Debts with a mortgage
PIA & Abhaile Scheme
You qualify for the Abhaile scheme voucher of €500 per person if you are:
in mortgage arrears on his or her principal private residence (as defined in the PI Act), and
at risk of losing their principal private residence: for example, if s/he has received from the mortgage lender repossession proceedings, a letter indicating that such proceedings will issue, a letter indicating that s/he is deemed non-cooperating, or an invitation to consider sale, surrender or other loss of all or part of the home.
We can apply for this voucher and advise you on the scheme.
General rules for 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
Personal Insolvency Arrangement (PIA) – these arrangements are most common and involve the agreed settlement of secured debt of up to €3 million and unlimited unsecured debt, normally 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.
Debt Settlement Arrangement (DSA) – Involve the agreed settlement of unlimited unsecured debts over a period of typically 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, revenue, or business debts.
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).