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Tuesday 1st April, 2014 – The Irish Mortgage Holders Organisation (IMHO) and Grant Thornton Debt Solutions Limited (GTDS) today announced that they have agreed a ground breaking strategic alliance to assist those in financial difficulty requiring insolvency services. This alliance will provide a ‘one stop shop’ for individuals currently experiencing debt problems.
Under this agreement any existing or future client of IMHO requiring insolvency services through the Insolvency Service of Ireland (ISI) will be provided with access to an authorised officer of GTDS who will work in conjunction with the IMHO.
The service will be provided from a dedicated IMHO office and will be funded and staffed by GTDS. IMHO will, where requested, refer clients to a designated point of contact where they will be assisted and advised on the completion of a Debt Settlement Arrangement (DSA) or Personal Insolvency Arrangement (PIA).
This service is an addition to the existing informal activity undertaken by IMHO assisting those in mortgage difficulty. Specifically IMHO’s successful initiatives with AIB and KBC continue as normal as will activities with all other lenders. In the event a client requires bankruptcy services the IMHO will progress this free of charge (excluding court fees). GTDS are providing additional funding to IMHO in order to facilitate additional volumes of suitable bankruptcy candidates.
“We are delighted, on behalf of those in financial distress, that GTDS is entering into this agreement which we expect will be a successful initiative in finding sustainable solutions for people who have found themselves in difficulty,” said David Hall, Director of IMHO.
“GTDS will fund and staff the service with experienced personnel ensuring that IMHO clients obtain the best possible service and advice. We are confident that the initiative will be a success and look forward to working with GTDS and warmly welcome their agreement to enter this new arrangement.”
“Since November 2013 the IMHO has received over 1,000 completed Standard Financial Statements’ for those in mortgage difficulty. Many of these clients are already being provided with assistance in relation to their mortgage by the IMHO, a large proportion however have on average have 4 other creditors and thus may require a formal arrangement to bring finality to their debt problems. This initiative will ensure that all clients have all their debt dealt with in a holistic manner that leaves no issue unresolved.”
“Our track record in developing and negotiating long-term sustainable solutions for dealing with debt problems, while focusing on the needs of the borrowers, distinguishes IMHO as the leading provider of such independent services,” said Dr Constantin Gurdgiev, Director of IMHO.
Stephen Tennant, Personal Insolvency Practitioner and Partner at Grant Thornton Debt Solutions said: “We are delighted to be announcing this alliance with IMHO, who have been to the forefront in providing informal solutions and advice for those in financial distress over recent times. For those distressed individuals that require progression under the recently enacted Personal Insolvency legislation, GTDS is looking forward to providing a formal solution.”
The service to all those in financial distress will operate from Tuesday April 1st, 2014.
About Grant Thornton Debt Solutions
Grant Thornton Debt Solutions offers a comprehensive range of transparent debt solution products and services to support the Irish personal insolvency legislation. Call our helpline now on 01-902 0478