Latest Debt News
UK bankruptcy laws 'a lot more relaxed'
16/07/2008 17:13:00
For those struggling with debt in the UK, a silver lining exists in that, unlike Ireland, they are not getting a prison sentence on top of the debt collectors and mounting unpaid bills, a source has suggested.
Debt-related jail terms, as well as repossessions, are on the rise in Ireland, according to the Irish Independent, with 1,000 people being imprisoned between 2002 and 2006 for not paying their debts on time.
Sean Tyrer, head of the debt charity Myvesta, said legislation on bankruptcy in the UK is more relaxed and help and support is far more pro-active in comparison to Ireland, where getting into debt is relatively "dangerous", reports the newspaper.
Paul Joyce, senior policy researcher with the Free Legal Advice Centres, told the publication: "A lot of [Irish] people are fearful of the legal system and because of this don't go to their court hearings, which can lead to an unrealistic enforcement order and, eventually, imprisonment."
He says the Irish legal system is "difficult and old-fashioned".
In related debt news, the price comparison site Moneysupermarket.com recently revealed 2.3 million households have had to rely on their credit cards more to make ends meet over the past year.
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