The IFA has launched a guide to personal insolvency arrangements (PIA).
The confidential service is comprised of a team of IFA volunteers working with professional support to provide assistance to members in financial difficulty.
The IFA debt support service was established following the last recession to provide specific support to farmers in arrears.
Chair of the debt support service Martin Stapleton said the IFA service has worked with over 500 farmers over the last few years.
“While the numbers in difficulty are reducing, recent weeks have seen an increase in activity from vulture funds since the COVID-19 payment breaks came to an end.
“This guide is available on [the] IFA’s website and will serve as a useful resource for farmers in arrears seeking to protect their family home and farm land,” he said.
A PIA is a debt resolution mechanism outlined in the Personal Insolvency Act, which acts as an insolvency solution for people with unsecured and secured debt.
IFA national farm business chair Rose Mary McDonagh added that a PIA can provide a debtor with protection from their creditors and, on completion, a debtor will return to solvency.
“At present, the Oireachtas is considering one of two bills which will reform the area of personal insolvency and amend the current eligibility requirements for a PIA.
“The definition of relevant debt should be expanded to include debt prior to 2015, and debt secured in or over a debtor’s income reliant or core asset.”
The IFA debt support service can be contacted in confidence at 1890 924 853.