Mortgage holders thrown lifeline

STRUGGLING mortgage holders and those overwhelmed by personal debts were thrown a lifeline by the Government, following the publication of new legislation aimed at helping people in financial difficult, claimed Laois/Offaly’s Fine Gael TDs

STRUGGLING mortgage holders and those overwhelmed by personal debts were thrown a lifeline by the Government, following the publication of new legislation aimed at helping people in financial difficult, claimed Laois/Offaly’s Fine Gael TDs

The Personal Insolvency Bill was published this week and under its provisions, a number of arrangements will be made available whereby a portion of personal or mortgage debt may be written off as part of a repayment plan.

For people with debts of less than €20,000, it is proposed to issue Debt Relief Certificates, while Debt Settlement Arrangements can be reached for larger mortgage loans. There is also a provision for the reform of the bankruptcy laws, from 12 years to 3 year.

Deputies Marcella Corcoran Kennedy and Charlie Flanagan welcomed the new Bill for people struggling to cope with their debts.

Deputy Corcoran Kennedy said that she had been contacted by many homeowners, who are desperately trying to manage a growing mountain of debt on greatly reduced incomes and pointed out that the new Bill is designed to help these people and others like them who are unable to cope with their debt.

“This Bill is a welcome first step in helping us to get to grips with the mounting mortgage problems, and it is hoped to have the legislation published in full by the end of April.”