Stewart's 'Nama for the People'
The newest entrant to the Donegal North East election campaign, Ryan Stewart from Carndonagh says his ‘Nama for the People' plan would help people reduce their debt and offer them the protection of the courts. The Anti-VRT campaigner said yesterday: "Firstly, the banks should be obliged to renegotiate mortgages to allow people to switch to interest-only repayments. This will allow for significant breathing space for those in difficulty. Secondly, we must introduce something akin to the UK's Individual Voluntary Arrangements (IVAs) which takes account of the total amount of a person's debt. Mortgages are given preferential treatment under this plan, to ensure that the interest is paid, and all other personal debt is calculated, written down and repayment spread over a five year period. The amount repaid would be based on a means-assessment which would take account of weekly expenditure, including bills, grocery costs, transport etc. Total income from employment, social welfare and any benefits is then calculated. The balance of the total of weekly living requirements and mortgage repayments, are then taken from the total income and this is allocated to creditors. IVAs exist at present in the UK and offer the protection of the courts to those following the plan, so there is a road map there which can be followed, and can be implemented quickly."