You Know You’re Insolvent, But Where Do You Turn To Now?

You Know You’re Insolvent, But Where Do You Turn To Now?

By Sara Garland
Thursday, 18th October 2018
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You Know You’re Insolvent, But Where Do You Turn To Now?blog3

​In my previous article, I outlined the personal insolvency system that was introduced in 2012 to help people who are in debt. Today, I will focus on the four debt solution options that are available if you are insolvent, which means you are unable to pay your debts as they fall due.

Debt Relief Notice (DRN)

Are you unable to meet your car loan, credit card loan or overdraft repayments? If you have debts of less than €35,000, no property and disposable income of less than €60 per month, a Debt Relief Notice (DRN) may be an option for you if it is unlikely that you can repay the debt within three years. If you do not meet these criteria, a DSA or bankruptcy may be an option.

For debts of this nature, we refer debtors to the Money Advice and Budgeting Service (MABS).

Debt Settlement Arrangement (DSA)

If you have unsecured debt, such as credit card loans or car loans, a Debt Settlement Arrangement (DSA) may be the solution. It is a facility whereby part of the debt is written off and part of it is repaid during a specific period of time.

To apply for a DSA, contact us today at 087 7667731.

Personal Insolvency Arrangement (PIA)

A Personal Insolvency Arrangement (PIA) covers both secured and unsecured debts. The debt is written off and restructured. We always try to protect the family home when entering into an arrangement for clients.

Appeals process

We can apply for a review if your Personal Insolvency Arrangement (PIA) is rejected.

The appeals process was introduced in Ireland through the Personal Insolvency (Amendment) Act 2015 and it may now be possible to appeal a decision to reject a PIA if we believe the creditor’s decision has been unfair or unreasonable.

Fortunately, due to Grant Thornton Debt Solutions’ excellent working relationships with creditors and financial institutions, we are proud of our high first time success rate. The debtors that we represent rarely need to avail of the appeals process. However, we welcome this additional security for debtors seeking to protect their family home.


Bankruptcy may be an insolvency solution for you if your debt is over €20,000. If you enter into bankruptcy, your assets and possessions are transferred to the Official Assignee in Bankruptcy. These may be sold with the proceeds going to creditors.

Bankruptcy is the best option for you if you are not seeking to retain any assets and you have no capacity to pay anything towards the debts you have. If this is not the case, another option could be more suitable for you.

Why Grant Thornton Debt Solutions?

​In my next article, I will discuss the protective certificate and reasonable standard of living. 

There are over 100 personal insolvency practitioners (PIPs) registered in Ireland. So, who do you choose? How do you know if Grant Thornton Debt Solutions is the right choice for you?

Grant Thornton Debt Solutions is one of the largest long-standing personal insolvency practices in Ireland. We offer a free and confidential advice service nationwide. Our model is not daunting or intimidating – we are available to answer your call, to listen patiently and attentively, to ask the right questions, to assess your situation and meet you at a place where you are comfortable. We can meet you for a coffee or at one of our nationwide offices – the choice is yours. We can help you and finding a solution to your debt problem is our priority.

In our next article, Jennifer O’Brien, personal insolvency case manager at Grant Thornton Debt Solutions, will discuss the protective certificate and reasonable standard of living.

Contact Us

Sara Garland ​i​​s a Personal Insolvency Advice Manager at Grant Thornton Debt Solutions.  She has a reputation for an understanding, considerate approach and will go above and beyond to get results for her clients. Sara and the personal insolvency team at Grant Thornton Debt Solutions meet people throughout Ireland who are in financial distress. Contact Sara today to talk through your problem debt and receive FREE confidential advice by calling 087 766 7731.

This article is provided for general information purposes only and does not constitute professional advice. We advise you to contact us about your specific situation and we will provide the appropriate counsel and assistance in terms of the debt solution options available.

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