PERSONAL INSOLVENCY LEGISLATION WILL HELP KEEP PEOPLE IN THEIR HOMES- CLLR UPTON
Issued : Friday 27 January, 2012
The Labour Party Cllr for Crumlin/Kimmage, Cllr Henry Upton has welcomed the publication of the Scheme of the Personal Insolvency Bill. The Bill published by the Government this week, will give borrowers better negotiation powers when dealing with their banks. The legislation plays a key part in a wider plan of resolving the mortgage arrears problems as highlighted in the Keane Report.
“For the many homeowners who are inmortgage arrears, this Bill is welcomed news. Until now, borrowers have foundit difficult when negotiating with their banks on distressed personal loans ormortgages. This legislation however, will strengthen the powers of the borrowerand in some cases will enable them to settle their debts without goingbankrupt.
“For those who unfortunately do findthemselves bankrupt however, this legislation proposes to change bankruptcylaws which could see people discharged of their debts after a three yearperiod, as opposed to the twelve year period currently in place.
“The crux of this legislation isfinding workable, debt management solutions for distressed homeowners bystrengthening the power of borrowers when negotiating debt solutions with theirbanks.
“Labour in Government has continuallystressed the importance of keeping people in their homes and while this legislationalone will not eradicate the mortgage arrears situation entirely, it certainly offerssome light at the end of the tunnel for those in debt arrears.”
Cllr 
