The Insolvency Service of Ireland “is a pivotal step” in tackling mortgage arrears and debt crisis, and, more locally, “will provide a way forward” for Galwegians struggling with over-indebtedness.
This is the view of Galway West Fine Gael TD Seán Kyne who was commenting on the launch of the ISI, which overhauls the State’s debt-settlement system, by creating three debt resolution measures: Debt relief notices, debt settlement arrangements, and personal insolvency arrangements.
The ISI website, www.isi.gov.ie, contains information and advice on the options available, including the guidelines on a reasonable standard of living which have been designed following consultation with the Free Legal Advice Centres and Money Advice and Budgeting Service.
Dep Kyne said the ISI is there to provide assistance to “those who cannot not pay, not those who will not pay” and “to help people find the best way of dealing with their debts”.
The ISI is accepting and processing applications until the end of June.