{"id":2881,"date":"2010-03-23T16:33:24","date_gmt":"2010-03-23T16:33:24","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=2881"},"modified":"2019-02-28T12:03:54","modified_gmt":"2019-02-28T12:03:54","slug":"months-or-years-in-a-solution","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/months-or-years-in-a-solution\/","title":{"rendered":"Months or Years in a Solution"},"content":{"rendered":"\n<p>The contrast between the UK and Ireland in dealing with personal debt\n problems is quite remarkable. The most startling contrast is perhaps \nthe difference in the bankruptcy legislation.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>In the UK most bankruptcies are discharged within twelve months leaving the debtor <strong>debt free<\/strong>\n and in a position to begin repairing his or her credit worthiness. In \nIreland the bankruptcy process can entrap a debtor for up to twelve \nyears. Thus many Irish people are considering traveling to Britain to \ntry to petition for their own bankruptcies in what is considered an \nenlightened and progressive legislative regime. Whether you call it \nbankruptcy tourism or old fashioned economic migration the incentive to \nseek a foreign solution to an Irish problem is huge. People just want \ntheir lives back and if it can be done abroad, can you blame them?<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_6790790_XS.jpg\" alt=\"\" class=\"wp-image-2896\" width=\"367\" height=\"245\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_6790790_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_6790790_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 367px) 100vw, 367px\" \/><\/figure><\/div>\n\n\n\n<p>Apart from the enlightened bankruptcy regime in the UK there is a \nwhole raft of alternative solutions to personal debt problems available \nthere. The biggest success in the twenty three years since the enactment\n of the UK Insolvency Act in 1986 is the range of tremendously positive \nbenefits of Individual Voluntary Arrangements, for financially strapped \nindividuals with debts of over \u00a315,000. No similar solution exists in \nIreland. The UK has also introduced Debt Relief Orders to cater for \npeople with debts of less than \u00a315,000 and Administration Orders for \npeople with debts of less than \u00a35,000.<\/p>\n\n\n\n<p>The only light at the end of the tunnel for Irish debtors is the \nrecent publication of a hugely impressive consultation paper by the \nIrish Law Reform Commission on the subject of Personal Debt Management \nand Debt Enforcement. A wide range of possible solutions are explored \nand recommended. For Irish consumers however, the timescale for \nintroducing and passing real and effective legislation is likely to be \nlong drawn out and given the huge economic and political pressure on the\n current Irish government, don\u2019t expect any new laws or quick solution \nany time soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The contrast between the UK and Ireland in dealing with personal debt problems is quite remarkable.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2,7],"tags":[],"class_list":["post-2881","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-articles","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=2881"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2881\/revisions"}],"predecessor-version":[{"id":3171,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2881\/revisions\/3171"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=2881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=2881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=2881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}