The launch of the Insolvency Service of Ireland is a pivotal step in tackling our country’s mortgage arrears and debt crisis and will provide a way forward for over-indebted people across Galway.
The Insolvency Service is a key component of the new legislation passed in late 2012 which radically overhauls our debt-settlement system to help people who are genuinely struggling under the weight of debts.
Three debt resolution measures have been created, namely Debt Relief Notices, Debt Settlement Arrangements and Personal Insolvency Arrangements to help people with various levels and types of debt.
Commented Galway West Deputy, Sean Kyne: “The Government’s approach to resolving the mortgage arrears and debt crisis is so make sure that assistance is provided for those who cannot not pay, not those who will not pay.
“The launch of Insolvency Service of Ireland is complemented by a public information campaign to help people find the best way of dealing with their debts and I would urge anyone in Galway experiencing debt difficulties to visit the Insolvency Service website – www.isi.gov.ie – where there is a wealth of information and advice on the options available.
“Also included is information on the Guidelines on a Reasonable Standard of Living which have been designed following extensive consultation with several organisations including FLAC (Free Legal Advice Centres) and MABS (Money Advice and Budgeting Service). The Guidelines are flexible so that a person has every opportunity to work through his/her debt with dignity in a system underpinned by consensus and agreement.
“Creating a workable, fair and equitable approach to the resolution of debt difficulties understandably takes time. Work is continuing,” concluded Deputy Kyne, “to have the Insolvency Service accepting and processing applications by the end of June.”