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Expert Personal Insolvency Practitioner (PIP) Services in Ireland - Helping You Navigate Financial Difficulties

Are you dealing with the problem of insolvency? We understand it can be scary and overwhelming to deal with. At Irish Insolvency, we have some of the best personal insolvency practitioners in Ireland who can make the process of tackling your debt simple. There are several solutions available for a person who are not able to clear their personal debts.

Personal Insolvency Solutions

DRN or Debt Relief Notice

The first solution when you are unable to repay your debts is a formal debt solution. A debt relief notice is the formal debt solution under the personal insolvency act of 2012. you can become debt-free within 3 years.

A debt relief notice is a notice given by the court which states you are unable to repay the debts which are listed in the DRN. After the three years are over these debts will be written off. If a DRN has been issued to you, there are certain things you will be entitled to live with. These are food, home, clothing, education and health care. You do not need to make any payments to the creditors for the debts that have been listed in the DRN.

If your financial circumstances improve within three years considerably, you are required to inform the ISI or Insolvency Services of Ireland. The debts which are eligible for a DRN are utility bills, credit card debt, bank overdrafts, and unsecured loans from a bank. If the total debt is below €35,000, you can apply for a DRN through a personal insolvency practitioner in Ireland. As a citizen living in Ireland, who has a disposable income of less than €60 a month.

It will provide you with protection from your creditors too as once the DRN is issued, your creditor can’t take any legal action against you. They are also forbidden to call you to ask for payment or even take any steps to repossess any of your goods unless they own them. A creditor can only take action against you if you have provided any wrong information to get the DRN or if you are not eligible for the DRN.

If you feel applying for a DRN is not a suitable way to get relief from your debts, you can choose the other below options.  

PIA or Personal Insolvency Arrangement

If either DRN or DSA is not working for you, the best option for you could be PIA or a personal insolvency arrangement. It is an agreement you can come to with your creditors who will agree to write off your debt. In order to get a personal insolvency agreement, you will need the help of a practitioner. If you have both secured and unsecured debts, you will be able to apply for a PIA. But you can be eligible for a PIA only if you don’t have a DRN or a DSA under your name already.

Debts that come under your Personal Insolvency Arrangements

  • Principal private residence housing loans (your home mortgage)
  • Investment property loans
  • Buy–to–let mortgages/loans
  • Personal guarantees
  • Personal loans
  • Credit Union loans
  • Business/commercial loans
  • Credit card loans

There is a huge process in order to get a PIA and your PIP will help you in every step. You must choose a Personal insolvency practitioner with a lot of considerations. You can also avail a free consultation before you choose the one you like. Irish Insolvency is always here to help you personally in the whole process.

Bankruptcy

It is the last stage of your insolvency problems which is taken as a last resort. It is applicable if your debt is over €20,000 and a resident of Ireland. This is a high court process that can last up to 1 year. All forms of unsecured debts are written off during bankruptcy. There could be some payments that you will need to repay within 3 years. If you have already explored the options of a DRN, DSA and a PIA, only then you will be able to apply for bankruptcy. A Personal insolvency practitioner will help you in applying for the same.

FAQS on personal insolvency practitioner services in Ireland

The benefit of having a PIA or DSA is that you won’t have to sell your home. But your Personal insolvency practitioner might look into options if it makes sense for you to move somewhere less expensive.
Your assets will be used to help repay your debts based on the PIA or the DSA and the amount of debt you have.
A PIA or a DSA won’t make you lose a job. Also if you are trying to get a job, you won’t need to inform your employer about your arrangements.
Yes, absolutely. Once you get a PIA or a DSA it is unavoidable to get bad credit. You can consult with your Personal insolvency practitioner on how to deal with it.