Do any of these insolvency options relate to your financial difficulties?
If so do not hesitate to contact us on 0402 29376 ext 1.
What is a Debt Relief Notice?
A Debt Relief Notice (DRN) is an insolvency solution for people who have a low income, few assets and debts of less than €35,000.
It is a formal agreement that allows for the write off of debts up to €35,000 where it is unlikely that a person will be in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.
Debts such as personal loans, credit card loans, store cards, credit union loans and overdrafts could be included in a DRN.
However, it is not a suitable solution for people with a mortgage.
If this applys to your situation, contact your local MABS Office.
What is a Debt Settlement Arrangement?
A Debt Settlement Arrangement (DSA) is an insolvency solution for people who have unsecured debts – credit cards, loans, overdrafts etc. For mortgage-related debt please see Personal Insolvency Arrangement.
A Debt Settlement Arrangement is a formal agreement with creditors that allows for some write off of debt. With this solution a person agrees to pay a percentage of their overall debt over a specified period of time. At the end of that period of time they will be solvent.
If this applies to you please contact R Hendy & Co on 0402 -29376
What is a Personal Insolvency Arrangement?
A Personal Insolvency Arrangement (PIA) is an insolvency solution for people with unsecured and secured debts. Secured debt is a debt backed or secured by an asset (e.g. a housing loan where a house is mortgaged to secure the loan debt).
It is a formal agreement with creditors that will write off some unsecured debt and restructure any remaining secured debt, while keeping the person in their home where possible.
If this applies to you please contact R Hendy & Co on 0402-29376
What is bankruptcy?
Bankruptcy is a formal High Court insolvency solution for people in debt over €20,000. During the bankruptcy process, the ownership of the person’s property and possessions transfer to the Official Assignee in Bankruptcy to be sold by him for the benefit of those to whom the individual owes debts (creditors).
When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out among creditors and any outstanding debt will be written off.
If this applies to you please contact R Hendy & Co on 0402- 29376