New Beginning welcomes the Insolvency Service of Ireland’s figures for Q1 2016 released this morning calling it the beginning of what it believes will be a “Deluge of Deals”.
The figures show that an increasing number of people are now availing of solutions under the Personal Insolvency system and in particular the Personal Insolvency Arrangements.
Over 1000 PIAs have now been completed.
These arrangements deal with family homes and can involve very substantial restructures and write down across all debt meaning that people are returned to financial stability and kept safely in their homes.
This is among the most innovative and powerful insolvency systems in the world and can help many thousands of households break free from unmanageable debt.
Ross Maguire of New Beginning said:
While still only dealing with the tip of the iceberg it is very encouraging to see more people using the system. Under the new laws the banks have lost their control and a Court can and will enforce a proposal where the proposal is fair and equitable. This is a huge change in the dynamic between borrowers and banks. It can help tens of thousands of families – but the first step is for the borrower to take advice. We are seeing deals being done that we could only have dreamt of a few years back.
For further information contact:
New Beginning 01-5240000