Personal Indemnity
€80bn of property losses have transferred to NAMA. This is a high figure but is significantly lower than the €400bn personal debt that exists in Ireland.
The ratio of personal debt to disposable income is now circa 180%. There are many individuals who have debts with no prospect of repayment. The proposed debt settlement legislation is long overdue.
It will allow:
- Debt relief orders.
- Bankruptcy for a period of three years.
- Debt settlement arrangements for a max of five years where the debtor wishes to avoid bankruptcy.
A new debt settlement office will monitor the personal insolvency sector.
The legislation is required immediately as it will allow individuals see some light at the end of the tunnel and will encourage individuals to work with their creditors through the current impass.
Please contact Brian Dignam for further information.
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