Financial problems are one of the biggest stressors we can face in our lifetime. For most people, this stress, fear, and anxiety will be further compounded by the shame, embarrassment, and feelings of isolation that are too often associated with money struggles. Not exactly a feel-good combination. Granted, it's hard to find positives when you're facing overwhelming debt, but there is always help at hand; with Insolvency Service of Ireland, you're never as cut-off or alone as you may initially feel. In fact, from the minute you pick up the phone, you'll find yourself enormously relieved. As something that affects an increasing number of Irish per year, we spoke to one of ISI's customers - Glen - who was keen to reassure anyone who finds themselves in the same situation that there is always a light at the end of the tunnel.
I buried my head in the sand when the creditors came knocking
Glen's story of winding up at this point of financial despair is not uncommon. "I had overspent personally and failed miserably in trying to run my own business in an attempt to support my family. I had also just buried my head in the sand when the creditors came knocking; I paid whoever shouted the loudest and that left me with no money to pay the rest, so creditors kept demanding more and more money. No matter how hard I tried, I was never able to earn enough to pay them all the payments they were demanding."
The sheriff was demanding money
Before turning to ISI for the solution that would see him through, Glen says of his emotional state, "I felt nothing short of absolute self-emotional destruction, fear, hopelessness, failure, and despair, disappointment in myself for getting my family into all this mess and not seeing any way out. I was in a very bad place. I had tried to seek help from MABS on occasion but the creditors kept putting more and more pressure on me for more money, coupled with the fact that I had the sheriff coming out to me on two occasions demanding money or he was going to remove my goods, I was in a very deep state of anxiety and depression, with absolutely no hope for the future and extreme worry for my family. It was at this point that I turned to Margaret Deegan from the Finglas MABS who nothing short of rescued me at the eleventh hour. She saw me straight away and advised me of my options to either seek insolvency or bankruptcy, she supplied me with a list of personal insolvency practitioners, advised me of the process, contacted the sheriff for me to get me some time to breathe and start the whole process. This in itself was a massive relief to know that I did have options available to me."
She literally saved my life
Feeling that perhaps all was not lost, Glen took action immediately. "I decided to try a few of the Personal Insolvency Practitioners on the list, at which point, I made contact with Gillian Creevey who noted the desperation in my voice and made immediate arrangements to see me. She firstly calmed me down by telling me not to worry and explained the whole process to me step by step. Firstly, we would explore the option of insolvency, and if that were not an option, the last resort would be bankruptcy. She told me not to be scared as there are financial options available to me to make this happen too.
While I was sitting with her, she contacted the sheriff and the banks which were the most aggressive of my creditors
She told them in front of me that I had appointed her as my personal insolvency practitioner and to liaise all dealings via her, not me, and that she would keep them informed every step of the way. This again was a massive stress relief; I knew that I was in good hands. Gillian also advised me to react quickly to any paperwork that was required and be proactive and truthful in all interactions as this would not only alleviate stress but also speed up the process. At this point, she advised that I sit down with my wife who admittedly, had no idea of the trouble I was in. This again was the best advice as it took a lot of the burden off my shoulders but also significantly improved life at home knowing that I didn't have to hide this anymore and as a couple, we were much stronger in dealing with all this."
Over a relatively short period of time, Glen worked proactively with Gillian. "She talked me through the whole process, supplied me with all the literature and legal rights documents so that I could look over them in my spare time. We also formulated a plan of action with some firm deadlines on our tasks required, the key for me was to respond quickly and be truthful. She also met with me on several occasions to quell my fears and also after we had reached each milestone in our process. She literally saved my life."
We live a modest life with no stress which is worth its weight in gold
"It took approximately six months to have the process finalised and an affordable repayment structure in place. We had to cut back on the things that weren't priorities in our lives throughout that time, and now we live a modest life with no stress which is worth its weight in gold!
I am now one year in and I haven't looked back, I now live within my means and have absolutely no desire ever to have any form of debt ever again."
If you or someone you know finds themselves in a similar situation, Glen urges the point that it's never too late: "Seek help ASAP, don't bottle this up, don't negotiate with creditors as there is no such thing. Let your personal insolvency practitioner do that as they are qualified to do that on your behalf. Be diligent with your new financial plan, respond quickly and most importantly, don't bear the load alone! This has been a huge life lesson that you don't have to keep this to yourself. Everyone makes mistakes. Genuine people like Gillian Creevey and Margaret Deegan are there to help, and I will never be able to repay what they have done for my family and me."
Debt, as you can see, can be overwhelming. With the ISI you’ll work together to get back on track. Take control of your situation with Insolvency Services of Ireland, where Personal Insolvency Practitioners, regulated by the ISI, will deal with all of a person’s creditors to work out a long-term solution to their debt problems. While this is happening, the person will get a Protective Certificate which means that their creditors cannot contact them. This offers the person much-needed breathing space. Even if a person has received a letter from their lender stating that their mortgage is unsustainable; or letters threatening repossession; or even a Court appearance date, it is still not too late to sort out their finances and, hopefully, keep their home. What's more, ISI's solutions are legally binding, meaning there can be no surprise changes or amendments to the term that you are not aware of along the way. With the ISI's solutions, there is a minimum standard of living people are entitled to which allows for expenses for food, clothing, education, savings, etc. The figure is often higher than the amount people in debt live on before seeking an insolvency solution. All of the debt solutions overseen by the ISI are designed to get a person back on track financially and at the end of the process the person will be solvent again and can start planning their future.
Visit backontrack.ie, freetext GETHELP to 50015 or pick up the phone today and dial 076 106 4200 for the ISI information line. Help is there.
