cover the costs, fees, expenses and preferential debts arising in the bankruptcy.

Discharge After Twelve Years

Where the bankruptcy has lasted for twelve years, the debtor's property has been fully realised, and the court is satisfied that the debtor has disclosed any property acquired since bankruptcy and that it would be reasonable and proper to discharge the debtor from bankruptcy.

Discharge From Bankruptcy After Payment Of Debts In Full

Where the debtor's creditors have been paid in full, together with such interest as the court allows. Where the bankrupt's property is sufficient to permit payment of interest at the rate payable on judgments, that rate will apply .

Discharge From Bankruptcy With Full Creditor Consent

A bankrupt can be discharged from their bankruptcy statues where all of the debtor's unsecured creditors have consented to the discharge.

Discharge After Making Composition With Creditors

Where the debtor has provided the Official Assignee with the funds needed to meet a settlement (referred to as a Composition After Bankruptcy ) with their unsecured creditors - for a settlement to be effective, it must receive the support of at least sixty per cent in number and value of the unsecured creditors voting on it.

Discharge After Paying Fifty 'Pence In The Pound'

Where the debtor's property has been fully realised and his/her creditors have received fifty pence in the pound on their debts.

Further Advice

To discuss your debt options please feel free to chat with the Debt Advice Team by calling us free of charge on 01657 5602 and we will be happy to examine all of the debt solutions and options available to you. Alternatively, you are welcome to start a secure online chat with one of our advisors by clicking on the 'Live Help' button at the top right of this page.

You can of course simply complete our quick contact form by clicking here and an advisor wil contact you at the time and method that you specify.

Professional Debt Management Help

The Debt Repayment Plan service is often the best method of getting problem debts under control. Our Debt Advice Team will take time to chat with you about your situation and together we will then be able to put in place a realistic debt repayment programme for you to repay your creditors based on what you can realistically afford to offer them after your more important household bills have been protected.

One Affordable Payment To Cover All Your Debts

Debt Repayment Plans are very common and your creditors will be very familiar with the debt repayment proposals that we will send to them on your behalf. Essentially, our Debt Repayment Plan is a process of negotiation between ourselves and your creditors in order to obtain a reduced repayment amount agreement based on what you can realistically afford to offer your creditors. We will provide your creditors with a copy of the budget sheet that we will have worked out together to demonstrate that you are unable to meet your full contractual payments each month.

Click Here - To Contact The Debt Advice Team

In addition to negotiating reduced payments we will also endeavour to obtain reduced or frozen interest rates with your creditors. Although your creditors do have the right to decide if they are willing to do this most mainstream creditors typically see the sense in what we will be proposing and will understand that you are taking your situation seriously because you are working with professional debt advisors with a view to getting your debt problem under control in a managed and structured environment. Your creditors will also be aware of their requirement to deal with your situation reasonably and fairly and have an obligation to consider repayment proposals sensibly.

The Debt Advice Team Is Here To Help You

Our team of Debt Advisors and Personal Account Managers are here to help you every step of the way. Some members of he team have in the past been in financial difficulties themselves and can really relate to the stress and strains that money worries can bring about.

The Debt Advice team are a friendly and professional group of people that really enjoy helping people move on to secure brighter financial futures and to improve the quality of our clients lives by providing caring support and intervention when it is needed most.

To chat with a member of the team about your circumstances and to take that first step in understanding what options are available to you in order to get on top of a debt related problem please feel free to telephone us free of charge on the number below:

Debt Advice Team Contact Number:  01657 5602

Alternatively, you can start a secure online chat by clicking on the 'Live Help' button on the top right of this page. or simply complete our quick contact form by clicking here and one of our advisors will contact you at the time and method that you specify.

Understanding Your Rights and The Rights of Your Creditors.

Although having a debt problem can prove to be a stressful time for many people it is important to understand that there are processes and procedures that can be put in place by organisations such as ourselves in order to bring matters under control and reduce the stress levels associated with personal debt problems.

Your creditors (the organisations that you owe money to) do have debt recovery measures available to them, such as the court system, that they can consider using if they feel that they have not reached a satisfactory repayment arrangement  by the individual that owes them money. In the vast majority of cases however, creditors would much rather reach an informal debt repayment plan in order to start to receive payments towards the debt and also to avoid the administration and legal costs they will incur if they choose to go down the 'legal' road. This is why it is very important to speak with debt help professionals who will be able to advise you of your options and set up a debt repayment plan with your creditors if need be. Its all about acting quickly and striking a negotiated balance with you creditors.

Firstly - Your Right To Feel Good About Yourself.

Being in debt is not a crime. Debt problems effect hundreds of thousands of people every single day in Ireland and being in debt is nothing you should feel ashamed about. The vast majority of people we help have not got into debt on purpose but rather have found themselves facing financial difficulties due to a change in circumstances or have become over committed to credit facilities unintentionally. The Debt Advice Team often speak with clients that tell us 'I am so ashamed' and we aim to quickly advise the client that money worries are very common in Ireland, they are not alone and they have absolutely no reason to feel bad about their situation. We remind our clients that actually, the fact that they have contacted us to help them get on top of their debt problem is to be applauded.

Your Right To Expect Fair and Professional Behaviour From Creditors

Consumer Credit Act 1995
Acting honestly and reasonably is always a good trait when dealing with your creditors. It is important to have an honest rapport with your creditors and to let them know that you are unable to pay your debts to them at the contractual rate that you will have agreed in your credit contract governed by the Consumer Credit Act 1995. Under this law your creditors have a responsibility to act in a fair and reasonable manner when dealing with your personal circumstances.

Creditor Behaviour
Specifically, "Bullying" tactics by creditors are prohibited. Your creditors are also not allowed to from visit or telephone you at your place of work without your strict consent. Creditors are also not allowed to telephone you between the hours of 9.00 p.m. at night and 9.00 a.m. in the morning or on Sundays or public holidays without your consent. Their are also strict limits imposed on creditors for the sending of written communications to the your place of work.

Enforcement
A creditor may not enforce an agreement by demanding early repayment or seeking repossession without first serving a notice to you at least 10 days before they propose to take any action. This notice must state the action the creditor proposes to take to enforce the term of the agreement together with details of the date of the proposed action.

In addition, where a person has broken the terms of the credit agreement, the creditor or owner cannot demand early repayment or recover possession unless they have served a notice not less than 10 days before they intend to take action specifying the action needed to remedy the breach or if it cannot be remedied, the compensation sum payable, in either event not less than 21 days after service of the notice.

Consumer Protection Act 2007
On May 1st, 2007 the new Consumer Protection Act came into effect in Ireland. The Act provides a range of measures aimed at making business comply with consumer legislation and enabling people to take legal action against businesses that have acted unlawfully against them. Here the Act provides that for a consumer "redress" right under Section 74 that paves the way for a person to apply to the District, Circuit or High Court to claim for compensation in respect of any loss or damage suffered by the person as a result of a trader acting unlawfully against them.