Recent high-profile cases involving mortgage debt write-offs show exactly how the system works.
That’s the view of Eamonn Foley a dedicated money arrears officer with Kerry MABS.
He was speaking following a High Court judge approving a debt write-off of almost €3 million for musical director Frank McNamara and his wife Theresa Lowe, who is a former RTÉ presenter.
The judge ruled that they had been making an effort which included remortgaging and selling properties.
Eamonn Foley says the current system has improved people’s situations by giving them a clean start while also tidying things up for banks.
Mr Foley says there are some groups who warn against Personal Insolvency Arrangements, but adds appeals can be sought through the courts to make payments more manageable: