BUSINESS: Well-known Letterkenny man Paul Carr, Personal Insolvency Practitioner (PIP) at Market House Insolvency Services in Letterkenny, Donegal, is one of 81 APIP members in Ireland who is helping people in financial distress to return solvency.
Commenting on recent debt write-off arrangements, APIP member, Paul Carr told Donegal Daily, “We (Market House Insolvency Services) have had mortgage debt of €65,000 and €3.8m of unsecured debt written-off for our clients.
“About 70% of our cases have succeeded at creditors meetings, to date.
“There is, however, a lack of a consistent approach between banks and even within a single bank.”
Carr also spoke about clients that he has helped to become solvent again, he added, “We have two cases where the clients are completely through the process and out the other side.
“One client was the first person in the country to emerge with their debt written-off through the personal insolvency process.
“The case involved a young man from Donegal who is married with two children.
“He had a number of buy-to-let properties that were surrendered to the bank.
“The client was able to make a lump sum payment to the bank with the help from friends and family.
“He is now able to pay the mortgage on his family home and his remaining debts have been written-off.
“His name has been removed from the PIA register.”
Speaking about the level of home repossessions, Carr added, “One client had left her family home voluntarily before seeking our assistance and is now living in rented accommodation.
“Another client has entered a mortgage-to-rent arrangement in the family home.
All of the other successful arrangements have kept our clients in their homes.
“We have quite a number of cases which we are currently working on where people have been threatened with repossession.
Carr discussed the insolvency system and recommended some future changes that are required, “Until now, the larger creditors, usually the banks, had a veto on the process and used that, on occasion, to vote down proposed arrangements.
“Some of the proposals rejected were turned down over relatively small amounts.
“We would like to see the legislation to limit the bank veto implemented, without delay.
“A more streamlined mortgage-to-rent scheme is needed.
“We need to raise awareness among the people affected that PIP’s are here to help them.”
Eric Hendy, Chairman of APIP, commented; “APIP members, such as Paul Carr, throughout Ireland are helping debtors.
“We want people who are in financial distress to know that there are 81 members of APIP who can help them and have already assisted people in similar situations.”
For further information and/or to arrange an interview with APIP member Paul Carr, Personal insolvency Practitioner (PIP) at Market House Insolvency Services call now on 074 912 2188 or alternatively send an e-mail to email@example.comTags: