If you are unable to pay your debts and do not see yourself being able to do so in the next few years there are 4 debt solutions which may help you.

Which option is right for you will depend on:

Solution

 Level / Type of Debt

Income

Assets

Required Intermediary

Debt Relief Notice

Under €35,000

 

Under €60 per month*

 

Max. €400**

Approved Intermediaries

Debt Settlement Arrangement

Unsecured only

 

No Max

 

No Max

Personal Insolvency Practitioner

Personal Insolvency Arrangement

Secured*** and unsecured

 

No Max

 

No Max

Personal Insolvency Practitioner

Bankruptcy

Over € 20,000 / Secured and unsecured

 

No Max

 

No Max

None****

* after Reasonable Living Expenses are deducted
** Subject to certain exemptions
*** Subject to a cap of €3 million, unless creditors consent to a higher level
****Whilst it is possible to apply for bankruptcy yourself, it is advisable to seek professional advice to assist you in the process.

If you or someone you know is struggling with debt the ISI can help - visit our debtor focussed information website backontrack.ie to find out about the debt solutions available or free text ISI to 50015 for a callback from our information line.