Tuesday 18th November, 2014 – Grant Thornton Debt Solutions announced that it is holding a new four part seminar series, the first of which gets underway today in Dublin.

Today’s event was attended by key community based money advisors and professionals, who wished to enhance their understanding of practical and emotional elements of the new Personal Insolvency legislation.

Michael McAteer, Partner at the Grant Thornton Recovery and Reorganisation practice in Ireland, said. “We are delighted to be once again holding this popular seminar series. The personal insolvency space in Ireland is firmly up and running now. We are encouraged to see clients coming to us, taking the first steps to debt recovery, with a sense of hope that their debt problems will come to an end.”

He added: “Our objective is to find the right solution for someone in debt which will work for them. We give non-judgemental advice, help and reassurance to help individuals realise that there is a solution to make their financial concerns more manageable and then we are able to provide a structure which can make it happen.”

Following the success of the Psychology of Debt research project, Grant Thornton Debt Solutions commissioned a new research project last year based on “Emotion and Debt”. This was completed in association with Queens University, Belfast. The fascinating topic ‘Navigating through the emotion of debt’  was presented by Gareth Neill, a leading Personal Insolvency expert and Partner of Grant Thornton UK. Gareth Neill stated:

The original Psychology of debt research opened up a new perspective helping advisors to consider the mental impact and stress of debt on the debtor. The new research aims to look at the emotions, particularly shame and guilt, behind debt and how it affects those who are suffering from unmanageable debts.

“Our research identified that time spent helping people address their debt problems can also help their overall health and wellbeing. Grant Thornton Debt Solutions aim is to help people to realise the extent of their debt problem, and to help them to find solutions which enable them to move forward into good financial and mental health. This help can potentially lead to reduced demand upon social and medical services on the part of the debtor and their family.”

He added: “Keeping debt problems secret won’t cure them and our aim is to help people to strip away the shame around financial struggles and find a solutions for their needs. There is always a solution for people in debt.”

Debt research has previously focused on how ‘objective’ factors such as debt size, but our emotions and personal finances are often intricately linked and this is especially true where debt is concerned. Grant Thornton Debt Solution’s latest research has shone a new light on the emotional factors associated with poor psychological well-being in those with problem debt. Debt problems are commonly associated with anxiety and depression. Anyone who is tackling debt can also benefit from taking positive action to support their emotional health at the same time.

About the Seminars

The seminar timetable is as follows: Dublin on Tuesday 18th of February at the Clarion Hotel Liffey Valley; Galway on the 26th February at the Hotel Meyrick; Limerick on 27th at the Clarion Hotel, Steamboat Quay; and Cork on the 7th March at the Clarion Hotel, Lapps Quay.

About the ‘Navigating Psychology of Debt’ research

Emotion and the Psychology of Debt research was commissioned by Grant Thornton and completed by Professor Aidan Feeney & Simon McNair of the School of Psychology at Queens University Belfast. Those surveyed were clients that Grant Thornton had advised in UK.

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