By The MyHome Newsdesk
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Posted in General, Home, Mortgages & Money, Property News
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Also tagged borrowers, debt, Debt Relief Notice, Debt Settlement Arrangement, guidelines, insolvency, Insolvency Service of Ireland, ISI, Personal Insolvency Arrangement
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New personal insolvency guidelines were published yesterday, aimed at helping to solve the problem of borrowers with unsustainable levels of debt. While opening up to the new Insolvency Service of Ireland (ISI) could lead to those in financial trouble getting some form of debt writedown, the scheme will not be painless for those who enter [...]
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By The MyHome Newsdesk
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Posted in Uncategorized
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Also tagged Alan Shatter, debt, Debt Relief Notice, Debt Settlement Arrangement, government, Insolvency Service, Minister Alan Shatter, Minister for Justice, Personal Insolvency Arrangement, Personal Insolvency Service, unsecured, unsustainable
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The Government has launched their new personal insolvency service, which will see new arrangements for overburdened borrowers to reach agreement with their creditors. Applications for the new service will commence by the end of June. The new personal insolvency guidelines say people who enter arrangements should not expect to live in luxury or at a [...]
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By The MyHome Newsdesk
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Posted in General, Home, Mortgages & Money, Property News
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Also tagged debt, Eamon Gilmore, Enda Kenny, Fine Gael, government, guidelines, Labour, Mortgage, personal insolvency guidelines, property market, Tánaiste, Taoiseach
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Taoiseach Enda Kenny has said the Government aim to bring in a system that is fair and equitable for people who are in mortgage and debt distress. Responding to criticisms of draft personal insolvency guidelines, Enda Kenny told reporters in Dublin the guidelines were only indicative and would not apply in all circumstances. He [...]
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By The MyHome Newsdesk
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Posted in General, Home, Mortgages & Money, Property News
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Also tagged arrears, banks, Financial Regulator, homeowners, insolvency, legal proceedings, loans, Matthew Elderfield, Mortgage, repossessions
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Homeowners experiencing mortgage difficulties and who do not engage with their banks, now face legal proceedings. Financial regulator Matthew Elderfield has warned that customers who do not cooperate with their banks could also be ruling themselves out of benefitting from new personal insolvency rules. Mr Elderfield said repossessions would “inevitably rise”. However, he said, cooperating [...]
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By The MyHome Newsdesk
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Posted in General, Home, Mortgages & Money, Property News
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Also tagged banking, borrower, buy-to-let, Central Bank, commercial, conference, Director of Credit Institutions, Fiona Muldoon, head of banking supervision, Irish Bank Federation, legislation, lenders, mortgage arrears, strategy
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The Central Bank’s head of banking supervision Fiona Muldoon has sharply criticised the banks for their slow progress in tackling mortgage arrears cases saying that the scale of the problem showed that “wait and see” had become the strategy of choice for lenders. Speaking to the Irish Banking Federation’s annual conference, Ms Muldoon questioned the [...]
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The National Asset Management Agency (NAMA) should have the responsibility of establishing a base price for property in Ireland. The bad bank should be made to make a call on pricing in order to help the economy recover according to a former CEO of Bank of Ireland. Speaking to Newstalk radio, Mike Soden also said [...]
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By The MyHome Newsdesk
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Posted in General, Home, Mortgages & Money
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Also tagged Alan Shatter, consumers, creditors, debt-settlement, distressed mortgage holders, Finance Minister, government, Justice Minister, legislation, lenders, Michael Noonan, Mortgage, mortgage holders, personal insolvency legislation, troika
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The Government is to publish new personal insolvency legislation this morning, which will reduce the bankruptcy term in Ireland from 12 years to three. The Bill will be launched by Justice Minister Alan Shatter and Finance Minister Michael Noonan. Radically overhauling existing outdated legislation has been a top priority for the Government and the Troika. [...]
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By The MyHome Newsdesk
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Posted in Mortgages & Money
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Also tagged arrears, Central Bank, Department of Finance, Irish Times, judicial solutions, lenders, May, mortgage arrears resolution schemes, mortgage lenders, mortgages, October, out-of-court settlements, products, secured creditors, September, timeline
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The Central Bank has given mortgage lenders until the end of May to categorise their arrears cases and propose solutions for each category. According to a report in today’s Irish Times, the banks will have until the end of September to develop these solutions into “products” under a Central Bank timetable. Lenders will then pilot [...]
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Fianna Fáil spokesperson on Justice Dara Calleary has welcomed changes to the laws on personal insolvency and mortgage debt but said he believes an independent authority should be create to provide binding solutions. In a statement to the media, Deputy Calleary expressed concern that the proposals do not go far enough and fail to tackle [...]
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House prices were 3 times average income in 1995 before the property price boom started, they ros...
I own 2 properties. On the information leaflet I was informed that I could pay by cash. I have no...
Homeowners in insolvency can defer the property tax
The Finance Minister Michael Noonan has told the Dáil that homeowners who enter into insolvency arrangements with their banks will be able to defer payment of the new property tax. He made the remarks last week as he introduced new legislation amending the property tax bill introduced last year. The bill provides for tax exemptions [...]
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