投影片 1 - Lab

投影片 1 - Lab

Legal Aid Board: Solicitors Panel for Abhaile; Training Day Lorcan OConnor, Director 30 May 2017 CONTENT OF PRESENTATION 1. Overview of ISI Solutions 2. Overview of Abhaile Scheme to date 3. Overview of Personal Insolvency Arrangements

Overview of ISI Solutions FOUR ISI SOLUTIONS Debt Relief Notice (DRN) A solution for people with: Low income No mortgage Very few assets. Quote from debtor helped by DRN: All Id say is, if youre struggling with debt, take a This solution allows for complete write off of debts up to 35,000 and deep breath and get in touch

can be applied for, at no cost, through with those who can help. Debt an Approved Intermediary - many of should never become a worry whom are based in MABS. and if it is, there is light at the end of the tunnel. FOUR ISI SOLUTIONS Debt Settlement Arrangement (DSA) A solution to problem debts that have built up outside of a mortgage, such as: - credit cards - personal loans - overdrafts. Quote from debtor helped by

DSA: There are no more phone calls, letters or worries about knocks to the door. This is a This solution features write-down and new beginning. I would highly write-off of debts that cannot be repaid. It can be applied for through recommend getting in touch with a PIP. a Personal Insolvency Practitioner (PIP), professionals based around the country that are regulated by the ISI. FOUR ISI SOLUTIONS Personal Insolvency Arrangement (PIA) A similar solution to the Debt Settlement Arrangement but it

also includes mortgage debt and, where possible, allows a person to keep their home. Again, this solution is available through a Personal Insolvency Practitioner (PIP). Quote from debtor helped by PIA: After talking to our PIP for just half an hour, he was able to fix it, it was going to be sorted. You would think Whats the catch? but there is no catch. We are now out of debt. And speaking to the PIP was the answer.

FOUR ISI SOLUTIONS Bankruptcy The solution for people for which the alternatives above are not suitable. The bankruptcy term is now 1 year. Quote from debtor helped by bankruptcy: Dont leave it til the last minute. Organisations like the ISI are there to help you. COMMENTARY Benefits of a Statutory

Arrangement Negotiated by experienced regulated professionals Protection from creditors No surprise changes / Peace of mind Reasonable standard of living guaranteed Sustainable Returned to solvency Popular criticisms of ISI arrangements Creditors can veto any arrangement proposed Your personal details will be available on public registers PIPs cost money

Your credit rating will be damaged CREDIT RATING James Treacy, CEO Stubbs Gazette has said that we have recently reengineered our own consumer credit score s...so if a debtor enters into a Personal Insolvency Agreement or a Debt Settlement Arrangement and makes all of their pay ments on time, after 24 months their credit score will begin t o repair. Their score will continue to improve over the next 3 t o 4 years until at the very end of the arrangement their credit score will have been rehabilitated entirely. Overview of Abhaile Scheme to date (Based upon period July 16 March 17) ABHAILE - LEVELS OF DEBT

Level of Debt 1,400,000,000 1,200,000,000 1,000,000,000 Negative Equity 175M 800,000,000 600,000,000 400,000,000 200,000,000

0 Overall debt Mortgage on Family Home CMV of Family Home ABHAILE - REASONS FOR BORROWER ENGAGEMENT Reason for Borrower Engagement 16.98% 21.26% Case at Repossession Courts MABS Referral

3.71% Received MARP 4.28% ; ; 12.20% 23.53% ; 18.04% ; ABHAILE - EXTENT OF ARREARS

Length of Mortgage Arrears 2000 1867 1800 1600 1400 1200 1000 800 600 506

400 348 200 0 <1 Year 1 to 2 Years >2 Years ABHAILE - OUTCOME / RECOMMENDATION Outcome/Recommendation MABS Bankruptcy Referral;

Application; 5.39%1.28% Alternative Solution; 39.51% Protective Certificate application; 53.82% Overview of Personal Insolvency Arrangements PIA Case Before High Court CIRCUMSTANCES

22 Year Mortgage 285,000 Value of Property 105,000 Other Debts 77,000 PIP PROPOSAL Write off 165,000 (live mortgage 120,000) Extend mortgage term by 6 years 1 year reduction in int. rate to facilitate dividend of 2% to Unsecured Crs BANK RESPONSE Write off 15,000 Split 135,000 Live Mortgage 135,000 Warehouse, 0%, Lifetime Tenure OVERVIEW OF PERSONAL INSOLVENCY ARRANGEMENTS Average Duration of Case 13.00%

41.00% 30.00% 2.00% 1.00% 6.00% 7.00% 0-6 months 6-12 months 12-24 months 24-36 months 36-48 months 48-60 months 60-72 months

OVERVIEW OF PERSONAL INSOLVENCY ARRANGEMENTS Treatment of Principal Private Residence 4% 7% Debtor Remaining in PPR Renting - Does own PPR Voluntary Surrender 89% OVERVIEW OF PERSONAL INSOLVENCY ARRANGEMENTS Restructured PPR Mortgage by Restructure Type Average principal

reduction per home where a reduction was proposed: 93,338 0 5 10 15 20 25 30

35 40 45

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