We at D V Mannion & Co Ltd can advise on informal voluntary solutions or informal debt arrangement with secured (banks) and unsecured creditors (e.g credit cards, personal loans, etc)
It can often be illustrated to the dominant creditors (the Bank or the Revenue in most cases) that a formal debt solution such as Debt Settlement Arrangement (DSA), Personal Insolvency Arrangement (PIA) or Bankruptcy may lead to a worse position for lender/creditors. We at D V Mannion & Co Ltd are skilled at these negotiations and can put the position forward for you.
An informal debt solution or informal debt arrangement means that we talk to your creditors individually with a view to negotiating a payment plan that suits your income.
It can involve discussions involving write down on mortgage debt or a split mortgage (i.e. deferring part of your mortgage debt). With unsecured debts like credit cards/credit union debt and personal loans it can involve revised debt payments plans which will suit your budget.
Lenders or credit card/creditor do not have to agree to debt payment plans because they are informal agreements. Each creditor can either accept or reject a debt payment plan. However, lenders/others that are owed money wish to recover their money or as much as they are likely to recover given the financial circumstance of the debtor.
The team at D V Mannion & Co Ltd at our Galway Offices will help convince lenders/creditors to accept the informal debt payment plan/deal or offer as being the best option available and better than the creditors might obtain in a formal debt arrangement like a PIA or DSA.