Before anyone gets on their high horse,I would have to borrow the money from my mothers savings,that she needs to live on(as she has only a v small pension) with no certainty that I could ever pay back more than a token amount.
The limit is still €20,000. It is soon to increase to €30,000.
If the OP's debts are in his own name, no likelihood of increased income and no assets he has little to worry about from the banks. If I was the OP I'd be pointing out my hopeless insolvency to the creditors and see what happens!
If you are granted a DRN your creditors have no choice but to accept that. They will be written to by the Insolvency Service and advised that they cannot contact you for outstanding debt. The DRN is intended for people who are in genuinely in financial distress and have no other prospects of becoming solvent and so their debts are completely written off. Maybe you should call the insolvency service to see how you start the process.It definitely looks like my solution.
To update,my smallest debt(500 overdraft) has had no correspondence.
My middle debt,has gone to a debt collection agency,who despite their rottweiler online reputation,have phoned me about 4 times and written to me twice.
I made an offer of 500 which was rejected out of hand.In a subsequent phone call,the lady insisted that they couldn't accept less than 40 a month,so when I told her mabs online calculator showed me with 3 euro a month spare(including spouses income),and that her share was 1.30,she hung up.
The largest debt,has gone to a different debt collection agency,who have written one letter asking me to contact the Cc company to pay off my arrears.(That's it)
So,with the new drn limits is there any chance that any of my 3 debtors would take a pragmatic view and accept a token payment (less than 4c in the euro) rather than zero?
Hi all, the threshold has definitely been increased to €35k since Wednesday for a DRN. There's a Press Release on the ISI website. Also the process is totally different to the other insolvency solutions in that you apply through an Approved Intermediary who cannot charge you - most of whom are based in MABS. The creditor does not get to vote so if case is genuine, the full debt amount is written off, and the person doesn't have to go to Court. There's a simple guide on the process over on the backontrack.ie website
It definitely looks like my solution.
To update,my smallest debt(500 overdraft) has had no correspondence.
My middle debt,has gone to a debt collection agency,who despite their rottweiler online reputation,have phoned me about 4 times and written to me twice.
I made an offer of 500 which was rejected out of hand.In a subsequent phone call,the lady insisted that they couldn't accept less than 40 a month,so when I told her mabs online calculator showed me with 3 euro a month spare(including spouses income),and that her share was 1.30,she hung up.
The largest debt,has gone to a different debt collection agency,who have written one letter asking me to contact the Cc company to pay off my arrears.(That's it)
So,with the new drn limits is there any chance that any of my 3 debtors would take a pragmatic view and accept a token payment (less than 4c in the euro) rather than zero?
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