Doom and gloom!

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Topic URL: http://www.debt-settlement-arrangements.ie/forum/topic.asp?TOPIC_ID=16
Printed on: 10/25/2017

Topic:

Topic author: Sample Question
Subject: Doom and gloom!
Posted on: 10/24/2013 16:50:48
Message:

Reading the papers a lot of people seem to think that personal insolvency isn't going to get off the ground because the banks will not write off debts if they don't have to.

What do you think will happen with debt settlement arrangements and PIAs?

Replies:

Reply author: Forum Adviser
Replied on: 12/04/2013 10:30:35
Message:

Hello.

There have been a number of press reports recently that certain personal insolvency practitioners have pre-agreed debt deals with the banks and are now embarking upon the formal DSA and PIA processes.

We think the doom and gloom that was written so widely was probably mistaken as these deals will often make commercial sense to the lenders.

Of course, this will all become much clearer over the coming weeks and months.

Reply author: Philip Gill
Replied on: 12/05/2013 06:23:27
Message:

It has now been reported that the first DSA has been approved.

The DSA procedure is likely in first instance to be the most used arrangement, given it only deals with unsecured debts. Given the UK experience, unsecured creditors are much more accepting of compromise agreements when given full financial disclosure by clients.

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