Insolvency bill doesn't solve the mortgage problem

The personal insolvency arrangements will not alleviate the problem of unsustainable mortgages, as the lenders have no obligation or incentive to accept them, writes Brendan Burgess.

29th January, 2012

The government's Personal Insolvency Bill needs to be redrafted to allow borrowers the right to surrender their home, subject to an independent arbitrator assessing that their mortgage is unsustainable.

The bill is a welcome first draft, and most people will support the proposals to reduce the bankruptcy period to three years and to write off small unsecured debts immediately.

However, the Personal Insolvency Arrangement (PIA), as currently drafted, makes little sense and will change nothing...

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