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DEALING WITH DEBT A self-help guide to gaining control of your finances
How to deal with your debts, manage your mortgage and save money to spend on the important things in life.
Forward These are challenging times and all of us are feeling the pinch. When you’re struggling to make ends meet each month, it’s all too easy to get overwhelmed or to ignore problems in the hope that they will go away. Unfortunately, such problems don’t go away by themselves. At getSorted.ie we understand the very real difficulties that people face. We know that sometimes, it can be difficult to even know where to start. We published this booklet to give people the advice and the tools that they need to start making sense of their situation. We’ll show you how to make a budget, how to work out revised, affordable payment plans, and how to negotiate with your creditors. If you need help, or you want to talk through your circumstances in person with a sympathetic, experienced advisor, please don’t hesitate to contact us on 1890 25 33 41 or visit our website: http://www.getsorted.ie
Sean Byrne
Jim Keane
Sean, a Qualified Financial Advisor has worked in financial services for nearly 30 years, much of this time within the AIB Bank Group in Sales and Management roles. In 2005, Sean made the decision to leave the Bank to set up as an Independent Financial Advisor and Multi Agency Intermediary working on behalf of clients for their Life Insurance, Pensions and Investment needs. Since then working closely with his clients, Sean has come to realize the need for a debt resolution advisory service that works with and on behalf of clients who are finding it difficult to cope with loan and mortgage repayments, and this has led to the setting up of getSorted.ie
Jim, a Qualified Financial Adviser (QFA), has been working in the Financial Services Industry for over 25 years. He has spent most his working life with Bank of Ireland with whom he worked until 2006. His broad experience in the industry ranges from Business Banking and Mortgages to Life Assurance, Pensions and Investments. More recently, as a Financial Adviser, his focus has centred on Debt Advice/Counselling and in particular on the difficulties being experienced by the many mortgage holders who have been adversely affected by current economic conditions.
Table of contents Money Matters 1
Dealing with debt
2
10 signs that you may be headed for financial difficulties
3
Breaking free of the debt spiral
4
Getting a handle on your finances – write up your budget
5
How to reduce your outgoings
6
Getting control of your credit cards
Debt Matters 7
Top tips for dealing with debt
9
Tackling the most important debts first
10
How much to pay remaining creditors
11
Negotiating with creditors
Mortgage Matters 12
Managing your mortgage in difficult times
13
Complex Choices
14
How does The Code help me?
15
How can I make the process work for me?
Self Help Pack 16
Know your entitlements & claim every cent that you’re owed
17
Budget and debt management planner
21
Sample initial letter to creditors
22
Sample offer letter to creditors.
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Sticking with your plan
24
New Personal Insolvency Bill
26
Where to go for more help
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Dealing with debt Many people get into debt at one time or another, often as a result of circumstances outside their control. Losing a job, separating from your partner, rising interest rates, the pressures of providing for a growing family – all of these can make it difficult to manage a household budget. Bills can mount up and before you know it, the financial pressure can seem overwhelming. It doesn’t have to be this way. With the right help and advice, and you can get control of your finances. It may take some time and it requires some commitment but it is possible and it is worth it. Many people do find it difficult to deal directly with the banks that they borrowed from when times were good, so if we can help feel free to contact getSorted.ie at 1890 25 33 41.
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Ten signs that you’re headed for financial difficulties We all try to minimise or ignore difficult situations for as long as we can. That’s human nature. If you’re still not convinced that you need to take action, try this quick, getSorted.ie test:
Take the 60 second
q You’re often late paying your bills q You don’t know how much you owe your creditors q You only pay the minimum amount due on you credit cards each month q You’re losing sleep worrying about your financial situation q You avoid talking about money and your debts, even with close friends and family q You hate answering your phone or opening the door in case it’s someone looking for money that you owe q You don’t have savings q You’ve had to borrow from friends or family or take advances on your wages to make ends meet q You avoid opening post q You spend more than you earn each month
Does this sound like you? If so, now is the time to take action to avoid more serious financial difficulties in the future. sorted.ie www.getsorted.ie
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Breaking free of the debt spiral Spending more than you earn may not seem like a problem but if it goes on for too long, you end up having to borrow to maintain your current level of spending. Left unchecked, this leads to a debt spiral that can spell disaster for your finances and your family life.
For many people, this cycle began with the debt they acquired in the good times. Mortgages were cheap, credit was easy to get and high property values meant that there was plenty of equity to borrow against. Many of us increased our mortgages to consolidate existing debt and maintain our lifestyles. As the economic winds changed direction, taxes and interest rates began to rise and the property market crashed leaving many of us in financial difficulties.
Time to take action If you recognise yourself, take some comfort: you are not alone. Thousands of people across Ireland are in exactly the same situation. Resolving your financial difficulties will take time and will require some tough decisions. But irrespective of your current circumstances, one thing is for certain: now is the time to act.
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Getting a handle on your finances Write up your budget Working your way out of debt begins with taking a close look at where your money goes each month. Preparing an accurate budget helps you focus on where you need to make changes and starts the process of regaining control of your finances. To help, we’ve prepared an easy-to-use budget planner for you to use. It’s available at the back of this booklet or you can download an interactive version from our website that does all of the calculations for you: http://getsorted.ie/planner. Preparing your budget is pretty easy to do. The planner captures all your income and outgoings. It just takes a bit of work to gather all the information together. The good news is that you don’t need be a maths genius. You just need to work through the planner.
How to prepare an accurate budget Be honest. Include all your expenses. Avoid the temptation to skip items or underestimate your spending. 1. Record all the income coming into the house 2. Use your bank statement to work out your regular commitments (mortgage, electricity, 2. heat, insurance) 3. Try to get an accurate figure for day-to-day living (hold onto receipts for a period of time 2. to make sure your estimates are accurate) 4. Include occasional items (don’t forget things that you buy for your children including 2. pocket money, presents, school, etc.) 5. Don’t skimp on the budget – include all your outgoings. 6. Keep calm – we’re only getting started - and be honest with your estimates, even if the 2. figures don’t look to be turning out the way that you had hoped.
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How to reduce your outgoings If you’re serious about getting out of debt, you need to be relentless in chasing ways to stretch your income and shrink your outgoings. Every cent you save can be applied to reducing debt and saving money on the interest that you pay. Start with the budget that you created using the planner. Go through your outgoings - line by line. Where can you save money? Is there a cheaper way to achieve the same result? Our experience is that it helps to work with a third party while you’re doing this. They can be objective and act as a sounding board, helping you to explore every option.
Save money while protecting what’s important to you Life assurance, home insurance, health insurance – with the right advice you can continue to protect your family and your circumstances while saving significant amounts of money. Your getSorted.ie advisor can work with you to find possible savings in these areas to put toward reducing debt. Call us on 1890 25 33 41 or visit our website: http://www.getsorted.ie
Get competition working to your benefit Electricity, Gas, Telephone, Internet, rubbish collection – it is possible to make large savings by shopping around. Check our website for a list of resources that will help you save money: http://getsorted.ie/savemoney
Get the right help At getSorted.ie, we have qualified advisors who are experienced in helping people to prepare budgets and finding ways to save money. If you need help or advice, give us a call or get in touch with MABS, the government-supported Money Advice and Budgeting Service: www.mabs.ie
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Getting control of your credit cards Highly convenient, but very costly Credit cards are probably the most expensive form of debt there is. Yet we’re addicted to them. That addiction costs us thousands in interest and untold stress as balances build up, month after month, we never seem to be able to pay them off. It’s just too easy to spend money using cards and spiral into debt as a result.
Getting out of credit card debt • Step one: stop using the card! Cut it up, give it to someone else to mind or put it someplace where you can’t easily get to it • If you have savings, use them to pay down your balance and build back up your savings by setting up a standing order for amount you’ve saved in monthly credit card repayments • If you can’t pay the card off all at once, use the debt snowball method – pay a little each month into the account with the lowest balance. When that card is paid off, cut-it up, then move onto the next card and pay that one off. • Visit: http://getsorted.ie/tameyourcard for more ideas
“But I need a card so I can book flights & use the Internet” • Check to see if a Prepaid Money Card is suitable for your needs, there is a growing number available in Ireland from providers including (O2, Moneybookers, Swirl, Payzone & Neteller) Open a current account with a VISA debit card (eg Ulster Bank) – this pays directly from your current account so it’s more like using cash or a cheque If you are going to keep a card, get as small a credit limit as you can and set your monthly repayment to pay off the entire balance each month. With a higher limit, it’s just too easy to spend more. You can always get the limit raised for a one-off payment if you need to.
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Top tips for dealing with debt 1
Don’t ignore the problem. These kinds of difficulties only get worse if they are ignored. Confront your problems early, get the help & advice that you need, and commit to action. Write to your creditors as soon as you become aware of any issue.
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3
Write up a budget. An accurate budget provides the only effective basis for dealing with your creditors and agreeing repayments that you can afford
Reduce your outgoings. With your budget to hand, work with your financial advisor to identify areas where you can save money. Check out our online resources for other opportunities to save: http://getsorted.ie/savemoney
4
Tackle the most important debts first (with a solid plan). Protect your home and other assets by making those payments first, then work with your other creditors to agree affordable repayment terms that are fair to everyone
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Top tips for dealing with debt 5
Know your mortgage options. Your personal & financial circumstances have changed. Contact an independent financial advisor and discuss your options. Agreeing a repayment level that you can afford makes it a little easier to pay for the other essentials each month and removes the stress of worrying about the family home.
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Get control of your credit cards. The fastest way to save money on interest is to stop using your card and pay it down as quickly as you can.
Know your entitlements & claim every cent. Many people miss out on tax refunds, social welfare benefits, and payment protection payments because they simply don’t know what they are entitled to.
8
Don’t give up. Keep trying to agree an offer with your creditors and pay whatever you can afford in the meantime. Seek the help and advice that you need, and stick with your plan
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Tackling the most important debts first Thanks to the work you’ve done on your budget, you now understand the amount of money that you have available to make repayments each month. The next step is to draw up a plan for your debts.
All debts are not equal There are different types of debt. Secured debts such as a mortgage or secured car loan mean that the bank may look to take back the car or house if you can’t make repayments or come to a reasonable agreement (don’t worry, there is now legislation protecting your rights and guaranteeing you time and space to reach this kind of agreement). With unsecured debt, your creditors can not lay direct claim to your property in this way. Secured debt should therefore get priority.
Setting priorities Either work with the planner at the back of this booklet or download the version from our website. Fill in the sections on your outstanding debts, repayment amounts and the amount that your budget shows is what you have available each month to repay debt. • Your first priority is to protect yourself and your home, i.e. cover rent or mortgage and prevent gas or electricity being cut-off • The next priority is most likely to be any other secured debts such as a car loan, particularly if you depend on the car for work • Finally, you should pay your unsecured creditors. The issue here is that you must be fair to all your unsecured creditors
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How much to pay remaining creditors If you are not able to cover the agreed monthly repayments to your remaining creditors, you need to calculate a reasonable offer for each creditor. A creditor to whom you owe â‚Ź50,000 is entitled more than one to whom you owe â‚Ź5,000. To help you, our online debt planner: http://getsorted.ie/planner can automatically calculate the appropriate repayment amounts. It takes the total amount you have available for repayments each month and divides it up on a pro-rata basis amongst your creditors, based on the total amount that you owe each of them. If you are able to pay more than the agreed monthly repayments, we recommend that you use any surplus to pay down the debt with the highest interest rate-usually any credit card debt you may have- as quickly as you can.
Individual circumstances vary, get advice If you are not able to meet all your repayments, it is definitely worth getting independent advice from a qualified third party to make sure that you fully consider all the different options available to you. Contact getSorted.ie on 1890 25 33 41, speak with your existing independent financial advisor, or contact your local MABS office.
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Negotiating with your creditors • If you are uncomfortable negotiating directly with your creditors yourself, contact getSorted.ie or your existing independent financial advisor for help and advice. In many cases, they may be able to deal with the Creditor on your behalf. • Write to your creditors and explain your situation. We have provided letter templates that you can use on our website: http://www.getsorted.ie/templates. Don’t delay - contacting your creditors early will get you a better result in the end. • Share your budget and debt planner calculations with your Creditors. They need to see that you have worked through your monthly budget and that you are being fair. • Stay patient, keep cool, keep trying to agree an offer. Remember that it is in each Creditors’ interest to try and get you to pay as much as you can – your calculations are based on being fair to all your creditors. • If you can’t agree an offer, pay the amount that your calculations show that you can afford. It is important legally to be seen to make these “good faith” payments. • If you receive solicitors letters or a legal notice summoning you to court, contact getSorted.ie, an independent financial advisor, a solicitor or MABS immediately. Do not ignore legal notices but try not to worry. You have paid all that you can afford and done your best to be fair and reasonable, and that is what the Courts expect to see. • Keep copies of all correspondence that you send and receive and make a note of all your conversations.
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Managing your mortgage in difficult times Your mortgage is probably the largest financial commitment you’ve ever made. It’s almost certainly the biggest payment you have to make each month. Agreeing a repayment level that you can afford makes it a little easier to pay for the other essentials each month and removes the stress of worrying about the family home.
Things change, it’s time to look at your options When you took out your mortgage, both your personal and financial circumstances were probably very different. If the intervening years have been good to you, and there is a little extra money available each month, even a small increase in your repayments could save you thousands in interest charges over the remaining life of the mortgage. If you’re struggling to make ends meet, reviewing your mortgage is even more critical. The good news is that your rights are now protected by legislation:– the Code of Conduct for Mortgage Arrears (known as “the Code” or “the CCMA”). The Code guarantees you time and space to work things out. It is designed to make sure that banks deal with individual cases sympathetically. It encourages lenders and borrowers to work together to protect the family home at a repayment level that is affordable.
What options might be available to me? • Extend the mortgage term (which means reduced monthly repayments) • Move to interest-only payments on a temporary basis • Reduce the repayment on a temporary basis • Postpone mortgage repayments for a fixed period of time • Partially defer interest charges for a defined time period Some of these solutions are temporary measures designed to get you back on your feet. Others involve a more fundamental restructure of your finances.
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Complex choices Get the right independent advice If you are looking to review your mortgage, we strongly encourage you to seek independent advice. Everyone’s circumstances are different. That’s why it’s important that your case is worked through on its individual merits. Choosing the right option can sometimes be a difficult process. Some of the choices have farreaching implications and involve difficult decisions – for example, you can lower your monthly repayments by repaying your mortgage over a longer term. This may be good news if you’re struggling to make repayments but it will cost you more in interest over the life of the mortgage. Independent advice helps you work through the different options and make the right choices for you and your family. A good advisor will cut through the jargon and give you the confidence you need to make the right decision. They’ll also make it easier to deal with your bank and navigate the various forms required.
Who can help? If you need help or advice, call getSorted.ie on 1890 25 33 41 or visit our website: http://www.getsorted.ie or contact your existing independent financial advisor. Make sure that your advisor is qualified to advise on mortgages and is experienced in dealing with banks and the Code of Conduct for Mortgage Arrears.
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How does the Code help me? The Code helps anyone at risk of missing a mortgage payment. You don’t have to have actually missed a payment to get the protection of the Code. If you contact your bank and let them know you are experiencing difficulties, you will be protected from that point onwards. If you miss a payment by more than 30 days, you automatically fall under the protection of the Code. If you’re uncomfortable dealing directly with your bank, you are entitled to have a third party contact them on your behalf (e.g. an independent financial advisor such as getSorted.ie or an accountant)
What will the bank do next? Banks must follow a standard procedure known as the Mortgage Arrears Resolution Process (MARP) with every customer who is protected by the Code. • You get time and space to work things out • They must follow an industry standard assessment process & look for standardised information • from you • They must work sympathetically and look to find a solution that meets your individual • circumstances • There are restrictions placed on the number of times that the bank can call or write to you • while you are working through the MARP process with them • You will be given time to seek advice and consider any options offered
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How can I make the process work for me? 1
Act Early. Arrange to get the advice you need and write to your lender as soon as you become aware that you may have difficulty meeting a payment. We have provided letter templates that you can use on our website: http://www.getsorted.ie/templates.
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Complete the forms. Your bank will seek information on your monthly income and expenditure in a standard format (SFS). The SFS is an important part of the assessment process. It is definitely worth getting advice from getSorted.ie, MABs, an accountant or your existing independent advisor before filling these forms in.
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Work out your personal budget and commitments in line with the previous sections in this booklet. This will help when working through the forms required by your bank.
Consider your options. You bank will assess your case based on the information you supply and will recommend a course of action. You should take independent advice on the options that they offer.
Agree next steps with your bank. Once you have made your decision, you will need to advise the bank. The decision will be formally documented and reviewed on a regular basis.
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Know your entitlements Claim every cent Many people miss out on tax refunds and other benefits because they simply don’t know what they are entitled to.
Tax refunds Have you paid the right amount of tax? Check your tax credits and total tax paid. Remember that you’re also entitled to claim a number of expenses against tax, including refuse charges and certain medical and dental expenses. Contact your local tax office for advice: http://www.revenue.ie
Benefits Depending on your circumstances, you may be entitled to children’s or dependant’s allowances, Family Income Supplement (FIS) or other social welfare benefits. Check with your local Citizens Information Centre: http://www.citizensinformation.ie/
Redundancy If you’ve been made redundant, make sure that you’ve been paid your full entitlement and that your tax affairs have been handled correctly & effectively so that you minimise the amount of tax that you have to pay: http://www.citizensinformation.ie/
Payment protection insurance If you have payment protection insurance on your loans or credit card and you’ve lost your job, or you are off work through illness, make sure that you submit a claim. Check all your loans and policies carefully – failing to make a correct claim in time could mean you miss out.
You’ve earned the right to this money by paying tax, paying PRSI and paying for protection policies. Make sure you claim what’s owed to you.
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Budget Planning - Income Regular Income
Amount
Salary / Wages Monthly Salary Monthly Salary (Partner) Benefits Job Seeker’s Allowance Incapacity Benefit Child Benefit Child Tax Credit Working Tax Credit Child Maintenance Pension / Other Income Pension Other (Specify)
Total Income
â‚Ź
Notes
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Budget Planning - Outgoings Regular Outgoings
Amount
Mortgage Rent Refuse Collection Charges Life Insurance Buildings & Contents Insurance Utilities Gas Electricity TV/Licence Telephone Household Repairs / Maintenance Mobile Telephone Housekeeping (Food & Tioletries) Clothing and Footwear Public Transport Car Petrol Car Insurance Car Road Tax Car Parking & Tolls Car Repairs & Servicing Medical Expenses Optical Expenses Childcare Costs Cable or Satellite TV Laundry & Dry Cleaning School Costs Pocket Money Lifestyle Expenses Sundries & Emergencies Meals at Work Pets Other Other Outgoings Other Outgoings Other Outgoings Secured Debt Payments (Other than mortgage on family home included above) Car Lease / Hire Purchase Other Secured Debt Payments Other Secured Debt Payments
Total Outgoings www.getsorted.ie
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Budget Planning - Creditors Secured Creditors
Interest Rate
Balance
Remaining Contractual Monthly Term Payment € € € € €
€ € € € €
1 2 3 4
Balance
Unsecured Creditors
€ € € € € € € € € € € € € € € € € € € € €
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Contractual Proposed Monthly Monthly Payments Payments € € € € € € € € € € € € € € € € € € € € €
€ € € € € € € € € € € € € € € € € € € € €
Notes sorted.ie
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Budget Planning - Summary Income & Outgoings Income Less Outgoings Discretionary Income Available for Unsecured Creditors Proposed Monthly Creditor Payments Surplas / Shortfall after payments to Creditors
€ € € € €
Notes
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Sample initial letter to creditor Template for you to edit available: http://getsorted.ie/templates
Insert Date Re: Account No.: Insert your account number here Dear Sir/Madam, I am writing to you regarding the above account. The purpose of this letter is to inform you that I am currently experiencing financial difficulties and am in the process of trying to resolve them. I am at present assessing my full financial situation and working out how much I can pay to each of my creditors taking into account all my living expenses and commitments. While I am undertaking this process, it would be of immense help to me if you would put a hold on any action being taken to recover this debt, also if you would suspend any interest and other charges currently being added to this account. May I take this opportunity to thank you in advance for your co-operation. Yours faithfully, Insert your name here
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Sample offer letter to creditor Template for you to edit available: http://getsorted.ie/templates
Insert Date Re: Account No.: Insert your account number here Dear Sir/Madam, As stated in my letter dated ------------------, since making the above agreement with you, my financial circumstances have changed. I can no longer afford the agreed monthly payments because: _____________________________ To reinforce that I am taking steps to address my financial difficulties and to demonstrate my commitment to bringing my payments up to date, I have taken the following steps to reduce my outgoings and increase my income: __________________________ Please find enclosed a statement of my current financial affairs which also highlights details of any priority creditors. As you can see, my expenditure is not excessive yet I have only â‚Ź------remaining at the end of each month to pay arrears to my priority creditors and/or make offers of repayments to my secondary creditors. Due to the circumstances, please agree to accept a reduced offer of â‚Ź------ per month for 12 months. If you are adding interest or charges to the account I would be grateful if you could suspend these so that all payments made will reduce the balance owing. I feel that this is a fair offer of payment given my current situation and the actions that have been taken to ensure I am in the best possible financial situation. Could you please confirm, in writing, your agreement to this repayment proposal and details of how and when you require payments to be made. I will then begin payments immediately. I hope that you can see that this is a genuine situation that I have not chosen to be in and I am doing everything possible to improve my financial position. When my circumstances improve, I will contact you again. Thank you for your help. I look forward to hearing from you as soon as possible. Yours faithfully, Insert your name here
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Sticking with your plan Getting control of your finances will make a massive difference to your life. It’s not an easy journey but it will be worth it. 1. If you’ve worked through this booklet, you now have a proven plan that will get you to where you need to go. 2. The help you need to get sorted is available – just ask. Call us on 1890 25 33 41, or contact your existing independent financial adviser or MABs, to get the advice you need. 3. There will be challenges – not every creditor will want to take your first offer but your plan is based on the truth of your circumstances and on being fair to all your creditors. Be patient, keep trying to agree an offer, and make good faith payments if you can’t yet agree the deal you need. 4. Above all else, stick to your plan and remember to try and keep other things in your life in balance as well. Your health and well-being help give you the energy that you need to keep your financial plan on track. If there is anything we can do to help, please do not hesitate to contact us. Check out our website for more guidance and resources to help you on your journey: http://www.getsorted.ie.
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Heads up on New Personal Insolvency Bill 25th January 2012 "The Government is acutely aware of the financial stress that households are facing arising from difficulties in meeting their mortgage and loan commitments. The introduction of a new Scheme of Personal Insolvency is a key step in addressing the mortgage arrears crisis. This Personal Insolvency scheme will rebalance the rights of the borrower and lender in a fairer manner." Micheal Noonan, Minister for Finance
When the Personal Insolvency Bill becomes law later this year it should give hope to those who find themselves overwhelmed by their debts. The Bill proposes the appointment of a State-run insolvency service to help people manage their debt. It cuts the bankruptcy period from 12 years to 3 years and introduces three voluntary debt–settlement systems, which will offer people ways to sort out their finances outside of formal court insolvency. • Debt Relief Certificate - Certificate of forgiveness - allows for the write-off of debts of no more than €20,000, mostly credit card debt and personal loans after a period of one year during which time the debt are frozen. Only those with no assets and a net monthly disposable income of €60 or less can qualify. • Debt Settlement Arrangement - For those who have debts over €20,000 excluding mortgages and covers loans with two or more creditors. A repayment plan is drawn up, in which the consumer pays what they can manage over a five year period. At the end of the Five years, debts covered under the arrangement are discharged. • Personal Insolvency Arrangement - this is aimed specifically at mortgage holders, covering debts, both secured and unsecured, ranging from €20,000 to €3m. It allows for a possible write-down of some of the debt, once there is an agreement with 65% of lenders involved. Borrowers have specific protections for their family homes with a PIA. The arrangement aims to have the consumer solvent within six years with unsecured loans discharged and secured loans restructured at a level the consumer can manage.
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Heads up on New Personal Insolvency Bill Under the bankruptcy and insolvency proposals, those in arrears will be allowed to reach a deal with their creditors, allowing them write down some of the debt and spread payments over a six-year period. However, a majority of creditors, such as banks, will have to agree to the deals on a case-bycase basis.
“The proposals in the new Insolvency Bill would be fully published by the end of April and enacted at the very latest in September.� Justice Minister Alan Shatter
Please see http://getsorted.ie/insolvencybill for more information
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Where to go for more help Our easy-to-use budget and debt management planner: http://getsorted.ie/planner Template letters to send to creditors, and bank forms: http://getsorted.ie/templates Resources to help you save money: http://getsorted.ie/savemoney Review your mortgage - tools and documents: http://getsorted.ie/mortgage Tips for getting your credit card debt under control: http://getsorted.ie/tameyourcard
Contact GetSorted.ie for a free consultation We have a network of advisors around the country so call us on 1890 25 33 41 or send us an email: help@getsorted.ie to arrange a conversation at a time and place that suits you
Other resources Money Advice and Budgeting Service: http://www.mabs.ie Citizens Information Centre: http://www.citizensinformation.ie Revenue Commissioners: http://www.revenue.ie
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Notes
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WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT Fixed Rate Loans
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF YOUR FIXED-RATE LOAN EARLY.
Variable Rate Loans
THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
Endowment Home Loans
WARNING: THERE IS NO GUARANTEE THAT THE PROCEEDS OF THE INSURANCE POLICY WILL BE SUFFICIENT TO REPAY THE LOAN IN FULL WHEN IT BECOMES DUE FOR REPAYMENT. The early surrender of an endowment policy in respect of an endowment load may yield a lower return to the borrower than that paid in premia and other charges
Interest Only Mortgages
WARNING: THE ENTIRE AMOUNT THAT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST ONLY PERIOD. Debt Consolidation
WARNING: THIS LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM.
Sean Byrne t/a Select Financial Solutions & Blue Sky mortgages is regulated by the Central Bank of Ireland. Jim Keane QFA is a Director of Tailormade Financial Services Ltd. Tailormade Financial Services Ltd t/a Tailormade Financial Services, Tailormade Mortgages and Blue Sky Mortgages is regulated by The Central Bank of Ireland.