Five positive outcomes from facing problem debt

The Covid pandemic has disrupted every aspect of our lives over the past two years and it seems like everything has been put on pause while we wait for it to blow over.

For some, this has led to an unexpected benefit as creditors, such as banks, have offered a certain amount of leeway to people whose finances have been hit through circumstances beyond their control.

However, even with a slight reprieve, problem debt is still a problem and will need to be faced eventually – hoping it will simply go away is not a solution.

The Insolvency Service of Ireland (ISI) offers a number of different avenues for getting a handle on problem debt, depending on your circumstances, which can have a massive positive impact and help you get your life back on track.

They also regulate a network of debt advisors – Approved Intermediaries (AIs) and Personal Insolvency Practitioners (PIPs) – located around the country so you can be confident that you are getting sound advice.

Once you meet with your debt advisor they will examine your full financial circumstances, tell you the options available and recommend the best solution for you. They will then deal with all of your creditors to work out a long-term solution to your debt problems. While this is happening your creditors cannot contact you. This can give you much needed breathing space.

If you are in home mortgage arrears you could also be eligible for a free PIP consultation under Abhaile, the State-funded scheme set up to help people with mortgage arrears to access advice.