PKF-FPM helps people in financial difficulty to control their finances and deal with debt. Our experts are authorised by the Insolvency Service of Ireland.
In Ireland, if you find yourself in financial difficulty and unable to repay your debts, there are a number of options to consider. Depending on your income and assets, the type of debt, and how much you owe, these include:
- Debt Settlement Arrangement: this solution may be suitable if you have unsustainable debts but do have do not have any loans secured on property. Under a DSA, you pay off as much of your debt as you can and, at the end of the DSA period, the remaining debt is written off. Under Irish law, an individual can only avail of a DSA once in their lifetime so it is very important to take advice before deciding whether this is the best option for your particular circumstances.
- Personal Insolvency Arrangement: Under a PIA, you can settle or restructure both your secured and unsecured debts, for example your mortgage (secured) and your credit card debt (unsecured). You apply for a PIA through a Personal Insolvency Practitioner. The duration of the PIA is usually six years, during which time your creditors cannot take any legal or debt collection action against you. As with a DSA, you can only avail of a PIA once in your lifetime.
- Debt Relief Notice: If your debts do not exceed €35,000 and you have little or no income or assets, you may be eligible to apply for a DRN. A DRN lasts for three years, during which time you do not have to make any payments to your creditors. At the end of the three-year period, your debts are written off. You can only have one DRN in your lifetime.
- Bankruptcy: If your unsustainable debt exceeds €20,000, you may be able to apply for bankruptcy. This is a High Court procedure. When you become bankrupt, your assets are sold and the proceeds distributed among your creditors. Any outstanding debt is then written off. Usually, you will be discharged from bankruptcy after one year.
It is important to avail of independent advice when deciding which of these personal insolvency solutions best fits your circumstances. PKF-FPM can help you to work out which option is best suited to your needs. We also assist with debt management, negotiated informal settlements, debt refinancing and negotiated time settlements.
For an informal discussion about your specific situation, please contact a member of our team.
For further information on any of the services available, please contact:
|Alison Burnsideemail@example.com||Phone number: 028 902 431 31|
|Seamas Keatingfirstname.lastname@example.org||Phone number: 028 902 431 31|
|Gary Digneyemail@example.com||Phone number: 028 902 431 31|
“Alison Burnside, Seamas Keating and Gary Digney are authorised by the Insolvency Service of Ireland to carry on practise as personal insolvency practitioners”