What You Need To Know About The Irish Credit Bureau (ICB)

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What is The Irish Credit Bureau?

The Irish Credit Bureau (ICB), currently the main credit reference agency for individuals in Ireland, complies a database of information supplied by the country’s main financial institutions. The database includes information on a wide range of loans, including personal loans, mortgages and credit card loans.

The ICB does not decide whether or not you get a loan. Financial institutions use the information held by the ICB when deciding whether or not to lend to you.

What does the ICB database include?

The ICB’s database holds information about you if you have had Read more

Posted on September 13, 2016 by Cooney Carey

The Personal Insolvency (Amendment) Act 2015

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Overview

The Personal Insolvency Act 2012 introduced 3 mechanisms for non-judical debt settlement;

  • Debt Relief Notice (“DRN”)
  • Debt Settlement Arrangement (“DSA”)
  • Personal Insolvency Arrangement (“PIA”)

PIA and Secured Debts

Specifically, the PIA was introduced to address debt problems relating to Read more

Posted on August 30, 2016 by Cooney Carey

Small Debt Recovery – Civil Debt (Procedures) Act 2015

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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

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