Fee income doubles at debt advice service

Fee income for New Beginning Advisors Ltd, the company behind the debt advice service set up by a group of lawyers to help people threatened with the loss of their homes, doubled in 2014 when compared with the previous year, its latest accounts show.

Total income last year was €707,991, as compared with €345,005 a year earlier, the accounts show, and created a surplus of €65,874. The company, which does not have a share capital and is limited by guarantee, does not pay tax.

The results meant that at year’s end the general reserve was a positive €2,988, as compared with a negative €62,886 at the end of the previous year.

All income came from debt management fees, according to the accounts. The company employed an average of 15 people, including the directors, during the year, up from 12 in 2013, at a cost of €414,228 up from €236,762 in 2013.

The directors during the year were Ross Maguire and Vincent Martin. Mr Martin resigned last February and was replaced by Sarah O'Connell. Last year Ms O'Connell was paid €3,098 for legal services.

More recently New Beginning has become involved in helping people with insolvency, bankruptcy, multiple property debt, commercial or SME debt.

On its website New Beginning says it seeks to negotiate with banks and creditors to implement the solutions it knows are there.