North Tipp Deputy critical of Personal Insolvency Bill

Michael Lowry says the Personal Insolvency Bill does not go far enough to help people in financial difficulty.

The Independent T.D. says the current Bill will only help a fraction of the estimated 80,000 mortgage holders who are more than 3 months in arrears.

Allowing a veto for creditors is a crucial flaw in the Bill, according to Deputy Lowry, because anyone who is owed more than 65% of the debts can refuse a write-off.

This leaves private citizens at the mercy of banks and other huge lending institutions, with no appeal or mediation mechanism in the current Bill.