Personal Insolvency

Personal Insolvency

There are new arrangements for dealing with debt issues and several options are available to an insolvent individual, which are listed below.

The three new types of arrangement are:

Debt Relief Notice (DRN) – for debts of up to €35,000 for people with virtually no assets and very low income. These arrangements will be operated by the Money Advice and Budgeting Service (MABS).

Debt Settlement Arrangement (DSA) – for the agreed settlement of unsecured debts over a period of three months to five years. Unsecured debt means debt which is not linked to any asset, for example credit card debt or credit union loans.

Personal Insolvency Arrangement (PIA) – for the agreed settlement of secured debt of up to €3 million (which can be increased by agreement) and unsecured debt over a period of three months to six years. Secured debt means debt which is linked to an asset, for example a mortgage on a house.


General rules for all arrangements

    • You may avail of each of the new processes only once in your lifetime, and only one at a time.
  • Full honesty and co-operation is paramount
  • In all cases, you will be required to complete a Prescribed Financial Statement, act in good faith and co-operate fully with the process
  • If you enter into an arrangement, your name will be included on a publicly available register by the Insolvency Service of Ireland

Contact Eugene McDarby PIP, on 1890 987 913 for further information or email

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