Will The PIA Wipe Out Debt Management Companies?
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Brendan Burgess
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The Personal Insolvency Bill is only at the scheme stage. It's not possible to answer such questions until it becomes law.
However, I would imagine that the debt management companies will probably offer insolvency trustee services.
However, I would imagine that the debt management companies will probably offer insolvency trustee services.
It will actually have a positive effect on debt management companies, especially in tandem with the new authorisation process from the Central Bank, which will clean up the industry.
As Brendan states above, we'll be offering the trustee services as well, if possible - we still have to wait and see what the proposals are inrelation to the appointment of the trustees. If it's in line with NI/UK legislation, which is the origin of most these proposals, we should be able to.
We are reviewing all of our DMP cases at the moment to see who is eligible for the PIA or debt relief cert - not all of them will be eligible, in fact only about a quarter of them will be. See here for an example of why someone wouldn't be eligible. The timeframe to returning to solvency is key in all of these new arrangements.
www.frost.ie
As Brendan states above, we'll be offering the trustee services as well, if possible - we still have to wait and see what the proposals are inrelation to the appointment of the trustees. If it's in line with NI/UK legislation, which is the origin of most these proposals, we should be able to.
We are reviewing all of our DMP cases at the moment to see who is eligible for the PIA or debt relief cert - not all of them will be eligible, in fact only about a quarter of them will be. See here for an example of why someone wouldn't be eligible. The timeframe to returning to solvency is key in all of these new arrangements.
www.frost.ie