You are insolvent if you are unable to pay your debts in full as they fall due and there is no likelihood of doing so within 3 years.
One of your options would be to seek a Debt Settlement Arrangement (DSA), you are only eligible to seek a DSA if you meet the general conditions set out below:
- You have one or more unsecured creditors;
- Your domicile must be in the Republic of Ireland, or you must have, within the past year, ordinarily resided or had a place of business within the Republic of Ireland;
- You must not have incurred 25% or more of your debt during the past 6 months;
- You must not be the subject of a Debt Relief Notice (DRN) now or within the past 3 years;
- You must not be the subject of a Personal Insolvency Arrangement (PIA) now or within the past 5 years;
- You must not be bankrupt or subject to a bankruptcy measure, or have been discharged from bankruptcy in the past 5 years;
- You must not have been the subject of a Protective Certificate issued in respect of a DSA in the past year.
May be included:
- Personal Loans
- Credit Union Loans
- Business/commercial loans
- Credit card loans
- Store cards
- Personal guarantees
Requires consent of creditors to be included “Excludable Debts”:
- Taxies, duties levies owed or payable to the State
- Local government charges
- Amounts due to the Health Service Executive under the Nursing Home Support Scheme
- Annual service charges to owners management companies (apartments and housing estates)
- Liabilities arising under the Social Welfare Consolidation Act 2005.
- Local Authority Rates
- Household charges
If you think this might be an option for you, please contact R. Hendy & Co. for our expert guidance and we will walk you through the process.
Talk to us – we can get your life back.
The Insolvency Service of Ireland has published an information booklet on Debt Settlement Arrangement
|Options||Level / Type of Debt||Income||Assets||Required Intermediary|
|DRN||Under €35,000||Under €60 per month*||Max. €400||Approved Intermediary|
|DSA||Unsecured only||No Max||No Max||Personal Insolvency Practitioner|
|PIA||Secured** and unsecured||No Max||No Max||Personal Insolvency Practitioner|