Video: Debtors wracked by depression and anxiety, study shows
HALF of all debtors experience mental health problems such as depression and anxiety, according to new research conducted by Grant Thornton.
The "psychology of debt" research was unveiled at a seminar outlining the potential impact of Ireland's new personal insolvency regime.
Lorcan O'Connor, Director Designate of the Insolvency Service of Ireland (ISI), told a GT debt solution seminar that the new law was a "very important step" for Irish society.
But the restructuring and insolvency expert warned that there will be consequences for the large number of debtors lining up to avail of the various debt relief schemes.
"There are consequences to availing of one of these schemes, including information being made available to the public and creditors," said Mr O'Connor who began preparing for his new role last October.
"It is important that debtors realise there are data protection issues at play here."
In one of the first public appearances in his new role, Mr O'Connor said a lot of work is going on behind the scenes to set up the new service in "an extremely tight" deadline.
Mr O'Connor said that what the ISI proposing in respect of the Courts Service is "groundbreaking" as specialist judges come on stream to deal with the anticipated surge in debt relief applications.
The Grant Thornton seminar was attended by 350 money advisors and professionals.