Personal Insolvency Act

The new Personal Insolvency Act 2012 came in to law last December and it radically changes the way that personal debt is dealt with in Ireland. Individuals in debt with arrears will now have 3 options to deal with debt and creditors going forward. The options available depend if you debt is secured or unsecured:

A Debt Relief Notice (DRN) to allow for the write-off of debt (generally unsecured and in some cases secured) up to €20,000, subject to a 3-year supervision period

A Debt Settlement Arrangement (DSA) for the agreed settlement of unsecured debt, with no limit involved, normally over 5 years

A Personal Insolvency Arrangement (PIA) for the agreed settlement of secured debt up to €3 million (though this cap can be increased) and unsecured debt, with no limit involved, normally over 6 years

If you need help with debt restructuring Contact Us now for more information