How to pay your debts online
More than 1.5 million people in the Republic of Ireland are now struggling with a debt of over €1,000 they can’t afford to pay off.
The Irish Times understands that about a quarter of the debtors in the country owe money on payday loans, often for a very small sum.
A recent study by the Consumer Credit Information Service, an agency of the Irish Consumer Protection Commission, showed that one in four people in Ireland are in arrears on payday lending, and another one in three have arrearages of more than €500.
The numbers are rising rapidly as more people find it easier to borrow on the internet.
The vast majority of people who have debts are paying them off within a few months, says Patrick Ryan, a managing director at the consumer credit information service.
But it’s not all easy going.
The majority of payday loan arrearing debtors pay the money off within six months, but others, especially those who are younger and less experienced, need to take longer.
There is an increasing amount of arreary debt, which is defined as a debt that has been unpaid for a long time, but which does not have a reasonable basis for repayment, says Ryan.
This type of debt is commonly known as debt that is out of your control.
“It’s usually a credit card or credit card debt, but it could be a credit account or credit line,” he says.
It’s also common for people to be saddled with loans that they don’t want or can’t repay, or to be in arresse with debt that’s not amenable to repayment.
This debt is also not just a problem for people who don’t have a good credit history, but also people who are low income, people with no credit history or who have been evicted from their homes.
People are in danger of having their debts written off if they fail to pay them off, says Kevin Ryan, director of the consumer information service at the Consumer Protection Agency.
Ryan says it’s also important for people with debts to pay their bills as soon as possible, especially when they’re due.
“If you’re in arrerage and you’ve got a few hundred pounds in arrepentent debt, then you need to pay it off immediately.
It’s better to be out of arrepente than not out of it,” he said.
The consumer credit data service has launched a new online portal, the Irish Bankruptcy Court Debt Portal, to help people pay off their debts.
It has created a database of information to help those with debts and those without it.
It has also launched a ‘Payday Loan Calculator’ tool, which will help people calculate how much money they will need to make payments on their debts if they default on their loan.
“A lot of people don’t know where to start,” says Ryan, who advises people to look at how much debt they have, and how much they are worth.
The new portal, called the Irish Borrowers Guide, will be launched on October 7.
It includes a detailed report of all debtors who have fallen into arrearity, as well as the amount owed on their loans.
The portal will be available on the portal for people in arrange to use, including people who already have a debt.
Payday loans are typically used for debt collection, but they can also be used to cover your basic living costs.
If you have a problem with a payday loan you can contact your local police, credit union, or other lender to discuss the situation.