# Credit card debt = rewarded



## BrokeGuy (6 Sep 2013)

Hi all,

I am annoyed. I kept my properties when upgrading my house and with the boom busting I am in a pickle - big deal really.

However during this period I never clocked up any debt, I have no car loans, no utilities owed, no CC debt nothing.

Every single case I see with people and such debt they walk free within 6 years in a PIA whereas in my situation I am unlikely to get a euro off unless I claim bankruptcy.

It is not sour grapes but how can it be that people who clock up debt on living costs such as holidays, restaurants, food etc get a by whereas those with PPR mortgage don't get a get out of jail card unless they are either old or broke (or both)???


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## commonsense (6 Sep 2013)

I'm not really that up on the PIA's but my limited understanding is that if you have secured debt (mortgages) of up to 3 million Euro then you can apply for this.

I stand to be corrected.


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## peteb (6 Sep 2013)

BrokeGuy said:


> Hi all,
> 
> I am annoyed. I kept my properties when upgrading my house and with the boom busting I am in a pickle - big deal really.
> 
> ...


 
Maybe those people didnt buy investment properties as you did. you can't have it every which way here.


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## dub_nerd (6 Sep 2013)

BrokeGuy said:


> Hi all,
> 
> I am annoyed. I kept my properties when upgrading my house and with the boom busting I am in a pickle - big deal really.
> 
> ...


 
Short answer is you're not insolvent. PIAs are for insolvent people. They do not necessarily involve a write-down of secured debt, and secured creditors may veto it if they don't like the deal. Even if it goes ahead, the insolvent person has to make a statutory declaration and open all their financial affairs to detailed scrutiny, as well as have their name published on a register -- it is unlikely to be an easy ride.


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## cremeegg (11 Sep 2013)

BrokeGuy said:


> Hi all,
> 
> I am annoyed. I kept my properties when upgrading my house and with the boom busting I am in a pickle - big deal really.
> 
> ...



Because we repeatedly voted for politicians who allowed this to happen.

And WE are still at it. Pearse Doherty at the public accounts committee last week. 

He basically suggested that it is ok for people to save for their children's college education rather than repay their mortgage. This in the context of mortgages held by AIB which is state owned.


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## cremeegg (11 Sep 2013)

But you too can get in on this game.

Stop paying your mortgage for a few years, you will suffer no consequences. See this post http://www.askaboutmoney.com/showthread.php?t=181643

Get a credit card run up a big debt and don't repay it. You will suffer no consequences except the ability to do it again may be reduced. See this post. 

This is the Ireland we have built.


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## cremeegg (11 Sep 2013)

I probably sound cynical, but I am not.

I would like to see us build a better Ireland. The change must be political. Unfortunately I don't see any political leadership leading us in the right direction.

Just borrowing more money to support current lifestyles at our children's expense.


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