Personal Insolvency Arrangement(PIA) approved for 57 year old woman in Dublin. Main points to take from this case:
📍The 57 year old woman will make mortgage repayments on her home until she reaches the age of 99.
📍She got into financial difficulties after losing her job and her mortgage fell into arrears. She lost her husband 2 years ago and unfortunately at the time of his death had no insurance in place as it had lapsed.
📍The objecting creditor was PTSB. The Personal Insolvency Arrangement however gave a better return for creditors than if the debtor was forced into Bankruptcy.
📍Should the debtor die before the end of the mortgage term, the remainder of the mortgage will be paid from her estate.
📍The property is valued at €342,000 with €104,000 owed to the mortgage. Her arrears are to be capitalised and the mortgage extended for 42 years. She will get a 12 month moratorium to pay PIP Fees and a small dividend to her other creditors.
📍This PIA was approved by Judge Mary Enright.
If you or someone you know is struggling with mortgage arrears or unsecured debt, contact R Hendy & Co today and look into your Personal Insolvency options. We have two Personal Insolvency Practitioners that can definitely try get a suitable PIA approved for you!! Phone 0402 29376 extension 1 today.