Personal insolvency

If you cannot pay your debts as and when they fall due, e.g. pay your rent, mortgage, loans on time, you may be insolvent. If this is the case then one of the personal insolvency options may be able to help.

MABS is the State’s Money Advice and Budgeting Service offering free, independent and confidential advice to those with money and debt problems. We are here to give you advice and support in managing your money, accessing your entitlements and making arrangements with your creditors. We can advise you on all options that might be available to you, including the personal insolvency options. We also process Debt Relief Notices on behalf of people who are eligible and if this is an option for you, you will be referred to an Approved Intermediary within MABS who can bring you through the whole process.

What insolvency solution is right for me?

There are a few things to consider in each of the different insolvency options. These will depend on your circumstances and your household finances, so while we can offer you support, this information is for guidance only and you should speak to an adviser about your options if you think insolvency is for you.

Decision chart for different insolvency options

Is there a fee for these insolvency solutions?

There is no fee for processing a Debt Relief Notice application. A PIP may charge a consultation fee to assess your situation. However, where you are eligible for an Abhaile voucher, the intention of this voucher is to ensure that where you appear, based on the PIP advice, to be suitable for a PIA and wish to proceed with that option, you are then able to access the further services of the PIP without incurring any cost. In the normal course, it is expected that PIP fees for any further work required to prepare a PIA proposal and to seek the creditor(s)’ agreement will be charged as part of the terms of the PIA. Full details can be found on www.backontrack.ie.

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