The Director of the ISI, Michael McNaughton, today published the ISI’s Annual Report 2020.
Highlights of the 2020 Annual Report include:
- The Personal Insolvency (Amendment) Bill 2020 was published.
- The personal insolvency framework remained operational and continued to be available to those who needed it despite logistical challenges for the ISI, and for the framework in general, due to the restrictions introduced to combat the Covid-19 pandemic.
- The number of Personal Insolvency Arrangements, which is the solution that typically deals with mortgage debt, fell by only 3% compared to the previous year, despite the challenges of 2020.
- The representative sample from the Abhaile Deep Dive exercise in 2020 shows that of those borrowers who availed of a PIA, 98% had terms which saw them remain in their family home while 39% of debtors had a reduction in their mortgage debt.
- 1,402 Protective Certificates issued, 85% of which were for PIAs, the solution that deals with mortgage debt.
- 1,362 debt solutions were put in place.
- 130 people adjudicated bankrupt, with 262 people exiting bankruptcy.
- 1,833 Abhaile vouchers issued for a free PIP consultation.
Commenting on the Annual Report Mr McNaughton said
“Our report is published as Covid-19 continues to be part of our everyday lives with uncertainty remaining around how it will impact our economy in the longer term. Prior to the Covid-19 outbreak there were many people who were struggling with unsustainable debts. The economic impact of Covid-19 may exacerbate these issues and create new debt problems for others, especially when the existing emergency financial support measures are reduced. The personal insolvency framework is there to help people who may find themselves in severe financial difficulty in these circumstances.”
Mr McNaughton encouraged anyone with serious debt issues to consult a Personal Insolvency Practitioner or an Approved Intermediary, details of which are available on www.backontrack.ie or by calling 076 106 4200. People can also freetext GETHELP to 50015 for a call back from th