The Insolvency Service of Ireland has warned the economic impact of Covid-19 may exacerbate the issue of unsustainable debts and create new debt problems for others, especially when the existing emergency financial support measures are cut.
The ISI said the personal insolvency framework remained operational and continued to be available to those who needed it despite logistical challenges due to the restrictions introduced to combat Covid-19.
In its annual report, the ISI said the number of Personal Insolvency Arrangements – the solution that typically deals with mortgage debt – fell by only 3% last year compared to 2019, despite the Covid challenges.
It said that of those borrowers who availed of a PIA, 98% had terms which saw them rem…
Read the full article at: https://www.rte.ie/news/business/2021/0630/1232190-insolvency-service-of-ireland/