Some 570 people applied for debt relief during the first quarter of the year, an increase of 16 per cent on 2015, according to figures from the Insolvency Service of Ireland, as experts suggest a deluge of deals will now be done.
There were 570 applications, representing total debt of 303 million, for debt relief in the first quarter of the year, with personal insolvency arrangements (PIAs), which are solutions designed to keep people in their family homes, accounting for some 71 per cent of applications. Mortgage debt accounted for two thirds of applications, split evenly between buy-to-let and residential mortgages, with other debt owed to financial institutions accounting for a further thi…
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