Back on Track

Insolvency Service of Ireland Welcomes Government Announcements

The Insolvency Service of Ireland (ISI) welcomes the new measures announced by the Government today to support mortgage holders in arrears. In particular it notes that the Government has agreed to give Courts the power to review and, where appropriate, to approve insolvency deals that have been rejected by banks.

Following today’s announcement, the ISI will continue to engage with all relevant parties and continue to assist the growing numbers of people seeking its services, as emphasised in its Q1 Statistics for 2015.

In the meantime, the ISI encourages debtors to continue to engage with those ready to offer support and to seek the advice of a Personal Insolvency Practitioner or Approved Intermediary. Contact details are available on ‘Arrange a Meeting’ page of www.backontrack.ie.

Today’s announcement, combined with the earlier waiving of all ISI fees and the creation of a debtor focussed website backontrack.ie and related publications, means that there is no longer any reason for an insolvent debtor not to avail of one of the ISI solutions. All of the solutions offered by the ISI benefit from the official backing of the Irish Courts system, and aim to help borrowers get back on track financially.