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Home Repossessions

Dáil Éireann Debate, Wednesday - 13 January 2016

Wednesday, 13 January 2016

Ceisteanna (232)

Finian McGrath

Ceist:

232. Deputy Finian McGrath asked the Minister for Finance to support a matter, including the options that are available to the person (details supplied) in Dublin 9. [1276/16]

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Freagraí scríofa

I appreciate the difficult position many people find themselves in with respect to their personal indebtedness situation.  While it would not be appropriate for me to intervene directly in individual cases, there are a number of supports available that should be of assistance.  I would strongly advise the person referred to by you to immediately seek financial and legal advice on the circumstances of her specific case to assess whether a solution can be found that would facilitate her remaining in her home.  As an immediate first step, I would recommend that she contact the Money Advice & Budgeting Service (MABS) and ask to speak to their dedicated mortgage arrears advisory service.  The MABS helpline is 0761 07 2000. 

It is my understanding that the 2013 Land and Conveyancing Law Reform Act has provided a new statutory avenue to borrowers in a repossession case involving a primary dwelling to seek an adjournment of the repossession case to allow the borrower the opportunity to consider and, if so decided, to propose a Personal Insolvency Arrangement (PIA) to creditors in order to resolve an unsustainable debt position.   

There is an onus on personal insolvency practitioners to, insofar as is reasonably practicable when formulating a PIA, formulate a proposal on terms that will not require the debtor to dispose of an interest in, or cease to occupy, a private principal residence. 

Even if such a PIA proposal is rejected by creditors, the Personal Insolvency Act has now been amended to provide that the proposal can then be submitted to a Court for adjudication.  The Deputy may be aware that this new Court Review of PIAs rejected by creditors commenced just last November and his constituent should certainly seek independent legal advice on its applicability to her specific situation.

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