4 PIAs, 51 DSAs, 66 bankruptcies to date

Correct. Unless the information I received is incorrect. And in this particular case the tenant decided enough was enough and left.

There are some of these 'professionals' that won't get out of bed for a lot of money.

Actually talking of which, you've just reminded me, I met a guy collecting money for a moneylender, very recently. Had a good chat with him, nice fellow. It was in the course of him doing another job and approaching me. As you do I chatted away and then discussed this side of his life. As I had a very low opinion of moneylenders I was surprised at this side to his life. It's not something he does all the time, but was requested recently to do. The moneylender paid him 250 Euro for three days work (cash naturally) but he wanted 350 Euro, so he's refusing to continue. I asked him does he do the heavy stuff, and he said there was non of that anymore. I asked what kind of people and why. I had assumed only poorer people, not so apparently. For the usual stuff, communions, weddings etc. But also middle class people and males and females too. Interest rate about 200% he said, and I said are you not sorry for them people. Not a bit of it he said. In his opinion people just will not save to spend so he thought they deserved everthing coming at them. Plenty of these people have literally just come back from Spain etc on their holidays. So borrowing at insane interest rates to go on holiday. Hard to have sympathy for that. His view is that most people are chancers.

Incidently he's a landlord too, in massive NE. Willing to acknowled he made a big mistake (around the 270K mark) But I knew from the way he talked about his tenants that he's a decent soul.
 
Just a point of clarification on the above response. Bronte is broadly correct on the monthly cost of a professional receiver (figures quoted are not top of the scale). However a bank will very rarely appoint a rent receiver over a residential property. Most receivers are appointed to sell the property and if a tenant is in sitiu, then they will also collect the rent pending sale.
 
Would I be correct 44Brendan is stating that the figure quoted is actually bottom of the scale. And would it also be correct to state the 'receiver' manages the property but doesn't actually do anything, they then appoint the next guy in the chain to do their bit as in the estate agent to do the rent or manage the actual selling.

Would it also be correct to state that in low value property, say under 100K that the bank will end up with very little after paying everybody. Receiver, security, estate agent, repairs, nppr, solicitor.

And if correct in this, that an offer say of 50K on a value of 100K would make more sense. But that banks will not play ball on this.

(Agreed that the likelyhood in this case might have been to sell, but in this particular case the receivers have now pulled out. And courts are involved.)
 
Quite correct Bronte. In theory virtually anybody can be appointed as a receiver. However Banks tend to appoint from the top firms and few would work at that level of recompense!
 
What's your opinion of the new insolvency regime?

If you cannot give your opinion, can you confirm that too if it is the case.
 
My take is if you are dealing with one main creditor (i.e. a Bank!) and they have a casting vote, they will invariably vote No!
 
Irish Insolvency service is now in desperation to get debtors, really scrapping the barrel here:

Community groups, St Vincent de Paul and TDs are to be asked to spread the work about the debt-busting service works.




I can just see how St Vincent de Paul are going to be able to inform the people they supply with food packages about a 'service' that costs a minimum 5K.
 
I can just see how St Vincent de Paul are going to be able to inform the people they supply with food packages about a 'service' that costs a minimum 5K.

It costs €100 to get a Debt Relief Notice. Probably a lot of people on food packages would qualify for those, in fairness.
 
The Insolvency service is now so despartate for clients, in a country awash with people insolvent, it is going to bribe people to use it's service:

http://www.irishtimes.com/business/...ency-cases-will-be-named-and-shamed-1.1954939

http://www.rte.ie/news/2014/1007/650595-insolvency/

http://www.irishexaminer.com/irelan...ve-fees-to-encourage-more-clients-290344.html

ISI press release

[broken link removed]


Nearly

30% of insolvency cases are being rejected by the banks (versus 5% in the UK)

ISI will pay 750 Euro to PIP's for the clients that are rejected due to 'Irrationality'

They are waiving the application fees for a year.

New word there 'irrationality' no definition of that but I guess that's code for Lorcan being peeved with the banks as they are taking no notice of him and his ISI.

ISI 'expected' 6000 cases. They have 301 bankruptcies and slightly above that under the other two options, so less than 700 in total I guess.

ISI is going to name and shame banks

ISI is going to make a more simplfied webite called back on track:

http://backontrack.ie/

They have personal stories on audio on there, but they sound like ads for me, so I presume they are not real people, I would have prefered real cases.
 
ISI Q3 figures
180 Protective Certs issued
352 applications for debt relief notices; debt Settlement arrangements and personal insolvency arrangements
131 arrangements approved
137 bankruptcies
33% number of Personal Insolvency Arrangements rejected by banks
€519m the total debt involved in the approximately 1,200 cases currently with the ISI
 
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