Financial News

Grant Thornton Debt Solutions personal insolvency seminars get underway

By Business & Finance
18 February 2014
Michael McAteer and Gareth Neill

The first in a new four part seminar series by Grant Thornton Debt Solutions got underway in Dublin today.

The event was attended by more than 150 key community-based money advisors and professionals, who wished to enhance their understanding of practical and emotional elements of the new personal insolvency legislation.

Michael McAteer, partner at the Grant Thornton Recovery and Reorganisation practice in Ireland, said: “We are delighted to be once again holding this popular seminar series. The personal insolvency space in Ireland is firmly up and running now. We are encouraged to see clients coming to us, taking the first steps to debt recovery, with a sense of hope that their debt problems will come to an end.”

He added: “Our objective is to find the right solution for someone in debt which will work for them. We give non-judgemental advice, help and reassurance to help individuals realise that there is a solution to make their financial concerns more manageable and then we are able to provide a structure which can make it happen.”

Richard Bourke with Sara Garland and Carl Copeland

Richard Bourke (left) with Sara Garland and Carl Copeland, all case managers Grant Thornton, pictured at the Grant Thornton Debt Solutions Personal Insolvency Seminar Series held in the Clarion Hotel, Liffey Valley, Dublin.

Following the success of the Psychology of Debt research project, Grant Thornton Debt Solutions commissioned a new research project last year based on ‘Emotion and Debt’, which was completed in association with Queens University, Belfast. The fascinating topic ‘Navigating through the emotion of debt’ was presented by Gareth Neill, a leading personal insolvency expert and partner of Grant Thornton UK.

Gareth Neill said: “The original psychology of debt research opened up a new perspective helping advisors to consider the mental impact and stress of debt on the debtor. The new research aims to look at the emotions, particularly shame and guilt, behind debt and how it affects those who are suffering from unmanageable debts. Our research identified that time spent helping people address their debt problems can also help their overall health and wellbeing.”

He added: “Grant Thornton Debt Solutions aim is to help people to realise the extent of their debt problem, and to help them to find solutions which enable them to move forward into good financial and mental health. This help can potentially lead to reduced demand upon social and medical services on the part of the debtor and their family. Keeping debt problems secret won’t cure them and our aim is to help people to strip away the shame around financial struggles and find a solutions for their needs. There is always a solution for people in debt.”

Joyce Maguire

Joyce Maguire, from Edenderry Credit Unions pictured at the Grant Thornton Debt Solutions Personal Insolvency Seminar Series.