Most of us have some level of debt, but when unpaid debt becomes such a burden that it prevents you from getting out of bed in the morning, brings a sense of dread when answering the phone or opening the post, it is time to take control of the situation.
The unfortunate reality is that due to the impact of COVID-19 many more people in Ireland may be struggling to pay their debts having recently lost their jobs or struggling to make ends meet on reduced incomes.
The effects of problem debt on a person’s wellbeing and mental health can be severe and can prevent them coming forward for help but there is a solution to every debt problem and this is where the Insolvency Service of Ireland (ISI) can help.
The ISI is the independent government body with four debt solutions to help people with all levels of problem debt – from credit cards to mortgages. It regulates debt advisors called Personal Insolvency Practitioners (PIPs).
You could be insolvent if:
- you can’t pay your bills in full when they are due
- You’re paying a little off each bill trying to keep creditors at bay
- You’ve had calls and letters about missed repayments and threats of repossession.
If you are insolvent and in arrears on your home mortgage you could also be eligible for a free consultation with a PIP under the State-funded Abhaile Scheme. The purpose of that Scheme is to help people in serious arrears to find the best available solutions, with the help of professional advisors. The priority will be to find a sustainable solution that keeps a person in their home, where possible.
For more information visit www.backontrack.ie or freetext GETHELP to 50015 for a callback.