Reform of Insolvency Legislation to help those struggling with unsustainable debt
Kildare South Fine Gael TD Martin Heydon has welcomed the publication of the new Personal Insolvency Bill 2012, which will fundamentally reform outdated insolvency laws in Ireland and provide a lifeline for those who are struggling with enormous debts.
“Many Kildare individuals are struggling with unsustainable debt as a result of reckless lending which is affecting their entire life. I have met many constituents who are finding it very difficult to cope and I hope the options set out in this Bill today will provide them with viable alternatives” stated Heydon
“A number of flexible arrangements are included in this Bill to deal with varying levels of debt. These are alternatives to bankruptcy, which should be a final port of call for anyone. The options set out in this Bill are designed to meet the needs of those who genuinely cannot keep their heads above water. It does not provide for the automatic write-off of negative equity. Nor does it provide assistance to solvent debtors.
“I would stress the importance for those who are struggling with unmanageable debt to talk to their lenders in an attempt to come to a revised arrangement that is suitable for both sides. Banks and financial institutions are being encouraged to come to realistic debt settlement arrangements with their debtors, who, in turn, will be shown a way out of their debt problems. MABS in Newbridge also provide a very useful service for those in debt and can be contacted at 07 61 072 600.
“We cannot continue to ignore the burden of debt that hangs around the necks of so many and the provisions of this Bill will hopefully allow people to take action and move on from the Debt that is causing so much distress.” concluded Heydon.