Ken O'Flynn (Cork North-Central, Independent Ireland Party)
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1593. To ask the Tánaiste and Minister for Justice and Equality if the Personal Insolvency Acts with specific reference to the high proportion of over-50s now seeking debt solutions will be reviewed; and his plans for a dedicated insolvency track for older borrowers whose income capacity is structurally diminished as they approach retirement. [45599/25]

Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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The Insolvency Service of Ireland (ISI) plays a vital role in helping individuals resolve financial difficulties through structured insolvency solutions. Since its establishment in 2013, the ISI has supported thousands of people through legally binding debt solutions aimed at returning them to solvency.

A Personal Insolvency Practitioner (PIP) is a qualified professional with the relevant expertise to help a person reach a permanent debt solution with their creditor(s) including putting in place a Debt Settlement Arrangement or Personal Insolvency Arrangement. PIPs, supported by the ISI participate in continuous professional development each year.

Financial advice provided by PIPs is tailored to a person’s individual circumstances based on a full financial assessment and consultation. The entirety of a person’s circumstances are considered by the PIP when they are proposing a bespoke solution for dealing with the person’s financial difficulties.

Section 102(6) of the Personal Insolvency Act 2012 contains a non-exhaustive list of secured debt treatment that may be included in the terms of a personal insolvency arrangement. This list includes interest only payments for the term of the arrangement, part interest and part capital payments, interest rate reductions, principal reductions and creditor agreement to a reduction in the principal sum in return for a share in the equity of the debtor’s property, also known as, debt for equity.

I am advised by the ISI that, over the last three year’s approximately 50% of all Personal Insolvency Arrangements were entered in to by people who are 55 or over as compared to 25% of all Debt Settlement Arrangement and 30% of Bankruptcies. I can advise the Deputy that given the flexibility and the non-exhaustive approach taken to debt solutions in the Personal Insolvency Act 2012, as amended, there are no plans to amend the Act as suggested at this time, but all legislation is kept under review.

I understand that in developing its communications strategy for 2025, the ISI has taken into account and is targeting Ireland’s aging population, as many retirees relying on fixed pensions face increasing living costs and medical bills. The ISI’s public information campaign for 2025 targets those in mortgage arrears and specifically targets those who are over 55 years of age. This campaign includes advertising through digital media, television, video on demand, social media and national and local print and radio.

The Government’s Abhaile Scheme, which is jointly administered by my Department and the Department of Social Protection, provides a number of aids to those experiencing problems with debt. One of these enables those in mortgage arrears to obtain a voucher to meet with a Personal Insolvency Practitioner to review their case and provide a formal letter of advice as to the options that are open to them.