Irish Debt Solutions

Debt solutions in Ireland are unfortunately quite restricted when compared with other European countries such as the UK or the Netherlands for example. An overview of the main Irish debt solutions are listed below:

Informal Debt Repayment Plan

A Debt Repayment Plan is an informal arrangement between an individual and their creditors. In Ireland this involves a peson or their representative, such as the Debt advice Team, contacting their creditors and negotiating an affordable repayment plan that is mutually acceptable for both the debtor (the person that owes money) and their creditors (organisations such as banks, credit card companies, credit unions and other individuals and firms)

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Debt Consolidation Loans in Ireland

Debt consolidation is often the first, but worst, option that people with debt problems explore when trying to find a way out of their debt situation. The reason for this is that obtaining a debt consolidation loan can often simply serve to increase the overall amount of debt that a person has without addressing the fundamental problem of underlying affordability.

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Bankruptcy in Ireland

Bankruptcy in Ireland is unfortunately more draconian than in other countries due to Irish bankruptcy legislation laws being arguably out of date. The bankruptcy experience for individuals in Ireland is very harsh which explains why so few people decide to opt for bankruptcy as a means of dealing with a problem debt situation.

That said, a person 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 bankrupcty judgment provided that the individual has a realisable estate worth at least €1900.00.

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Useful Links and Articles

Your Legal Rights When In Debt in Ireland
Refused A Debt Consolidation Loan?
Going Bankrupt in Ireland
About The Debt Advice Team