Get help with personal insolvency at D V Mannion & Co
Financial difficulties can cause great distress. Here at D V Mannion & Co we seek to resolve the worry and stress that personal insolvency and debt can cause by outlining your options, allowing you to make an informed decision.
Read about the various Personal Insolvency solutions that are available.
DSA – Debt Settlement Arrangement
A Debt settlement Arrangement is a good debt solution if you have unaffordable unsecured debts such as loans, credit card debt, store cards, overdrafts.
A Debt Settlement Arrangement is an agreement to repay an amount of unsecured (consumer type) debt over a set period.
A PIP may apply for a Protective Certificate which gives a standstill period during which creditors may not take action against the debtor. The PIP then puts forward a proposal to creditors for agreement. At the end of the DSA all debts covered by it would be discharged.
PIA – Personal Insolvency Arrangement
A Personal Insolvency Arrangement is a good debt solution if you have unsustainable secured debts such as your mortgage and unsecured debts such as your credit cards and loans.
A Personal Insolvency Arrangement is an agreement to repay an agreed amount of both secured and unsecured debt over a period of 6 years and some or all of the unsecured debt will be written off at the end of the agreement.
This method is best if you only have one creditor, normally the bank for your house mortgage. This method involves liasion and negotiation directly with your lender to negotiate a sustainable mortgage resolution
Bankruptcy may also be an option for you if you have debt problems.
However there are a number of disadvantages with Bankruptcy, please read here
Call us at DV Mannion & Co Ltd on 091 586020 or visit us at our Galway office or contact us by email at email@example.com
Rose Marie Keaveney FCA CPIP