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The contrast between the UK and Ireland in dealing with personal debt problems is quite remarkable. The most startling contrast is perhaps the difference in the bankruptcy legislation.
In the UK most bankruptcies are discharged within twelve months leaving the debtor debt free and in a position to begin repairing his or her credit worthiness. In Ireland the bankruptcy process can entrap a debtor for up to twelve years. Thus many Irish people are considering traveling to Britain to try to petition for their own bankruptcies in what is considered an enlightened and progressive legislative regime. Whether you call it bankruptcy tourism or old fashioned economic migration the incentive to seek a foreign solution to an Irish problem is huge. People just want their lives back and if it can be done abroad, can you blame them?

Apart from the enlightened bankruptcy regime in the UK there is a whole raft of alternative solutions to personal debt problems available there. The biggest success in the twenty three years since the enactment of the UK Insolvency Act in 1986 is the range of tremendously positive benefits of iva, for financially strapped individuals with debts of over £15,000. No similar solution exists in Ireland. The UK has also introduced Debt Relief Orders to cater for people with debts of less than £15,000 and Administration Orders for people with debts of less than £5,000 that may include business debt.

The only light at the end of the tunnel for Irish debtors is the recent publication of a hugely impressive consultation paper by the Irish Law Reform Commission on the subject of Personal Debt Management and Debt Enforcement. A wide range of possible solutions are explored and recommended. For Irish consumers however, the timescale for introducing and passing real and effective legislation is likely to be long drawn out and given the huge economic and political pressure on the current Irish government, don’t expect any new laws or quick solution any time soon.

Christmas Cards – Can you credit it?

It’s almost that time of year again when thoughts turn to Santa Claus, family re-unions, getting together with friends and the innocent joy of children. Those of us who are a little old fashioned will send Christmas cards to friends and family while others will choose to send greetings by e-mail or text. The feel good factor will return to dispel all thoughts of recession. But what about those other cards which seem to bloom and blossom at Christmas time – the much loved but also much dreaded credit cards?

Prevention is better than cure so at the risk of being labeled a party pooper, let me dare to suggest cutting up your cards this Christmas and buying only what you can afford for cash? Remember last Christmas – how long did it take to clear the bills? Perhaps they are not cleared yet. If you find that you are in financial difficulties and unable to pay your debts as they fall due, perhaps you are actually insolvent. If you are then another Christmas spending binge will not help.

Take time out now to check if you are insolvent. It should cost nothing to consult with a reputable Insolvency Practitioner (IP), who can quickly assess if you are indeed insolvent or not. If you are, the IP can provide advice on all the options open to you, again at no cost. If you are not insolvent, then Happy Days! You can proceed to plan and enjoy Christmas with all the abandon of youth – well almost all! And January can be a month to look forward to and not dreaded.

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