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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Irish debt write-off scheme agreed

26/10/2009

The Government in Ireland has agreed to introduce a debt write-off scheme that might resemble an IVA (Individual Voluntary Arrangement) in some respects.

As The Sunday Business Post reports, the formal arrangements could allow people with debts they can`t afford to repay to have a significant proportion of their debt written off - without being declared bankrupt and/or losing their home.

`The precise details of the scheme have yet to be worked out,` sbpost.ie reports, `but it is understood that discussions between the Green Party and Fianna Fáil at talks last week examined a system based on the British model of what are called individual voluntary arrangements (IVAs).`

IVAs are only available to people who live in England, Wales or Northern Ireland, while residents of Scotland may be eligible for a Trust Deed if they`re unable to repay their debts within a reasonable timeframe.

In the second quarter of this year, 12,430 people in England, Wales or Northern Ireland entered an IVA, while 2,564 people in Scotland addressed their debt problems by entering a Trust Deed.

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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