Stop all repossession orders until Insolvency Bill passed

Z

zipit

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Should the Government halt all repossession and bankruptcy orders until the new insolvency bill is passed into law? This might settle the minds of all involved to bring a speedy resolution. The Government has been tossing this around since 2009, they are not reinventing the wheel, there are lots of successful models of insolvency procedures across Europe. Its time to get this country moving again and the banks should not be calling all the shots!!!
 
I was thinking similiar myself. Surely the banks are now going to seek as many repossessions as they can before the bill is introduced. The process in drafting this bill is way to slow.
 
country’s biggest catastrophe since the Famine, Finance Minister Michael Noonan has c

"country’s biggest catastrophe since the Famine, Finance Minister Michael Noonan has claimed."

Surley we must apply different solutions for the catastrophic situation we find ourselves in currently.

Its not right to imprision people in bankruptcy or evict them from their homes as seems to be happening in an increasing number of instances.

Maybe its a time for an amnesty of some sort.
 
zipit said:
Maybe its a time for an amnesty of some sort.
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I don't agree ... some of us are working really hard to keep on top of our payments/debts .... a general amnesty would make a mockery of the whole thing.

Debt forgiveness (on a case by case basis) should only be when attempts at all other avenues of resolution have failed.

There should also be a period after the forgiveness where the person doesn't get access to new funds until they have proven their money management skills are better than before.
 
Not everybody was careless with money. The lack of employment has cleared out peoples savings, there is very little work. To say that some borrowers need to prove their money management skills has improved, is very nieve. There is no money out there, most people are scrapping by and are managing as best they can with very little funds.
 
Kerrigan said:
..... and are managing as best they can with very little funds.
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.... which will prove their money management skills, which was part of the point I made.

I don't think there was anything naive in what I said.

A person who can't manage their money shouldn't get access to new funds. They'd end up right back where they started.

And Joe the Taypayer would end up paying for their write-off again.
 
Hi PaddyBloggit
Would you agree that the financial crisis is "country’s biggest catastrophe since the Famine"
 
PaddyBloggit said:
There should also be a period after the forgiveness where the person doesn't get access to new funds until they have proven their money management skills are better than before.
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Quite a few of our brillant bankers could also do with lessons on money management skills.
 
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