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Scheme of Arrangement
A New Form of Debt Relief in Ireland
Although recently there has been an agreement in principal between The Green Party and Fianna Fail to introduce a Formal Scheme of Arrangement similar to the IVA or Individual Voluntary Arrangement scheme in the UK the introduction of Schemes of Arrangement have yet to be announced.
For the majority of people however most useful form of debt intervention for Irish individuals will be a Debt Management Plan (or Token Payment Plan for people with a very low income) The Debt Advice Team welcome the development of a formal debt repayment scheme that is binding on a persons creditors that can offer a structured way out of debt for iindividuals and their families struggling with overwhelming financial problems.
Register Your Interest In A Scheme of Arrangement by - Clicking Here
The new Scheme of Arrangement when they do come through are likely to involve the requirement for a person to reach a debt settlement agreement with the majority of their creditors (representing 75% of the value of the debt for example) and to agree a monthly repayment based on the persons realistic affordability. Then after an agreed period of time (perhaps between 3 to 5 years) any remaining debt would be discharged or 'written off' by the persons creditors leaving them debt free.
Schemes of Arrangement would typically be prepared, managed and negotiated by Debt Advisors, Accountants and Solicitors and other relevent third parties. The Debt Advice Team will regularly provide information and updates on this important debt management development so please sign up to our newsletter by Clicking Here if you would like to be inluded.
Although recently there has been an agreement in principal between The Green Party and Fianna Fail to introduce a Formal Scheme of Arrangement similar to the IVA or Individual Voluntary Arrangement scheme in the UK the introduction of Schemes of Arrangement have yet to be announced.
For the majority of people however most useful form of debt intervention for Irish individuals will be a Debt Management Plan (or Token Payment Plan for people with a very low income) The Debt Advice Team welcome the development of a formal debt repayment scheme that is binding on a persons creditors that can offer a structured way out of debt for iindividuals and their families struggling with overwhelming financial problems.
Register Your Interest In A Scheme of Arrangement by - Clicking Here
The new Scheme of Arrangement when they do come through are likely to involve the requirement for a person to reach a debt settlement agreement with the majority of their creditors (representing 75% of the value of the debt for example) and to agree a monthly repayment based on the persons realistic affordability. Then after an agreed period of time (perhaps between 3 to 5 years) any remaining debt would be discharged or 'written off' by the persons creditors leaving them debt free.
Schemes of Arrangement would typically be prepared, managed and negotiated by Debt Advisors, Accountants and Solicitors and other relevent third parties. The Debt Advice Team will regularly provide information and updates on this important debt management development so please sign up to our newsletter by Clicking Here if you would like to be inluded.