Loss of tracker led to home seizures of at least 15 Ulster Bank Customers

At least 15 homeowners, who were customers with Ulster Bank, had their homes seized when they failed to make repayments due to being switched, incorrectly, off their Tracker Mortgage Rates. RTE News reports that Ulster Bank will tell the Oireachtas Finance Committee today of the details and that the actual number of customers who have lost
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Bankruptcy Boom: Increase in numbers applying

The new ‘one year bankruptcy ’ continues to be an appealing alternative for those struggling with unsustainable debt as some 552 people are projected to be adjudicated bankrupt this year according to the latest figures from the Insolvency Service of Ireland. A total of €776 million is the estimated debt that will be included in
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Is Tomorrow another Day: Warehousing of Debt – cause or a cure?

Procrastination – always a tempting option, rarely the right choice. The warehousing of debt is a popular option put out there by Creditors for those desperate to emerge from unsustainable debt. Delaying payment of a large percentage of a mortgage, car loan or credit card debt may seem appealing in the present but leaves the
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Before I go Bankrupt – How the law views transactions prior to bankruptcy

Can transactions made prior to bankruptcy be set aside? Actions you take before declaring bankruptcy can be declared improper and set aside. Worse, if it is shown that you acted fraudulently, a criminal charge and jail time is a possibility. What is allowed and what is not allowed often comes down to interpretation and good
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The Family Home and Bankruptcy Part III: Protections for the Family Home

In two previous blogs (Part I & Part II) we have looked at the role of both the Official Assignee and the Bank in determining what happens to the family home in bankruptcy. Here we answer some common queries about the practicalities of what happens to the family home when bankruptcy is declared and the
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The Family Home and Bankruptcy Part II: The Role of the Bank

Can the bank take my family home in bankruptcy? Losing your family home in bankruptcy is not a certainty and may not even be likely depending on your circumstances. Bankruptcy does not equal definitely losing your family home. If the family home is mortgaged, then in practice, the bank owns the family home until the mortgage
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The Family Home and Bankruptcy Part I: The role of the Official Assignee

While coverage of the recent changes to the Bankruptcy Laws have focused on the reduction of the bankruptcy term from three years to one year, a number of other amendments were made.  These will have a serious effect on a person’s decision to file for bankruptcy. The role of the Official Assignee (who takes over
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One Year Bankruptcy is Here

One year bankruptcy is now a reality in Ireland after the Bankruptcy (Amendment) Act 2015 was brought into law by a commencement order on Friday, January 29th 2016. The commencement order by Minister for Justice Frances Fitzgerald reduces the normal duration of bankruptcy from three years to one. A fundamental shift in attitudes In a press
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The End of Bankruptcy Tourism – One Year Bankruptcy Is Here

THE END OF BANKRUPTCY TOURISM! – ONE YEAR BANKRUPTCY PERIOD This One Year Bankruptcy has been a long time in coming.  People have been suffering for long enough the debt hangover from the Celtic Tiger era. In 2012 big changes were introduced.  The Insolvency Service of Ireland was set up.  Various insolvency arrangements were put in place.
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One Year Bankruptcy Reform – A Welcome change

What is One Year Bankruptcy? Bankruptcy is  where the property or assets someone who is unable or unwilling to pay their debts are transferred to a person who is given charge of the property by the High Court (called the Official Assignee) to be sold. When those assets are sold, the costs, expenses, court fees
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