Small Debt Recovery – Civil Debt (Procedures) Act 2015

debtors

What is Civil Debt (Procedures) Act 2015?

The Civil Debt (Procedures) Act 2015 has been designed to make it easier to collect from people who are unwilling to pay “small debts”. The Act was initially developed to be used with respect to Irish Water but it will have wider relevance (see below).

Who is it relevant to?

The Act is intended to be equally accessible to individuals, sole traders and businesses. The Act is not intended to be available to banks and other financial institutions.

How much is a “small debt”?

Any amount between €500 and €4,000 will be considered a “small debt” for the purpose of the Act. The idea is the Act will provide a clear legal framework around the collection of such sums.

How does it work?

A legal application would be made to court to allow for the “small debt” to be Read more

Posted on February 16, 2016 by Cooney Carey

8 Questions about the Credit Review Office Answered

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The Credit Review Office was established in 2010 and its purpose is to undertake impartial independent reviews of the bank’s decision, on behalf of borrowers.

The Credit Review Office specifically deals with cases where SMEs/sole traders/ small and medium sized farms had credit facilities refused, reduced or withdrawn (amounts from €1,000 up to €3,000,000). If a borrower feels the credit decision or terms are unfair, the Credit Review Office may carry out a review of the case.

To date the Credit Review Office has successfully overturned over 50% of cases processed.

  1. What is the objective?

The objective is to provide an independent, impartial opinion on a bank’s credit decision. The Credit Review Office base their opinion on the feasibility of the business and its capacity to service debt.

  1. What about Confidentiality and timeline?

Enquiries to the Credit Review Office are dealt with in the strictest confidence.

The turnaround time is dependent on the complexities involved and Read more

Posted on October 5, 2015 by Jack Gahan

7 Tips on How to Manage Your Overdraft

manage your overdraft

Management of your overdraft puts you in control and allows you to avoid paying unnecessary interest and charges.

Overdraft Overview

An overdraft is a loan you arrange through your bank current account. It allows you to spend more money than you have in your current account up to an agreed limit, known as the ‘overdraft limit’.

Overdraft Fees & Charges

overdraft fees and charges

Overdraft Management Tips

  1. Have access to up-to-date information so that you can track the money going into and out of your account. Online banking will allow this.
  2. Understand the charges and fees which may be applied to your overdraft.
  3. Avoid paying by cheque as much as possible as you don’t know when the cheque will be presented for payment. This can make it difficult to budget and can increase the likelihood of breaching your overdraft limit.
  4. Use online payment facilities where possible – they are usually the cheapest method of payment.
  5. Use your overdraft for short-term borrowing and avoid remaining overdrawn month to month. Term loans are a cheaper source of long-term finance and as overdraft are not guaranteed banks can demand repayment at any time.
  6. Consider alternatives to using an overdraft e.g. cash injection, improve working capital management and other bank finance options.
  7. Ensure you are aware of the number of days your account needs to be in credit as some banks apply a further interest surcharge beyond your agreed interest rate.

What Questions Do You Have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000. 

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If this article helped you, please share it with other businesses.
Sources of information:

www.moneyguideireland.com

www.citizensinformation.ie

www.consumerhelp.ie

Posted on August 24, 2015 by Cooney Carey

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