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Going through a Personal Insolvency at the moment.

  • 23-06-2017 2:12pm
    #1
    hithere32
    Registered Users Posts: 2 ✭


    Just looking for a bit of advice in choosing a practitioner as I'm going to be going through a personal insolvency event that will almost certainly end up with the voluntary surrendering of my only property (which I don't live in).

    Is there any difference in which PIP I choose to assist me with negotiations with the one institution I owe money to?

    Am I likely to get a better deal out of paying €2,000 to one company or going straight to the Irish Mortgage Holders Organisation?

    I've been quoted 2k for the assistance and that seems like an awful lot of money, will I see any value in paying this amount?

    If anyone has any general advice I'd be very happy to hear it.


Comments

  • #2
    source
    Registered Users, Registered Users 2 Posts: 5,287 ✭✭✭source


    hithere32 wrote: »
    Just looking for a bit of advice in choosing a practitioner as I'm going to be going through a personal insolvency event that will almost certainly end up with the voluntary surrendering of my only property (which I don't live in).

    Is there any difference in which PIP I choose to assist me with negotiations with the one institution I owe money to?

    Am I likely to get a better deal out of paying €2,000 to one company or going straight to the Irish Mortgage Holders Organisation?

    I've been quoted 2k for the assistance and that seems like an awful lot of money, will I see any value in paying this amount?

    If anyone has any general advice I'd be very happy to hear it.

    Speak with MABS, they will give you free advice and may assess you for the abhaile scheme which provides a €500 voucher for a PIP.

    While the fee seems like a lot, as the ISI and MABS both point out, PIPs are professionals providing a professional service so will charge accordingly.

    Most debt management forms charge at a rate of around €150 per hour. You're probably talking 6 to 7 hours for a statement of advice and the same again for actually liaising with the creditors so it quickly adds up.

    If you're going down the PI route you need to engage a PIP, they're registered with the ISI to give you insolvency advice and deal with your creditors.


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