At Cork Circuit Court on 26th May 2025, personal insolvency arrangements were approved for eight individuals.
- The people ranged in age from 55 years of age to 71 years of age.
- The debts ranged from €123,000 to €543,000
- The PIAs ranged from single creditor cases to six creditor cases.
- The approved PIAs were for terms varying between one year and four years, and the maximum return to unsecured creditors was 10%
- All of the cases retained the family homes for the persons involved.
- One retention was by way of the Mortgage to Rent scheme.
- There was one case where there was a substantial mortgage debt write-down of €153,000.
- Six cases with no write-down of secured debt
- Two of the cases provided for a lifetime tenure for the people who were aged 70 and 71
- Four of the cases were subject to repossession proceedings through the courts, and two cases were in circumstances where a previous warehouse arrangement put in place by the previous loan owner was ending, and the persons had no means of paying the lump sum now falling due.
- The cases where the mortgages were restructured involved restructuring by way of an interest rate reduction and a term extension in the main.
These cases show that personal insolvency is not restricted to the high-profile reported High Court cases and is, in fact, a solution for the many ordinary people with debts that are unsustainable on their current income and are simply unaffordable as they stand.
The personal insolvency process is well placed to support people in such situations, which is the majority of the people who are in mortgage arrears and those still in Court repossession proceedings.
If you require services like these, get in touch with us today.