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 Relief Notice (DRN), you are only eligible to seek a DRN if you meet the general conditions set out below:

  1. You have a net monthly disposable income of €60 or less after reasonable living expenses (which will be calculated by the AI on a case by case basis using a standard template);
  2. You owe €20,000 or less in respect of your qualifying debts;
  3. You have assets of €400 or less (you are also allowed 1 item of jewellery not exceeding a value of €750, one motor vehicle worth a value of €2,000 or less and reasonably necessary household equipment/tools the combined value of which may not exceed €6,000);
  4. 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;
  5. You must not have incurred 25% or more of your debt during the past 6 months;

If you think this might be an option for you, you will need an Approved Intermediary, please contact R HENDY & CO so we can send you in the right direction.

talk to us – we can get your life back

Options Level / Type of Debt Income Assets Required Intermediary
DRN Under €20,000 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

 

The Insolvency Service of Ireland has published information booklets on Debt Settlement, click on the links below to view them.

Debt Settlement Guide

Debt Settlement Scenarios