If you are unemployed or have a very low income most Personal Insolvency Practitioners (PIP’s) or Debt Solution companies will tell you they can’t help you because you are below the Reasonable Living Standards (RLE) as set by the Insolvency Service of Ireland.
Hundreds of people in this situation are left in a zombie like limbo where they still have a large amount of debt hanging over them with no way to change anything.
Low Income Solutions Exist
However, there is a way out of this situation. We have potential insolvency solutions for you even if your income is below the official “reasonable living expenses” level.
This is a bad situation for you but it is also a bad situation for your creditors too and they want to conclude matters just as you do.
We make that possible as a trusted third party who can negotiate for both sides in a way that is just not possible for an individual to do on their own.
Modest Lump Sum
The best way is if you can somehow get a lump sum gift from an agreeable relative or friend.
With a relatively low amount you can potentially clear all your debts and begin again with a completely fresh start.
Sometimes this can be done via an Accelerated Personal Insolvency Arrangement. You can read more about this here.
With your debts off your back you will be feeling psychologically and emotionally far better and in a position to take control of your future.
Why Would Your Creditors Agree To This?
When people have been dealing directly with their creditors for quite some time but feel they have been making no progress they find it hard to understand how we can do so much better.
The key is that we do a robust review that includes sworn affidavits. The creditors and in particular lending institutions trust our intensive due diligence which ensures the debtor is fully transparent to them. This in turn allows them to make a decision based on the facts. Without us as a trusted third party in the middle there often seems no way to easily resolve the impasse and eventually your creditors will see no alternative but to go down the legal route.
Offering a lump sum PIA as a resolution is generally far cheaper and faster for the creditors than having to issue legal proceedings.
The sad irony is that if you are truly desolate with no income and no assets then we can often find it easier to negotiate with the creditors as there are less variables at play.