Prima Finance Debt Solutions Ireland’s
first approved Debt Management firm
Prima Finance Debt Solutions, the independent personal insolvency firm became the first firm in Ireland to have been approved by the Central Bank of Ireland (CBI) as an authorised Debt Management (10th January 2014). In addition, Prima Finance Debt Solutions is also the only debt management firm in Ireland to be approved as a Payment Institution by the CBI, enabling the firm to uniquely handle client funds as part of their debt management and debt restructuring plans they negotiate and manage on behalf of their clients.
Following the authorisation, the firm’s Managing Director, Brian Leslie said “These two extremely high level authorisations granted by the Central Bank reflects on our expertise, systems, and our experience in personal insolvency and the very significant investment the firm has made to offer the most comprehensive personal insolvency service in Ireland today”. The Payment Institution authorisation means Prima Finance Debt Solutions is now the only firm in Ireland that can offer Debt Management Plans in addition to personal insolvency arrangements and thus offer financially stressed/insolvent clients the most comprehensive range of options and solutions.
Based on firm’s experience in personal insolvency over the past five years and having examined the UK model in detail, Leslie envisages that over the coming years the personal insolvency market is likely to segment as follows;
- Personal Debt Management Plans (suitable for 55% + of insolvent clients)
- Debt Settlement Arrangements (DSA) (suitable for 20% + of insolvent clients)
- Personal Insolvency Arrangements (PIA) (suitable for 20% + of insolvent clients)
- Bespoke Bankruptcy Arrangements (suitable for approx. 5% of insolvent clients)
The firm has also two authorised Personal Insolvency Practitioners (PIPs) Niall Kavanagh and Brian Leslie and offers bespoke Bankruptcy solutions for insolvent clients.
Background to Prima Finance Limited
Prima Finance Ltd was set up by Brian Leslie in 2001, having previously worked for Bank of Ireland Private Banking. The firm specialised as an approved intermediary in the area of investments, lending and insurance in the initial years, but since 2009 have specialised in the area of Personal Insolvency. Prima Finance has a network of specialised and highly trained agents nationwide and is Ireland’s leading debt management firm.
Prima Finance Debt Solutions completes a detailed standard financial statement with all clients initially. Thereafter, they engage with their clients and all their creditors to formalise a holistic and equitable restructuring/repayment plan for all sides, involving one of the four options as outlined above.