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).
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.
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.
A legal application would be made to court to allow for the “small debt” to be Read more
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deals with cases where SMEs/sole traders/ small and medium sized farms had credit facilities refused, reduced or withdrawn (amounts from €1,000 up to €3,000,000).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.
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.
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
Management of your overdraft puts you in control and allows you to avoid paying unnecessary interest and charges.
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’.
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