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?

The ISI can charge a fee but have agreed to suspend them until the end of 2017. There is no fee for processing a Debt Relief Notice application. Personal Insolvency Practitioners can charge fees for their work, and these fees are regulated by the Insolvency Service of Ireland. Full details on fees can be found on www.backontrack.ie.

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