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Debtors urged to plan in writing

Thursday, 28th March, 2013 2:00am

Following the report last week of a Cork doctor facing hounding from the banks on loans taken out in college, the Cork Independent was contacted by one financial advisor offering services to the doctor in distress.

"I just felt that no-one should be facing the situation she was facing on her own," said Rory McGonnell of Bright Day Finance in Dublin.

"Without going into details of her case, I advised her to make out detailed income and expenditure documents that can be sent to the banks outlining how much she is able to pay."

Mr McGonnell urged people facing into debt problems to put everything in writing, as too often, people can just engage in verbal contract that can be broken in the end.

"Put everything down on paper and send it to your creditors, and they will hopefully see how much is available to be paid. We can also take on the debts and manage it into one payment if people want."

The Irish Medical Organisation could not comment on specific cases but stressed that it was "deeply concerned at the significant levels of debt which doctors can accrue as a result of funding undergraduate medical education and postgraduate training."

"The IMO believes Government has failed on its election promises to students causing unsustainable debt which is carried far into their careers," said a spokesperson for the IMO.

"The IMO is meeting with IMO student members and NCHDs to look at the difficulties pertaining to them and to NCHDs who are carrying the burden of debt long into their careers."

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