Debt Settlement Arrangement
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:
- 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);
- You owe €20,000 or less in respect of your qualifying debts;
- 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);
- 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;
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.