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THE INSOLVENCY SERVICE of Ireland (ISI) has issued a reminder of the damaging effect financial issues can have on mental health as a report reveals that more than 1,200 people applied for insolvency between April and June this year.
Figures released in the ISI’s statistical report for quarter two of the fiscal year show that the number of people seeking debt solutions in Ireland continues to rise.
“Each quarter, ISI statistics show that our solutions are getting more and more people back on track financially,” Lorcan O’Connor, the director of the ISI, said.
While it is understandable that the effects of debt on mental health can prevent people seeking the help they need, my message to anyone still experiencing unmanageable debt is to consult with one of our regulated professional advisors.
“Those with mortgage arrears can also avail of a free consultation with a Personal Insolvency Practitioner under the Abhaile service,” O’Connor concluded.
The data shows that there were 1,259 new applications for debt solutions between April and June. This represents an increase of 71% on the same period last year.
There was a 26% increase in the number of people being issued protective certificates, the first stage in the insolvency process, while there was a 22% increase in approved arrangements, which is the final stage.
The total debt involved in the 1,259 new cases is approximately €588 million.
The report notes that the high level of new applications has been maintained largely due to Abhaile, the Government’s free mortgage arrears support scheme, which includes free Personal Insolvency Practitioner consultations for insolvent debtors.
Options
The ISI offers three different options for people seeking insolvency.
The figures reveal that nearly 59% of people have had their protective certificates approved between the end of 2013 and the end of June this year.
Applications have been denied in 17% of cases while in 24% of cases the certificate has expired. The cert can expire for various reasons, such as when an alternative arrangement has been reached or if the application was certain to be declined.
Bankruptcy
The total debt involved in bankruptcy adjudications over the three-month period was approximately €178 million. This is made up of approximately 36% secured debt and 64% unsecured debt.
Bankruptcy is down 24% compared with the first quarter of the year and it’s down nearly 40% compared with the same quarter last year.
Despite this apparent downward trend the ISI estimates that by the end of the year the outcome will be broadly similar to 2016.
History of applications
The report also provides statistical breakdowns of the ISI’s work since it started accepting applications from debtors in September 2013.
Nearly 44% of applications were on people’s homes, over 30% were on buy-to-let mortgages and just shy of 20% were on loans from financial institutions.
Regarding the people behind the applications 39% of them were working in the private sector, 25% were unemployed, 13% self-employed and 10% worked in the public sector.
Roughly a third of the applicants were aged between 35-44, while another third were in the 45-54 bracket. 19% were between 55-64, 8.5% were aged between 18-34 and the remaining 4.3% were over 65.
Waterford had the highest proportion of debt solutions with 317 cases. This represents a rate of 36.5 solutions for every 10,000 adults.
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some craic carrying a big bag of cash across O’Connell Street on a regular basis nowadays..
@kjholt: Same goes no matter where you are. Times are different all over the place.
@Gary: but O’Connell St. is especially dodgy..
I met Arthur when he took a photo of me as an art student with my boyfriend as we crossed O’Connell bridge in 79, he struck me as a man who just loved doing what he did, I still come across that photo every now and again it has maybe just a little too much denim and patches, but it always makes me smile.
Never forget where ye came from.
@Paul Mc Manus: where do you come from Paul
A fascinating article. I remember this chap on OConnell bridge and a line of people looking to be photographed. There are a lot of good memories in those photos before social media ruined the innocents and now you get what people had for dinner and nonsensical twottle.
A picture paints a thousand words
Your one on her way to her date looks very stylish. love black and white photographs.
I have a picture taken by Arthur of my grandparents and grand aunt taken in Oct 1944. Treasured piece of family history.
Nice gift for Christmas
This is a fascinating project on the history of a photographer taking pictures of ordinary people going about their daily business, it’s lovely looking at old pictures like this I always think to myself we are just one generation passing through this journey of life, every one has a story to tell in these pictures
A nice little nostalgia piece.
I have two photos taken by him on O Connell St in around 1970 which I cherish.
Status quo look well in pic 2
@Sean Lynch: Jack Nicholson easy rider on the right
@Sean Lynch: Well said
I have a lovely photo taken by him on O’Connell Bridge of me and my future husband.
He took my grandparents’ photo, my parents’ and mine in his time. I remember he took mine outside Burger King on O’Connell Street, which was less glamorous than the O’Connell bridge photos of my parents and grandparents. Still, we had an interesting conversation about Mike Tyson in particular, and boxing in general. What a fascinating man he was. I must dig up my photo.
Pretty sure he captured a shot of George Harrison as a child with his Mam crossing the bridge too!
Can’t we Photoshop in a few black dudes, you know, for ‘diversity’?
A true legend of Dublin with amazing black & white photographs catching life as it was in the city. Problem is that todays family photographs taken on digital cameras and mobile phones will probably never be transferred into print for future generations to see.
Interesting to see the old single-decker bus with the driver in a compartment up front, and Nelson’s Pillar.
those Dufficy women had walked an awful long way from Roscoomon before he snapped them
@Christy Morrison: the walk wasn’t too bad, it’s pushing the prams from Tulsk that was tough going.
Great character remember him through the 60s and 70s when I lived in Dublin. O actually got a photo taken with my date in 1974
He used to trip the flash first to get your attention and think you’d had your photo taken. Then once he got you to stop and pay the fee he’d take it again. A character, of his time.
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