Personal Insolvency Ireland website.

  1. Did the servers hold up today?

  2. Are they pitching for insolvency tourism?

Jaysus, this is insane. This is an absolute shambles of an arrangement. I know of people that are currently paying their mortgage (several close friends) and would not have this amount of money left after mortgage payments and they are living a normal life and going out together socially maybe twice a month. If this is it, I will be out of this country and also be advising anyone I know to go this route if they are in negative equity. One example as follows:

Mortgage of approx €370k remaining. I household net income approx €2,400 per month. In negative equity to the tune of €150k ish. Two kids just started primary school. This family would be entitled to a monthly allowance AFTER mortgage payments of (€1,030 - have a car, €129 social inclusion, €204.88 * 2 for kids) = €1,566 per month. Not likely that he will increase his net take home pay by that large an amount. Live off this mere €1,566 per month for 1-6 years and get your negative equity knocked off as well as credit cards etc. They will have more per month than they currently live comfortably on.

Clare Byrne said the amount of money a single person had for "social inclusion was something like €128 per month ( might not be the exact amount) Mr Hall made a rather snide remark saying that they would continue to be single socializing on such a small amount. First time in a while I wanted to kick the tv

Pubs and Alcohol are the love that dare not speak its name in that document.

I await the UK headlines ‘Irish rules let bankrupts spend 3 times more on alcohol than personal hygiene’

Hall seemed quite pleased with the guidelines on spending…that tells you a lot

Superb simile, The Irish economy 1994-2013 a gross ‘bust out’ orchastrated by a criminally insane cabal. You know looking at Hall on there tonight, he kinda looks like somebody. Whaddaya Gonna Do?

Here is Constay G’s take on it: … l?spref=tw

Modern version of slavery :smiley:

He and David Hall are now BFFs. Only in Ireland could an right-wing economist morph into Richard Boyd Barrett.

I am bemused that you get extra if you have a car. It would appear to be advantageous to buy a banger and have someone keep it in a field for 200 quid a year. I feel a business opportunity coming on. It’s a good thing that the bus/luas/trains/bicycle/shoe leather are free…

It’s mouthwash, only mouthwash!

Vinny throwing his beady eye over this with Peter Mathews and Mary Lou

well the Luas is free if you are/pretend to be on class A drugs and are wearing a tracksuit…the ticket checkers will walk straight past ya :frowning:

Can someone who understands all this please explain it ti me too?
Does this seriously mean that you can live frugally for a few years and be handed the deeds to the house?
That can’t be right.
Tell me it isn’t so…
I wish I could go back in time and buy an overpriced kip.

My 5 year moderately austere debt write down hell…

Joe, I was forced to eat a balanced nutritious diet
Joe, I had to go Pay as you Go on my mobile, I had to keep the same mobile for 3 years
Joe, I wore dark glasses and a wig going shopping in Next, the shame of it
Joe, I couldn’t get to any of the away games

I can hear the live-line special now

You and me both

Jaysus lads, you don’t get the deeds handed to you after coming out the other side. The banks have to sign up to the plan, part of that may mean interest only for the duration of the DSA/PIA or an extension of the term, with you returning to full repayments when your unsecured creditors have got whatever they are going to get out of you. It may allow you to get back on track, or it may be another kicking of the can. There may also be debt writedown (subject to a potential claw back I believe).

As with anything, it is how it is implemented that will matter.

The SBP did a good piece on the options last weekend.

There’s also Brendan Burgess’s stuff on AAM, like this:

Options for dealing with an unsustainable mortgage

The combination of veto and clawback options for the banks suggest that’s it’s unlikely people will gain anything from PIAs.

Depends what you mean by “gain” I suppose. I can see a lot of apartments or second houses being sold off with PPRs retained. … 0-Apr2013/