Ireland has one of the most powerful personal insolvency systems in the world, which is good news for people shouldering mounting debts.

Although debts come in all shapes and sizes, the biggest problem in Ireland is mortgage arrears. According to the Insolvency Service of Ireland (ISI), while the overall number of mortgage accounts in arrears has fallen each quarter since this time in 2013, there are still more than 70,000 such accounts in arrears. These represent 13.5bn of debt and 10% of all mortgage accounts in Ireland.

While some people manage to deal with their debt by rejigging their budget, many more have no prospect of getting out from under it. And while lenders will sometimes agree to informal, alternative arrangements, these a…

Read the full article at: https://www.thetimes.co.uk/article/take-the-drama-out-of-your-debt-crisis-nvcm690fj