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Personal Insolvency

Personal Insolvency

This is a Court approved and overseen process to restructure your mortgage and all other debts with your banks/creditors.

Prima Finance has its own in-house Personal Insolvency Practitioners to handle the entire process, the objective being that you keep your home and after 5 or 6 years all unsecured debts are written off in full.

To date, almost 80% of all our personal insolvency proposals are approved by Irish banks and other credit institutions.

Recent Personal Insolvency examples

“We had a mortgage on our family home, a mortgage on another investment property plus additional debts from my (Tom’s) unfortunate property activities during the boom of €1,093,279. A six year Personal Insolvency Arrangement was approved by Prima Finance with the five different banks we had debts with. We now get to keep our home and can afford to pay €269 per month for 6 years, after which over €1.2 million will be written off in full. An unbelievable deal really, when Prima Finance rang us to explain the deal they had just got approved, we really could not believe it. I had tears of joy in my eyes, all the worry, stress, arguments was finally over. For Prima Finance to get this amazing deal for us naturally reflects on Prima Finance’s professionalism and reputation with the banks which is so important”.

Tom & Mairead - €1.2m written off

“We had the mortgage on the family home, along with other debts associated with Brian’s former business. I (Ann) had severe arthritis and could not work, Brian was self-employed and while our kids were reared were were unable to meet the monthly repayments on all our debts, including the money we owed to the Revenue commissioners. We approached Prima Finance, it did take several months but eventually the deal they concluded with the banks and the Revenue commissioners has given us a second chance at life, that is how we feel about it anyway. I must say Prima Finance guided us through the entire process, calmed us down at times, reassured us at times, explained each step, they were always so understanding to our situation and easy to deal with”.

Brian & Ann 79% unsustainable debts written off

“I had a mortgage on my home which I could afford to pay each month, but the other three investment properties I bought had associated debts of €678,121. I just could not afford the monthly payments even though two of the properties were rented. I also had other debts of €184,656 which related to a previous transport business I had. Amazingly, after I know some tricky negotiations by Prima Finance they got the banks to agree to a six year personal insolvency deal. Where I pay the mortgage on my home and after the six years all other debts will be written off in full, that’s a 88% write off. Prima Finance saved my life, as I really could not cope anymore with all that was going on, the daily phone calls and the letters, people calling to my home, solicitor letters, registered letters to appear in court. All stopped thanks to Prima Finance. For the first time in 5-6 years, I can now see my life moving forward again”.

John– 88% of debts written off