The number of personal insolvency applications in Ireland has more than doubled when compared to same period in 2016, while the number of people availing of debt solutions continues to grow.
These are the main findings of a new report from the Insolvency Service of Ireland highlighting statistics for the first quarter of this year.
The report goes on to reveal that for quarter 1 2017, as compared to Q4 2016, applications are up 16% with personal insolvency arrangements up 10%.
The report of an analysis of 100 Personal Insolvency Arrangements shows almost half of arrangements are completed in a year or less, in over 90% of cases where a family home is involved the debtor remains in their home and where the solution involved the write off of mortgage debt the average write off was €93,338.
Commenting on the report Mr. Lorcan O’Connor, Director of the ISI, said the number of people availing of the debt solutions available through the ISI continues to grow.
“The number of applications has increased significantly since the launch of Abhaile, the State funded service for people in home mortgage arrears, under which borrowers can avail of a free consultation with a Personal Insolvency Practitioner.
“The Personal Insolvency Arrangement analysis published today demonstrates that the key objective behind the Personal Insolvency Legislation – keeping debtors in their home – is being achieved”.
Mr. O’Connor encouraged anyone with serious debt issues to consult a Personal Insolvency Practitioner or an Approved Intermediary, details of which are available on backontrack.ie or by calling 076 106 4200. People can also freetext GETHELP to 50015 for a call back from the ISI.